TO:
Honorable Mayor Powell and Members of the City Council
THROUGH:
David N. Carmany, City Manager
FROM:
Bruce Moe, Finance Director
SUBJECT:Title
Monthly Financial Reports:
1) Ratification of Demands: August 16, 2012 and August 30, 2012
APPROVE
2) Investment Portfolio for the Month Ending July 31, 2012
RECEIVE AND FILE
3) Financial Reports for the Month Ending July 31, 2012
RECEIVE AND FILE
Body
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RECOMMENDATOIN:
Staff recommends that the City Council ratify the attached schedule of demands; and receive and file the investment portfolio and financial reports.
FISCAL IMPLICATIONS:
The financial reports included herein, are designed to communicate fiscal activity based upon adopted and approved budget appropriations. No further action of a fiscal nature is requested as part of this report.
The total value of the demands for this period is $7,559,163.06. This includes the warrant register, payroll and payroll related disbursements.
BACKGROUND:
Finance staff prepares a variety of financial reports for City Council and Finance Subcommittee review and approval. In the effort to streamline and enhance the reporting process, staff has combined all financial reports under one common agenda title as presented in this document. A brief discussion of the enclosed reports follows:
DISCUSSION:
Ratification of Demands:
Every two weeks staff prepares a comprehensive listing of all disbursements, with staff certification that the expenditure transactions listed have been reviewed and are within budgeted appropriations. Staff recommends that the City Council ratify the attached schedule of demands.
Investment Portfolio:
Detailed investment reports are provided to the City’s Finance Subcommittee, with summary reporting to City Council. The month end portfolio includes a certification by the Finance Director that all investments comply with established Financial Policies and provide sufficient liquidity to support projected expenditures.
Financial Reports:
This package includes summary level financial reports for the month ending July 31, 2012. These reports’ dates mark the first month of the 2012-2013 fiscal year, and reflect the annual budget adopted by City Council.
These reports provide monthly and year-to-date activity for all funds and departments presenting a snapshot of budget performance. We have also included a report highlighting the performance of our key revenue sources to assist in your review.
We hope that City Council finds these reports clear and informative as a basis for reviewing the City’s financial status.
Attachments:
1. Warrant Registers for August 16, 2012 and August 30, 2012
2. Investment Portfolio for the Month Ending July 31, 2012
3. Financial Reports for the Month Ending July 31, 2012