General Fund - September 2023 (see attachment)

Revenue variances (75% target)

• Taxes will remain below the budget target until the 2nd half settlement is received in December.
• Licenses and Permits have exceeded the full year budget targets and are currently ahead of last year's revenue.
• Intergovernmental is current 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 is currently exceeding the full year budget target, primarily as a result of an increase in investment earnings.

Expenditure variances (75% target)

• In total, expenditures are at 73 percent, which is in line with the budget expectations through September.  No departments at this point of the year are exceeding budget targets by greater than ten percent.  

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

SandVenture

• Revenues for the year total $293k, which is up from the previous year and have exceeded the full year budget expectation of $192k.

Ice Arena

• Revenues for the year are at 65% of budget and ahead of last year through September by $75k.

Community Center

• Revenues are up from the previous year by $163k and are currently at 87 percent of budgeted annual revenues.

Quarterly Investment Portfolio Report - Q3, 2023 (See attachment)

Attached is the 3rd 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 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 16-19).
• The carrying bases, 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 earnings in those robust years.  However, the policy also minimizes the chances of experiencing losses in the down years.