General Fund - June 2023 (see attachment)

Revenue variances (50% target)

• Total revenues were at 55% of budgeted revenues, halfway through the year.
• The 1st half property tax settlement (including special assessments) was received in June.
• Licenses and Permits are tracking ahead of budget targets as a result of building permit revenues through June.
• Intergovernmental is currently below budget targets, this is typical as the majority of grant revenue is received in the fall.
• Fines and Forfeit revenue revenue has exceeded the budget amount.  The City received a class action settlement payment of $17k from Monsanto for their role in impairments to the environment, including water bodies.
• Miscellaneous revenues are at 87%, as we've seen an increase in investment earnings for the year.

Expenditure variances (50% target)

• In total, expenditures are within the normal range at 46%.
• Finance department expenditures are currently ahead of budget targets, as a result of audit and assessment contract payments (one-time payment) that occur in the 1st half.  It is anticipated the department will be within budget for the full year.
• The Building Inspections department is currently ahead of the budget target, as a result of annual software costs paid in the 1st half.  It is anticipated the department will be within the budget for the full year.

Community Center/Ice Arena/SandVenture - June 2023 (see attachment)

SandVenture 

• SandVenture opened in June and is off to a great start.  The attendance for June was a record 8,882 people.  Total revenues were up from the previous year by over $20,000.

Ice Arena 

• Revenues are currently at 49 percent of budgeted annual revenues and up $80,000 from the previous year.

Community Center 

• Revenues are currently at 58 percent of budgeted annual revenues and up $108,000 from the previous year.

Quarterly Investment Portfolio Report - Q2, 2023 (See attachment)

Attached is the 2nd quarter investment portfolio report including a cover page that provides a comparison of investment results over the past five years.  The report provided by Wells Fargo Securities encompasses all city investments.

As required by the investment policy the report provides:

• Total return performance measured against the the three year treasury (Page 6)
• Weighted average yield (Page 3/Page 6)
• A listing of individual securities held at the end of the reporting period listed by maturity date (Pages 15-17)
• The carrying basis, the current calculated accredited basis and the current market value (Page 3)

As a reminder, the city's investment policy is guided by the investment acronym SLY, which stands for Safety, Liquidity and Yield, and in that priority order.  Safety of principal is the foremost objective of the investment program.  Second, the investment portfolio needs to remain sufficiently liquid to meet day-to-day operational requirements.  Lastly, attaining a market yield is the third goal of the investment policy.  The first two priorities of safety and liquidity limit the ability of the portfolio to realize comparable private sector earning in those robust years.  However, the policy also minimizes the changes of experiencing losses in the down years.