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: June 4, 2015
b) Investment Portfolio for the Month Ending May 31, 2015
c) Financial Reports for the Month Ending May 31, 2015
(Finance Director Moe).
RECEIVE AND FILE
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council ratify the attached schedule of demands, and receive and file these reports.
Body
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 these reports.
The total value of the warrant register for June 4, 2015 is $2,827,837.56.
BACKGROUND:
Finance staff prepares a variety of financial reports for the City Council and the 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.
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 May 31, 2015. These reports mark the eleventh month of the 2014-2015 fiscal year and reflect the annual budget adopted by City Council.
CONCLUSION:
S...
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