TO:
Honorable Mayor and Members of the City Council
THROUGH:
Mark Danaj, City Manager
FROM:
Bruce Moe, Finance Director
SUBJECT:Title
Financial Reports:
a) Schedule of Demands: July 17, 2014
b) Investment Portfolio for the Month Ending June 30, 2014
c) Preliminary Financial Reports for the Month Ending June 30, 2014
(Finance Director Moe).
RECEIVE AND FILE
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council ratify the attached schedules of demands, and receive and file these reports.
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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 warrant register for July 17, 2014 is $5,024,940.87.
BACKGROUND:
Finance staff prepares a variety of financial reports for City Council and Finance Subcommittee. A brief discussion of the enclosed reports follows.
DISCUSSION:
Ratification of Demands:
Every two weeks staff prepares a comprehensive listing of all disbursements (warrant and payroll registers) with staff certification that the expenditure transactions listed have been reviewed and are within budgeted appropriations. Please note this warrant register now includes credit card purchase details as requested by the City Council, with the format approved by the Finance Subcommittee.
Investment Portfolio:
Detailed Investment reports are provided to the 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 Investment Policies (or with Finance Subcommittee approved exceptions) and there is sufficient liquidity to support projected expenditures
Financial Reports:
This package includes summary level financial reports for the month ending June 30, 2014. These reports mark the twelfth month of the 2013-2014 fiscal year and reflect the annual budget adopted by City Council. It is important to note that these results are preliminary and are pre-audit. The final year-end results will be provided when the audit has been completed.
These reports provide monthly and year-to-date activity for all funds and departments presenting a snapshot of budget performance. A report highlighting the performance of key revenue sources is also included.
CONCLUSION:
Staff recommends that the City Council receive and file the attached financial reports.
Attachments:
1. Schedule of Demands for July 17, 2014
2. Investment Portfolio for the Month Ending June 30, 2014
3. Preliminary Financial Reports for the Month Ending June 30, 2014