TO:
Honorable Mayor and Members of the City Council
FROM:
Bruce Moe, Acting City Manager
SUBJECT:Title
Financial Reports:
a) Schedule of Demands: May 22, 2014
b) Investment Portfolio for the Month Ending April 30, 2014
c) Financial Reports for the Month Ending April 30, 2014
(Acting City Manager Moe).
RECEIVE AND FILE
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive and file the attached financial 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 May 22, 2014 is $3,388,892.41.
BACKGROUND:
Finance staff prepares a variety of financial reports for City Council and the Finance Subcommittee. A brief discussion of the attached reports follows.
DISCUSSION:
Schedule 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.
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.
Please note that at April month end, the percentage of the investment portfolio deposited in LAIF (50.75%) exceeded the policy maximum of 50%. In March 2013, the Finance Subcommittee approved an extension of an existing temporary policy waiver that allows LAIF to exceed 50% of the portfolio, until December 31, 2013. Renewal of that po...
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