HomeMy WebLinkAboutSeptember 2011
AGENDA BILL APPROVAL FORM
Agenda Subject: September 2011 Financial Report
Date: 11/21/2011
Department: Finance
Attachments: September Monthly
Report
Budget Impact: $0
Administrative Recommendation:
Background Summary:
The purpose of the monthly financial reports is to summarize for the City Council the general state of
financial affairs throughout the City and to highlight significant items or trends that the City Council should
be aware of. The following provides a high level summary of the City’s financial performance. Further
detail can be found within the attached financial report.
The September 2011 status report highlights City revenues and expenditures and is based on financial
data available as of October 25, 2011. Sales tax reported in September is for business activities that
occurred in July 2011.
General Fund:
The general fund accounts for all of the City’s financial resources except those required by statute or to
be accounted for in another fund. The General Fund is the City’s largest fund and is used to account for
the majority of City services.
As of the end of September, General Fund revenue collections totaled $37.1 million, and compares to
year-to-date budget of $35.5 million and were sufficient to meet expenses of $36.7 million. Total General
Fund revenues for the City at the end of September are $1.6 million higher than budget due to relatively
stronger than anticipated collections in property and sales taxes, electric utility taxes and building permit
fees.
The City’s sales taxes totaled $11.1 million and are 2.4% higher than last year. Improvement in retail
activity was noted in all areas with the exception of construction and services which remain weak.
Consumer confidence continue to reflect concerns over stubbornly high unemployment rates, a weak
housing market, and most recently concerns over the financial crisis in Europe.
Expenditures for the General Fund were $4.1 million below budget at the end of September. This is
primarily due to unspent budget for retirement and long term care along with timing of payments for
SCORE, debt service payments interfund transfers and under expenditures in professional services.
Enterprise Funds:
The City’s eight enterprise funds account for operations with revenues primarily provided from user fees,
charges or contracts for services.
At the end of September the Water fund recognized a modest operating income as a result of seasonal
increase in irrigation usage during the late summer months. The Sewer fund ended this period with an
operating loss due to declining revenues as a result of lower water consumption during the first half of the
year and timing of payments to Metro for sewer services. Stormwater revenues are on target and are
sufficient to meet expenses.
1
Agenda Subject: September 2011 Financial Report
Date: 11/21/2011
While Golf Course revenues improved compared to the same period 2010, reflecting favorable weather
conditions, revenues in total remain below year-to-date 2010 levels and 2011 budgeted levels with the
fund reporting a slight net operating loss as of September.
Cemetery program revenues were higher than the same period last year but were not sufficient to erase a
year-to-date operating loss. A request to transfer $200,000 from the Cumulative Reserve Fund will be
submitted by the Finance Department for inclusion in the forthcoming final 2011 budget amendment to
Council (November 2011).
Internal Service Funds:
Internal Service Funds provide services to other City departments and include functions such as
Insurance, Facilities, Information Services, and Equipment Rental.
At the end of the August, revenue from charges assessed to internal client departments was sufficient to
meet expenses. Year to date expenses for the insurance fund included payment of the annual insurance
premium and will be offset by allocations to various departments that will occur throughout the remainder
of the year.
Investment Portfolio:
The City’s total cash and investments at the end of September was $105 million and compares to $110
million in August.
Reviewed by Council & Committees: Reviewed by Departments & Divisions:
Arts Commission COUNCIL COMMITTEES: Building M&O
Airport Finance Cemetery Mayor
Hearing Examiner Municipal Serv. Finance Parks
Human Services Planning & CD Fire Planning Park Board Public Works Legal Police
Planning Comm. Other Public Works Human Resources
Information Services
Action:
Committee Approval: Yes No
Council Approval: Yes No Call for Public Hearing ___/___/____
Referred to _________________________________ Until ____/___/____
Tabled ______________________________________ Until ___/___/____
Councilmember: Backus Staff: Coleman
Meeting Date: November 21, 2011 Item Number:
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Monthly Financial Report September 2011
General Fund 2010
Summary of Sources and Uses
Annual BudgetYTD BudgetYTD ActualYTD ActualAmountPercentage
OPERATING REVENUES
Property Tax 12,022,340 6,500,300 6,890,056 6,880,705 389,756 6.0%
Sales Tax (1)14,295,000 10,675,900 11,059,048 10,803,828 383,148 3.6%
Sales Tax - Annexation Credit 1,356,600 1,007,300 1,090,019 1,035,099 82,719 8.2%
Criminal Justice Sales Tax 1,177,600 881,700 1,015,358 933,370 133,658 15.2%
Brokered Natural Gas Tax 260,000 204,700 242,562 213,537 37,862 18.5%
City Utilities Tax 2,522,800 1,945,400 1,810,689 1,787,469 (134,711) -6.9%
Admissions Tax 350,000 273,500 268,754 275,644 (4,746) -1.7%
Electric Tax 2,850,000 2,210,600 2,412,727 2,305,154 202,127 9.1%
Natural Gas Tax 1,270,410 1,133,210 998,853 867,960 (134,357) -11.9%
Cable TV Franchise Fee 689,800 516,100 604,357 582,815 88,257 17.1%
Cable TV Franchise Fee - Capital 75,000 55,600 48,068 - (7,532) -13.5%
Telephone Tax 1,972,900 1,478,100 1,519,807 1,570,419 41,707 2.8%
Garbage Tax (external)150,000 113,800 114,577 116,880 777 0.7%
Leasehold Excise Tax 45,000 33,100 29,689 20,686 (3,411) -10.3%
Gambling Excise Tax 326,500 272,000 187,510 196,868 (84,490) -31.1%
Business License Fees 200,000 97,300 121,118 114,632 23,818 24.5%
Building Permits 700,000 506,000 909,263 586,102 403,263 79.7%
Other Licenses & Permits 229,000 170,900 363,615 250,789 192,715 112.8%
Intergovernmental (Grants, etc)4,069,745 2,826,955 2,896,337 2,837,640 69,382 2.5%
Charges for Services:
General Government Services 64,600 50,100 64,095 75,488 13,995 27.9%
Public Safety 216,000 165,600 180,716 175,867 15,116 9.1%
Development Services Fees 627,000 470,500 418,737 475,594 (51,763) -11.0%
Culture and Recreation 877,500 744,300 657,886 733,661 (86,414) -11.6%
Fines and Forfeits 2,208,500 1,695,800 1,556,889 1,948,050 (138,911) -8.2%
Interests and Other Earnings 110,000 89,000 59,578 115,348 (29,422) -33.1%
Rents, Leases and Concessions 315,000 254,100 281,328 547,990 27,228 10.7%
Contributions and Donations 17,900 13,000 39,184 47,663 26,184 201.4%
Other Miscellaneous 48,980 42,380 87,038 156,013 44,658 105.4%
Proceeds of Gen. Long Term Debt-Refi Valley Com - - - 1,069,000 - N/A
Transfers In 1,078,439 1,078,439 1,078,439 61,300 - 0.0%
Insurance Recoveries- Capital & Operating 25,000 18,800 133,199 54,782 114,399 608.5%
Total Operating Revenues 50,151,614 35,524,484 37,139,494 36,840,351 1,615,009 4.5%
Operating Expenditures
Council & Mayor 863,420 660,320 576,044 494,687 84,276 12.8%
Municipal Court & Probation 3,281,520 2,394,120 2,211,485 1,997,234 182,635 7.6%
Human Resources 830,710 630,110 591,320 513,101 38,790 6.2%
Finance 1,162,900 867,100 844,008 819,025 23,092 2.7%
City Attorney 1,640,480 1,257,280 1,168,704 1,193,669 88,576 7.0%
Planning 3,749,540 2,900,040 2,656,437 2,430,563 243,603 8.4%
Community & Human Services 1,088,430 786,530 688,870 628,272 97,660 12.4%
Jail - SCORE 6,087,470 4,451,070 4,002,853 - 448,217 10.1%
Police 19,843,980 14,412,980 13,254,757 15,874,568 1,158,223 8.0%
Engineering 2,380,410 1,788,710 1,650,112 1,791,818 138,598 7.7%
Parks and Recreation 7,325,570 5,490,370 5,278,625 4,918,740 211,745 3.9%
Streets 3,125,960 2,293,560 1,812,491 1,955,678 481,069 21.0%
Non-Departmental 4,500,620 2,912,420 1,961,272 4,310,554 951,148 32.7%
Total Operating Expenditures 55,881,010 40,844,610 36,696,977 36,927,910 4,147,633 10.2%
2011 2011 YTD Budget vs. Actual
Favorable (Unfavorable)
(1) The anticipated Streamlined Sales Tax for 2011 is $1,965,470. The year-to-date actual sales tax amount is adjusted
to include $1,493,061 SST Mitigation the City received from the State through the 3rd quarter of 2011.
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Monthly Financial Report September 2011
Overview
This financial overview reflects the City’s overall financial position for the fiscal year through
September 30, 2011. The report represents financial data available as of October 25, 2011. The
budgeted year-to-date revenues and operating expenses are primarily based on the
collection/disbursement average for the same period of the two prior years. The previous table
summarizes the General Fund revenues and expenditures.
At the end of September, General Fund revenues totaled $37.1 million and is slightly greater
compared to the same period of 2010 due to increased revenues from sales tax, utility tax and
building permits. General Fund revenue highlights include:
- Property taxes totaled $6.9 million and are almost equal to the level collected for the
same period last year.
- Sales taxes totaled $11.1 million, are slightly higher compared to collections as of
September 2010. Review of sales tax activity by sector show improvements in all sectors
with the exception of construction and services, which is below the same period last year
due to a one-time sales tax adjustment in 2010.
- Developmental service fees, culture and recreational charges for services and fines and
penalties, primarily from photo enforcement showed declines over the previous year.
General Fund expenses at the end of September totaled $36.7 million compared to $36.9 million
for same period 2010. When compared to budget, General Fund expenses were 10.2% below
expectations. Highlights include:
- Timing of intergovernmental payments for SCORE accounted for the majority of the
variance against budget. Currently there is an estimated $437,600 billing from SCORE
for September and additional $220,500 from King County for June through September
services that will be posted in October and November.
- Police expenditures are low compared to budget due to savings from staff vacancies.
- Streets expenditures were below budget due to pavement marking maintenance expense
that is typically spent later in the year.
- Non departmental was below budget primarily due to unspent budget for retirement
benefits, debt service payments, SCORE start up transition costs and the timing of transfers
out that are anticipated to occur during the last quarter of 2011.
Revenues
The combined total of property tax, sales/use tax, utility tax, gambling, and admissions tax
provide 76% of all resources supporting general governmental activities. The following section
provides detail information on these sources.
Property Tax
Year-to-date collection at the end of September is $6.9 million, reflecting the majority of the first
half 2011 property tax payments, and is slightly higher than targeted revenues. The majority of
property tax revenues are collected during the months of April and October, coinciding with the
due date for County property tax billings.
4
Monthly Financial Report September 2011
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Property Taxes
2011 budget
2011 actual to date
2010 actual
Sales Tax
Sales taxes are running slightly ahead of the previous year’s pace. Year-to-date sales tax revenue
totaled $11.1 million and compares to a year-to-date budget of $10.7 million. Sales taxes include
Streamlined Sales Tax Mitigation payments of $1,493,061 received through the end of 3rd quarter.
Total estimated Streamlined Sales Tax Mitigation for 2011 is $1,965,470 but the actual amount
the City will receive from the State is reduced by taxes received from companies that have
voluntarily complied with the new destination based sales tax.
While sales tax returns have improved slightly over the previous year, concerns over persistently
high unemployment, housing prices, and the financial crisis in Europe continue to dampen overall
consumer sentiment and the pace of the economic recovery in the short term.
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Sales & Use Tax
2011 budget
2011 actual to date
2010 actual
*Includes Sales Tax Mitigation prorated monthly.
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Monthly Financial Report September 2011
The following table breaks out the City’s base sales tax excluding Criminal Justice, Annexation
Credit and Streamlined Sales Tax Mitigation by major business sectors.
20102011
Component GroupActualActualAmountPercentage
New Construction 929,402 916,284 (13,118) -1.4%
Manufacturing 290,372 456,753 166,381 57.3%
Transportation & Warehousing21,785 62,809 41,024 188.3%
Wholesale Trade 854,256 921,824 67,568 7.9%
Automotive 1,879,685 2,073,254 193,569 10.3%
Retail Trade 2,670,648 2,839,844 169,196 6.3%
Services 2,601,012 2,111,271 (489,741) -18.8%
Miscellaneous 107,974 198,398 90,424 83.7%
YTD Total 9,355,134 9,580,437 225,303 2.4%
Change from 2010
Year to Date through September
Comparison of Sales Tax Collections by SIC Group
Utility Tax
This revenue source consists of City inter-fund utility taxes (Water, Sewer, Storm and Solid Waste)
and external utility taxes (Electric, Natural gas, Telephone and Solid Waste). Year-to-date
collections is in line with expectations, totaling $6.5 million or 3.6% more than 2010, due
primarily to higher revenues from the electric and telephone utility taxes which have offset lower
than anticipated revenues from City inter-fund and natural gas utility taxes.
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Utility Tax
2011 budget
2011 actual to date
2010 actual
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Monthly Financial Report September 2011
The following table presents utility tax collections by source:
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
City Interfund Utility Taxes1,787,469 1,945,400 1,810,689 23,220 1.3%(134,711) -6.9%
Electric 2,305,154 2,210,600 2,412,727 107,573 4.7%202,127 9.1%
Natural Gas 867,960 1,133,210 998,853 130,893 15.1%(134,357) -11.9%
Telephone 1,570,419 1,478,100 1,519,807 (50,612) -3.2%41,707 2.8%
Solid Waste 116,880 113,800 114,577 (2,303) -2.0%777 0.7%
YTD Total 6,647,882 6,881,110 6,856,652 208,770 3.1%(24,458) -0.4%
Annual Total 8,591,258 8,766,110
Year to Date through September
Utilty Tax by Type
2011 vs. 2010 2011 vs. Budget
Cable TV Franchise Fees, which is received quarterly, totaled $604,357 and continue to outpace
the previous year and current year budget.
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Cable TV Franchise Fee
2011 budget
2011 actual to date
2010 actual
Licenses and Permits
This revenue source is comprised of business licenses, building permits, plumbing, electric and
other licenses and permit fees. At the end of September, the City has collected $264,995 more
than the annual projected revenue from licenses and permits. Building permit fees and Business
licenses make up 80% of the annual budgeted revenue in this category.
Total building permit revenues at the end of September were $909,263; this was $403.3K or
79.7% more than the 2011 budgeted year-to-date revenues. The increase in September is
primarily due to permits related to Pinnacle Estates and North Tapps Estates developments.
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Monthly Financial Report September 2011
201020112011
MonthActualBudgetActualAmountPercentageAmountPercentage
Jan 88,175 59,900 78,928 (9,246) -10.5%19,028 31.8%
Feb 49,731 38,300 53,862 4,131 8.3%15,562 40.6%
Mar 43,796 37,500 40,897 (2,899) -6.6%3,397 9.1%
Apr 44,422 56,800 84,239 39,817 89.6%27,439 48.3%
May 96,244 61,500 104,495 8,252 8.6%42,995 69.9%
Jun 74,701 94,500 151,177 76,476 102.4%56,677 60.0%
Jul 72,745 64,300 178,330 105,585 145.1%114,030 177.3%
Aug 61,216 50,600 124,922 63,706 104.1%74,322 146.9%
Sep 55,073 42,600 92,413 37,339 67.8%49,813 116.9%
Oct 62,522 63,500 0.0%0.0%
Nov 31,192 38,300 0.0%0.0%
Dec 89,861 92,200 0.0%0.0%
YTD Total586,102 506,000 909,263 323,161 55.1%403,263 79.7%
Annual Total769,678 700,000
Year to Date through September
Building Permits
2011 vs. 20102011 vs. Budget
Business License revenues at the end of September were $6.5K more than 2010 and $23.8K or
24.5% more than the 2011 year-to-date budget. Revenues are higher compared to year-to-date
budget and 2010 for the same period primarily due to increased outreach efforts to educate and
contact businesses regarding licensing applications and renewals.
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Business License
2011 budget
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Monthly Financial Report September 2011
Intergovernmental
Revenues in this category include Grants (Direct & Indirect Federal, State and Local); State shared
revenues and compact revenue from the Muckleshoot Indian Tribe. At the end of September
intergovernmental revenues were 2.1% more than 2010 and 2.5% more than budget mainly due
to the timing of grant reimbursements and the MIT compact revenue. Intergovernmental Service
revenues of $21.8K represents reimbursement from Washington State for 9/11 Commemoration
expenses and Crisis Intervention Training.
201020112011
Revenue ActualBudgetActual% Change% Change
Federal Grants 331,879 342,600 339,617 2.3%-0.9%
State Grants 94,141 9,800 84,204 -10.6%759.2%
Interlocal Grants 110,038 28,400 3,151 -97.1%-88.9%
State Shared Revenue 1,933,351 1,973,055 1,898,473 -1.8%-3.8%
Muckleshoot Casino Emerg.368,231 473,100 549,012 49.1%16.0%
Intergovernmental Service - - 21,880 N/A N/A
YTD Total 2,837,640 2,826,955 2,896,337 2.1%2.5%
Annual Total 4,089,803 4,069,745
YTD %69%69%71%
Year to Date through September
Intergovernmental
2011 vs. 20102011 vs. Budget
Total state shared revenues are $34.9K lower than the same period 2010 and $74.6K less than
2011 budget due to the change in revenue recognition of the Fire Insurance Premium Tax.
Beginning in 2011, this revenue will now be posted directly to the Fire relief and pension fund.
201020112011
Revenue ActualBudgetActualAmountPercentageAmountPercentage
Trial Court Improvements16,999 17,500 16,851 (148) -0.9%(649) -3.71%
Court Interpreter Program - 4,040 6,643 6,643 N/A2,603 64.42%
Motor Vehicle Fuel Tax1,078,395 1,080,010 1,080,107 1,712 0.2%97 0.0%
Criminal Justice -High Crime37,276 111,575 110,880 73,603 197.5%(695) -0.62%
Criminal Justice -Population37,878 12,300 11,595 (26,284) -69.4%(705) -5.7%
Criminal Justice -Spec. Prog.42,497 41,200 43,777 1,280 3.0%2,577 6.3%
State DUI 9,409 3,000 11,338 1,929 20.5%8,338 277.9%
Fire Insurance Premium Tax63,545 65,000 258 (63,286) -99.6%(64,742) -99.60%
Liquor Excise Tax 244,986 252,300 249,869 4,882 2.0%(2,431) -1.0%
Liquor Profits 402,365 386,130 367,156 (35,209) -8.8%(18,974) -4.91%
YTD Total 1,933,351 1,973,055 1,898,473 (34,878) -1.8%(74,582) -3.8%
Annual Total2,594,749 2,624,945
Year to Date through September
State Shared Revenues
2011 vs. 20102011 vs. Budget
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Monthly Financial Report September 2011
Charges for Services
This revenue source consists of general governmental services, public safety, development service
fees and cultural & recreation fees. Development services and culture & recreation revenues make
up approximately 84% of the $1.78 million annual budget for this category and are presented
following the Charges for Service table below. At the end of September, revenue from charges
for services totaled $1.3 million and was 7.6% below budget due to lower than anticipated
revenues from development services and culture & recreation programs.
General government services include passport services, administrative fees, court duplicating costs
and sale of maps & publications. This income category is low compared to 2010 primarily due to
a decline in revenues from court related administrative fees and passport services.
Public Safety consists of law enforcement services, probation and prisoner lodging fees; overall
this revenue source is $15.1K or 9.1% more than budget at the end of September due to increased
receipts from probation fees.
201020112011
Revenue ActualBudgetActualAmountPercentageAmountPercentage
General Government 75,488 50,100 64,095 (11,393) -15.09%13,995 27.93%
Public Safety 175,867 165,600 180,716 4,849 2.8%15,116 9.1%
Development Services475,594 470,500 418,737 (56,857) -12.0%(51,763) -11.0%
Culture & Recreation 733,661 744,300 657,886 (75,775) -10.3%(86,414) -11.6%
YTD Total 1,460,609 1,430,500 1,321,433 (139,175) -9.5%(109,067) -7.6%
Annual Total1,861,204 1,785,100
Year to Date through September
Charges for Services by Type
2011 vs. 20102011 vs. Budget
Development services include engineering fees, zoning & subdivision fees and plan check fees. At
the end of September, revenues totaled $418.7K and are 12% less than the same period in 2010.
Total development service revenue is less than the budget for the year by $51.8K or 11.0%
primarily due to lower than anticipated engineering and zoning & subdivision fees.
10
Monthly Financial Report September 2011
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Development Service Fees
2011 budget
2011 actual to date
2010 actual
Culture & Recreation revenues totaled $657.9K and consist of theater ticket sales, recreational
classes, arts commission and senior citizen program fees. Collections are running below budget
and previous year’s performance due to lower revenue from adult health & fitness classes and
afterschool programs.
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2011 budget
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11
Monthly Financial Report September 2011
Fines & Penalties
This revenue category includes traffic and parking infraction penalties, criminal (traffic, non traffic
and costs) and false alarm fines. Revenue from the City’s photo enforcement program makes up
nearly half of total revenues from this category. Year-to-date collections totaled $1.6M or 8.2%
lower than the projected budget, due primarily to lower photo enforcement revenues.
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Fines & Penalties
2011 budget
2011 actual to date
2010 actual
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
Civil Penalties 18,109 11,500 14,145 (3,964) -21.9%2,645 23.0%
Civil Infraction Penalties 589,896 431,600 508,985 (80,910) -13.7%77,385 17.9%
Red Light Photo Enforcement942,414 918,600 684,588 (257,826) -27.4%(234,012) -25.5%
Parking Infractions 148,708 127,100 141,230 (7,478) -5.0%14,130 11.1%
Criminal Traffic Misdemeanor75,651 85,000 64,222 (11,428) -15.1%(20,778) -24.4%
Criminal Non-Traffic Fines87,928 72,700 68,865 (19,063) -21.7%(3,835) -5.3%
Criminal Costs 9,246 9,300 11,877 2,631 28.5%2,577 27.7%
Non-Court Fines & Penalties76,100 40,000 62,976 (13,124) -17.2%22,976 57.4%
YTD Total 1,948,050 1,695,800 1,556,889 (391,161) -20.1%(138,911) -8.2%
Annual Total 2,472,411 2,208,500
Year to Date through September
Fines & Forfeits by Type
2011 vs. 20102011 vs. Budget
12
Monthly Financial Report September 2011
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Photo Enforcement
2011 budget
2011 actual to date
2010 actual
Miscellaneous
This revenue source is comprised of interest and other investment earnings, rents, leases &
concessions, contributions & donations and other miscellaneous income. The 2011 budget for this
revenue category is $491,880 and interest & investment and rentals & leases make up 86% of the
annual budget. Decreased interest earnings reflect the impact of timing of investment activity
and the low interest rates; the Local Government Investment Pool interest has decreased from
0.28% in January 2010 to 0.13% in September 2011.
Revenue from rentals & leases increased over 2011 year-to-date budgeted levels, reflecting greater
park facility rentals. Other miscellaneous revenue is budgeted conservatively. Other
miscellaneous revenues in 2010 reflect a one-time $95.7K reimbursement from the Crisis Clinic
that was received in March.
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
Interest & Investments 115,348 89,000 59,578 (55,770) -48.3%(29,422) -33.1%
Rents & Leases 547,990 254,100 281,328 (266,663) -48.7%27,228 10.7%
Contributions & Donations47,663 13,000 39,184 (8,479) -17.8%26,184 201.4%
Other Miscellaneous Revenue156,013 42,380 87,038 (68,976) -44.2%44,658 105.4%
YTD Total 867,015 398,480 467,127 (399,887) -46.1%68,647 17.2%
Annual Total 899,378 491,880
Miscellaneous Revenues by Type
Year to Date through September
2011 vs. 20102011 vs. Budget
13
Monthly Financial Report September 2011
Real Estate Excise Tax
The Real Estate Excise Tax (REET) revenue is received into the Capital Improvement Projects
Fund and is used for governmental capital projects. Total revenue at the end of September is
$1.2M or 44.3% more than 2010 and $367 K or 45.5% more than budget. The increase in
REET revenue in September is primarily due to several multi-family and a commercial property
transactions.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
JanFebMarAprMayJunJulAugSepOctNovDec
Mi
l
l
i
o
n
s
Real Estate Excise Tax
2011 budget
2011 actual to date
2010 actual
14
Monthly Financial Report September 2011
Enterprise Funds
The following table provides an analysis of all City Enterprise funds and shows the year-to-date
revenues and expenditures for each enterprise fund.
WaterSewerStormSolid WasteAirportCemetery
OPERATING REVENUES
Charges for services 6,347,069 12,197,580 5,193,703 6,996,939 19,606 613,266
Rents, Leases, Concessions & Other - - - - 462,353 1,069
TOTAL OPERATING REVENUES 6,347,069 12,197,580 5,193,703 6,996,939 481,958 614,335
OPERATING EXPENSES:
Administration 1,755,437 1,411,710 2,014,555 569,506 408,218 211,613
Operations & Maintenance 2,983,745 11,622,686 1,909,801 6,052,124 126 511,216
Depreciation & Amortization 1,562,742 1,208,084 963,218 14,114 298,316 43,577
TOTAL OPERATING EXPENSES 6,301,924 14,242,480 4,887,574 6,635,744 706,659 766,405
OPERATING INCOME (LOSS)45,145 (2,044,900) 306,128 361,195 (224,701) (152,071)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 47,406 36,371 24,170 497 1,783 102
Other Non Operating Revenue 135,759 737,422 31,460 40,240 92,893 30
Other Non Operating Expense (324,589) (152,781) (109,434) - (27,238) (11,134)
TOTAL NON-OPERATING REVENUES (EXPENSES)(141,425) 621,011 (53,804) 40,737 67,438 (11,002)
(96,280) (1,423,889) 252,324 401,932 (157,262) (163,072)
Contributions 218,184 188,008 413,064 - - -
Transfers In 31,300
Transfers Out (50,000) (50,000) (96,800) - - -
TOTAL CONTRIBUTIONS & TRANSFERS 168,184 138,008 316,264 - - 31,300
CHANGE IN FUND BALANCE 71,904 (1,285,881) 568,588 401,932 (157,262) (131,772)
BEGINNING FUND BALANCE, January 1, 201159,674,990 67,629,064 40,956,334 923,810 9,705,318 865,780
ENDING FUND BALANCE, September 30, 201159,746,894 66,343,183 41,524,922 1,325,742 9,548,056 734,008
INCOME (LOSS) BEFORE CONTRIBUTIONS &
TRANSFERS
15
Monthly Financial Report September 2011
The following table presents the Enterprise funds working capital statements. Working capital is
generally defined as the difference between current assets and current liabilities.
WaterSewer StormSolid WasteAirportCemeteryGolf
OPERATING REVENUES
Charges for services 6,347,069 12,197,580 5,193,703 6,996,939 19,606 613,266 998,119
Rents, Leases, Concessions & Other - - - - 462,353 1,069 233,182
TOTAL OPERATING REVENUES 6,347,069 12,197,580 5,193,703 6,996,939 481,958 614,335 1,231,302
OPERATING EXPENSES:
Salaries & Wages 1,522,201 1,036,379 1,340,616 310,095 14,257 353,978 420,648
Benefits 615,101 422,539 553,640 124,903 3,716 153,291 186,198
Supplies 182,912 53,846 43,197 39,120 - 124,515 183,251
Other Service Charges 1,656,239 1,307,585 1,001,791 5,866,409 390,371 39,060 126,591
Intergovernmental Services - 9,648,381 10,468 140,857 - - -
Interfund Operating Rentals/Supplies 762,729 565,666 974,644 140,247 - 51,984 132,453
Depreciation & Amortization 1,562,742 1,208,084 963,218 14,114 298,316 43,577 242,544
TOTAL OPERATING EXPENSES 6,301,924 14,242,480 4,887,574 6,635,744 706,659 766,405 1,291,684
OPERATING INCOME (LOSS)45,145 (2,044,900) 306,128 361,195 (224,701) (152,071) (60,383)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 47,406 36,371 24,170 497 1,783 102 613
Other Non Operating Revenue 135,759 737,422 31,460 40,240 650 30 -
Other Non Operating Expense (324,589) (152,781) (109,434) - (27,238) (11,134) (96,663)
TOTAL NON-OPERATING REVENUES (EXPENSES)(141,425) 621,011 (53,804) 40,737 (24,805) (11,002) (96,050)
Plus Items Not Effecting Working Capital
Depreciation 1,562,742 1,208,084 963,218 14,114 298,316 43,577 242,544
1,466,462 (215,805) 1,215,542 416,046 48,810 (119,496) 86,111
Increase in Contributions -System Development218,184 176,052 403,419 - - - -
Increase in Contributions -Area Assessments - 11,956 9,644 - - - -
Increase in Contributions -FAA - - - - 92,243
Operating Transfers In - - - - - 31,300 444,062
Increase in Restricted Net Assets 17,388 33,984 - - (5,644) -
Decrease in Long term Receivables - 45,000 - - - - -
Increase in Deferred Credits - - - - 20,023 - -
TOTAL RESOURCES OTHER THAN OPERATIONS235,572 266,992 413,064 - 106,621 31,300 444,062
Net Change in Restricted Net Assets 49,720 638 12,232 - (5,644) - (77,325)
Increase in Fixed Assets - Salaries 147,211 76,839 76,633 - - - -
Increase in Fixed Assets - Benefits 54,484 28,695 30,865 - - - -
Increase in Fixed Assets - Site Improvements 107,413 - - - - - -
Increase in Fixed Assets - Equipment 24,980 30,367 - - - 9,487 -
Increase in Fixed Assets - Construction 4,303,655 1,652,192 966,627 - 292,490 54,916 -
Operating Transfers Out 50,000 50,000 96,800 - - - -
Debt Service Principal 435,568 288,262 - - - - 59,375
TOTAL USES OTHER THAN OPERATIONS 5,173,032 2,126,993 1,183,158 - 286,846 64,403 (17,950)
NET CHANGE IN WORKING CAPITAL (3,470,998) (2,075,805) 445,448 416,046 (131,414) (152,599) 548,124
BEGINNING WORING CAPITAL, January 1, 201121,606,067 16,021,979 9,795,538 775,690 969,009 124,129 3,752
ENDING WORKING CAPITAL, September 30, 201118,135,070 13,946,174 10,240,986 1,191,737 837,595 (28,470) 551,875
NET CHANGE IN WORKING CAPITAL (3,470,998) (2,075,805) 445,448 416,046 (131,414) (152,599) 548,124
NET WORKING CAPITAL FROM OPERATIONS
16
Monthly Financial Report September 2011
The Water Utility ended September with a slight operating gain due primarily to a decrease in
professional service expenses. Water sales totaled $6.3 million compared to $6.9 million for the
same period last year. While water usage in September increased in September reflecting
outdoor water usage by irrigation customers, water sold continue to trend below 2010 levels.
As shown in the following chart, water sales and consumption in 2011 is trending below prior
year levels. Despite a rate increase of 7% effective January 1, 2011, the decline in water
consumption more than offset the effect of the increase in rates. Although water sales increased
during the month of August and September, overall sales for 2011 will likely remain below 2010
levels for the remainder of the year. Finance will present an analysis of the financial condition of
the water fund as part of the overall City Utility funds financial forecast and update in mid
October.
‐
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Water Revenues ($) vs Water Sold (ccf)
2010 ‐Present
2010 Water Sales ($)
2011 Water Sales ($)
2010 Water Sold (ccf)
2011 Water Sold (ccf)
The decline in water usage is also affecting the Sewer fund. The Sewer fund operating loss at the
end of September is due to a combination of lower revenues associated with decreased water
consumption and increased expenses related to the Metro sewer treatment services. Year-to-date
Metro billings for 2011 totaled $9.6M and compares to $8.2M for the same period 2010. Billings
for sewer treatment services are based on the average number of residential customer equivalents
for the previous 12 months and include adjustments for Boeing and GSA during 2010. Billings for
sewer treatment services are not expected to normalize until the 4th quarter 2011 when the effects
of the timing of these adjustments are worked through the rolling 12 month Metro billing cycle.
Solid Waste operating expenses are low due to timing of invoices form Waste Management.
September billing of $668,175 was posted in October.
17
Monthly Financial Report September 2011
Golf Course operating revenues at the end of September totaled $1.2M and is almost equal for
the same period in 2010. This revenue is low compared to year-to-date budget of $1.3 million,
due to a decline in the level of golfing activity during the first half of the year. Although recent
weather conditions have improved and resulted in 5,179 rounds played for September 2011 (vs.
4,630 in 2010), year-to-date rounds played are currently running about 3% below 2010 levels
(40,336 rounds played in 2011 vs. 41,760 rounds in 2010). Despite the improvement in activity
during the summer, Golf Course operating losses are expected to continue for the remainder of
2011.
$0
$50
$100
$150
$200
$250
$300
$350
JanFebMarAprMayJunJulAugSepOctNovDec
Th
o
u
s
a
n
d
s
Golf Course Operating Revenues by Month
(2011 vs 2010)
2011 Monthly Budget
2011 Actual
2010 Actual
Cemetery operating revenues totaled $614.3K at the end of September and compares to $555.1K
for the same period last year. While 2011 collections are up over last year, the Cemetery ended
September with a year-to-date operating loss. A request to transfer $200K from the City’s
Cumulative Reserve fund to the Cemetery fund will be initiated by the Finance Department and
included in the final 2011 budget adjustment to Council (November 2011).
$0
$20
$40
$60
$80
$100
$120
JanFebMarAprMayJunJulAugSepOctNovDec
Th
o
u
s
a
n
d
s
Cemetery Operating Revenues by Month
(2011 vs 2010)
2011 Monthly Budget
2011 Actual
2010 Actual
18
Monthly Financial Report September 2011
Internal Service Funds
The table below provides an analysis of all City Internal Service funds and shows the year-to-date
revenues and expenditures for each fund.
InformationEquipment
InsuranceFacilities ServicesRental
OPERATING REVENUES:
Interfund Charges for services - 2,833,497 3,119,571 479,065
Rents, Leases, Concessions & Other - 80,483 36,164 1,659,663
TOTAL OPERATING REVENUES - 2,913,980 3,155,735 2,138,728
OPERATING EXPENSES:
Administration 401,577 - 184,950 515,850
Operations & Maintenance - 1,581,033 2,554,750 965,793
Depreciation & Amortization - - 347,591 625,874
TOTAL OPERATING EXPENSES 401,577 1,581,033 3,087,291 2,107,518
OPERATING INCOME (LOSS)(401,577) 1,332,948 68,444 31,210
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 2,511 2,071 6,242 7,764
Other Non Operating Revenue - 32,439 - 34,577
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)2,511 34,511 6,242 42,341
INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS(399,066) 1,367,458 74,686 73,551
Contributions - - -
Transfers In
Transfers Out - (437,500) (500,000) (507,000)
TOTAL CONTRIBUTIONS & TRANSFERS - (437,500) (500,000) (507,000)
CHANGE IN FUND BALANCE (399,066) 929,958 (425,314) (433,449)
BEGINNING FUND BALANCE, January 1, 2011 2,366,832 661,686 4,918,922 10,611,968
ENDING FUND BALANCE, September 30, 2011 1,967,766 1,591,644 4,493,608 10,178,519
19
Monthly Financial Report September 2011
The working capital statements for the Internal Service funds are presented on the table below.
InformationEquipment
InsuranceFacilities ServicesRental
OPERATING REVENUES:
Interfund Charges for services - 2,833,497 3,119,571 479,065
Rents, Leases, Concessions & Other - 80,483 36,164 1,659,663
TOTAL OPERATING REVENUES - 2,913,980 3,155,735 2,138,728
OPERATING EXPENSES:
Salaries & Wages - 490,084 935,038 277,755
Benefits 132,633 197,398 325,919 103,125
Supplies - 61,150 105,290 640,413
Other Service Charges 268,945 764,603 1,133,603 284,962
Interfund Operating Rentals/Supplies - 67,797 239,850 175,388
Depreciation & Amortization - - 347,591 625,874
TOTAL OPERATING EXPENSES 401,577 1,581,033 3,087,291 2,107,518
OPERATING INCOME (LOSS)(401,577) 1,332,948 68,444 31,210
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 2,511 2,071 6,242 7,764
Other Non Operating Revenue - 22,023 - 34,577
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)2,511 24,094 6,242 42,341
Plus Items Not Effecting Working Capital
Depreciation - - 347,591 625,874
(399,066) 1,357,042 422,277 699,425
Increase in Contributions -Other Government - 10,417 - -
Transfers In - - -
TOTAL RESOURCES OTHER THAN OPERATIONS - 10,417 - -
Net Change in Restricted Net Assets - 1,200 - (8,569)
Increase in Fixed Assets - Equipment - - 245,416 87,840
Increase in Fixed Assets - Construction - - 90,107 5,072
Operating Transfers Out - 437,500 500,000 507,000
TOTAL USES OTHER THAN OPERATIONS - 438,700 835,523 591,342
NET CHANGE IN WORKING CAPITAL (399,066) 928,758 (413,246) 108,083
BEGINNING WORING CAPITAL, January 1, 2011 2,366,832 714,944 3,949,793 5,826,195
ENDING WORKING CAPITAL, September 30, 2011 1,967,766 1,643,702 3,536,547 5,934,278
NET CHANGE IN WORKING CAPITAL (399,066) 928,758 (413,246) 108,083
NET WORKING CAPITAL FROM OPERATIONS
The Insurance Fund expenses include a $265.7K balance of the annual insurance payment. This
amount will be decreasing throughout the year as the expense is being allocated to various
departments and funds on a monthly journal entry.
The Facilities Fund revenues of $2.9M cover expenses totaling $2.0M (including $437,500 in
debt service related to the annex building). Expenses are low compared to budget due to
professional services, utilities and repairs and maintenance that are anticipated to be spent later in
the year.
20
Monthly Financial Report September 2011
Equipment rental fund balance of $10.2M includes $4.3 M in fixed assets net of depreciation
which primarily consists of the City’s fleet vehicles.
Contact Information
This report is prepared by the Finance Department. Additional financial information can also be
viewed at our website: http://www.auburnwa.gov/. For any questions about the report please
contact us at mchaw@auburnwa.gov or scoleman@auburnwa.gov.
21
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0
3
18
,
0
6
8
-2
5
.
3
%
4
5
2
G
e
n
e
r
a
l
M
e
r
c
h
a
n
d
i
s
e
S
t
o
r
e
s
801,501
603,080 745,568 23.6%
32
2
P
a
p
e
r
M
a
n
u
f
a
c
t
u
r
i
n
g
10
,
8
4
2
8,
3
4
9
9,
8
3
0
17
.
7
%
4
5
3
M
i
s
c
e
l
l
a
n
e
o
u
s
S
t
o
r
e
R
e
t
a
i
l
e
r
s
504,303
372,755 351,282 -5.8%
32
3
P
r
i
n
t
i
n
g
a
n
d
R
e
l
a
t
e
d
S
u
p
p
o
r
t
43
,
2
4
3
32
,
1
9
7
28
,
7
7
1
-1
0
.
6
%
4
5
4
N
o
n
s
t
o
r
e
R
e
t
a
i
l
e
r
s
234,807
173,812 176,956 1.8%
32
4
P
e
t
r
o
l
e
u
m
a
n
d
C
o
a
l
P
r
o
d
u
c
t
s
3,
3
2
0
2,
3
9
4
7,
1
6
3
19
9
.
1
%
TO
T
A
L
R
E
T
A
I
L
T
R
A
D
E
3,586,970
$
2,670,648$ 2,839,844$ 6.3%
32
5
C
h
e
m
i
c
a
l
M
a
n
u
f
a
c
t
u
r
i
n
g
8,
6
8
4
5,
6
0
9
5,
6
7
1
1.
1
%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
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o
u
s
Y
e
a
r
169,196$
32
6
P
l
a
s
t
i
c
s
a
n
d
R
u
b
b
e
r
P
r
o
d
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t
s
9,
2
5
4
6,
7
8
0
7,
4
6
6
10
.
1
%
32
7
N
o
n
m
e
t
a
l
l
i
c
M
i
n
e
r
a
l
P
r
o
d
u
c
t
s
19
,
0
3
1
13
,
3
9
9
11
,
2
8
7
-1
5
.
8
%
33
1
P
r
i
m
a
r
y
M
e
t
a
l
M
a
n
u
f
a
c
t
u
r
i
n
g
18
9
74
17
1
13
1
.
2
%
10 Total10 YTD11 YTDYTD
33
2
F
a
b
r
i
c
a
t
e
d
M
e
t
a
l
P
r
o
d
u
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t
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n
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f
17
,
1
1
0
12
,
2
9
4
13
,
9
7
8
13
.
7
%
NA
I
C
S
SE
R
V
I
C
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S
(N
O
V
-
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C
T
)
(
N
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V
-
J
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L
)
(
N
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V
-
J
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L
)
%
D
i
f
f
33
3
M
a
c
h
i
n
e
r
y
M
a
n
u
f
a
c
t
u
r
i
n
g
13
,
4
4
5
9,
9
7
0
10
,
5
7
2
6.
0
%
5
1
*
I
n
f
o
r
m
a
t
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o
n
(
s
e
e
f
o
o
t
n
o
t
e
)
978,115
879,413 300,158 -65.9%
33
4
C
o
m
p
u
t
e
r
a
n
d
E
l
e
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t
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o
n
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c
P
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c
12
,
7
7
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8,
2
7
0
14
,
2
7
0
72
.
5
%
5
2
*
F
i
n
a
n
c
e
a
n
d
I
n
s
u
r
a
n
c
e
68,357
50,982 52,784 3.5%
33
5
E
l
e
c
t
r
i
c
E
q
u
i
p
m
e
n
t
,
A
p
p
l
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s
19
2
12
2
48
3
29
5
.
2
%
5
3
*
R
e
a
l
E
s
t
a
t
e
,
R
e
n
t
a
l
,
L
e
a
s
i
n
g
288,013
215,996 220,087 1.9%
33
6
T
r
a
n
s
p
o
r
t
a
t
i
o
n
E
q
u
i
p
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t
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a
n
18
6
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2
4
7
12
8
,
9
1
0
29
0
,
1
7
9
12
5
.
1
%
5
4
1
P
r
o
f
e
s
s
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n
a
l
,
S
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e
n
t
i
f
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c
,
T
e
c
h
188,696
140,506 139,562 -0.7%
33
7
F
u
r
n
i
t
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r
e
a
n
d
R
e
l
a
t
e
d
P
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d
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s
12
,
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8
4
8,
7
7
6
9,
0
2
0
2.
8
%
5
5
1
C
o
m
p
a
n
y
M
a
n
a
g
e
m
e
n
t
165
124 108 -12.6%
33
9
M
i
s
c
e
l
l
a
n
e
o
u
s
M
a
n
u
f
a
c
t
u
r
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g
27
,
8
9
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21
,
4
3
1
19
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6
8
8
-8
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1
%
5
6
*
A
d
m
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n
.
S
u
p
p
.
,
R
e
m
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d
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c
s
234,384
152,321 229,096 50.4%
TO
T
A
L
M
A
N
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F
A
C
T
U
R
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N
G
40
4
,
8
1
3
$
29
0
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3
7
2
$
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6
,
7
5
3
$
57
.
3
%
61
1
E
d
u
c
a
t
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o
n
a
l
S
e
r
v
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e
s
55,877
36,822 37,841 2.8%
,
,
,
,,,
Ov
e
r
a
l
l
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h
a
n
g
e
f
r
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6
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$
62
*
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e
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h
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o
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e
37,475
25,963 29,210 12.5%
71
*
A
r
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a
n
d
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n
t
e
r
t
a
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m
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t
153,918
126,714 123,536 -2.5%
72
*
A
c
c
o
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o
d
a
t
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n
a
n
d
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s
806,733
599,277 619,481 3.4%
10
T
o
t
a
l
1
0
Y
T
D
1
1
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T
D
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81
*
O
t
h
e
r
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e
r
v
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e
s
3
8
5
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1
0
5
287,310 290,782 1.2%
NA
I
C
S
T
R
A
N
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P
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T
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A
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)
(
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u
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d
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o
n
109,678
85,585 68,627 -19.8%
48
1
A
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r
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r
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n
s
p
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r
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a
t
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n
-
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24
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A
TO
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3,306,516
$
2,601,012$ 2,111,271$ -18.8%
48
2
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o
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0
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2
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,
6
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18
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6
%
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e
r
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h
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(489,741)$
48
4
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r
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k
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r
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r
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n
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6
6
0
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3
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,
9
1
4
53
9
.
6
%
48
5
T
r
a
n
s
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t
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n
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r
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r
s
57
57
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20
.
4
%
48
8
T
r
a
n
s
p
o
r
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a
t
i
o
n
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u
p
p
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r
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13
,
2
0
7
9,
4
3
1
13
,
8
2
5
46
.
6
%
10 Total10 YTD11 YTDYTD
49
1
P
o
s
t
a
l
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e
r
v
i
c
e
19
4
15
1
15
2
0.
7
%
NA
I
C
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MI
S
C
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L
L
A
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E
O
U
S
(N
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V
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T
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(
N
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-
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)
(
N
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-
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)
%
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i
f
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2
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o
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r
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r
s
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n
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e
s
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g
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r
s
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3
82
9
83
5
0.
7
%
0
0
0
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n
k
n
o
w
n
754
754 383 -49.2%
49
3
W
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r
e
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u
s
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n
g
a
n
d
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t
o
r
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g
e
2,
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7
4
1,
9
7
3
2,
3
2
3
17
.
7
%
1
1
1
-
1
1
5
A
g
r
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u
l
t
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r
e
,
F
o
r
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s
t
r
y
,
F
i
s
h
i
n
g
2,839
1,830 6,753 269.0%
TO
T
A
L
T
R
A
N
S
P
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R
T
A
T
I
O
N
29
,
1
8
5
$
2
1
,
7
8
5
$
62
,
8
0
9
$
18
8
.
3
%
21
1
-
2
2
1
M
i
n
i
n
g
&
U
t
i
l
i
t
i
e
s
22,364
15,968 14,294 -10.5%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
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r
e
v
i
o
u
s
Y
e
a
r
41
,
0
2
4
$
99
9
U
n
c
l
a
s
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f
i
a
b
l
e
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s
t
a
b
l
i
s
h
m
e
n
t
s
102,180
89,422 176,968 97.9%
TO
T
A
L
S
E
R
V
I
C
E
S
128,138
$
107,974$ 198,398$ 83.7%
Ov
e
r
a
l
l
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h
a
n
g
e
f
r
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m
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r
e
v
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s
Y
e
a
r
90,424$
10
T
o
t
a
l
1
0
Y
T
D
1
1
Y
T
D
YTD
NA
I
C
S
WH
O
L
E
S
A
L
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T
R
A
D
E
(N
O
V
O
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T
)
(N
O
V
J
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)
(N
O
V
J
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)
%
D
i
f
f
NA
I
C
S
WH
O
L
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S
A
L
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R
A
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E
(N
O
V
-
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T
)
(
N
O
V
-
J
U
L
)
(
N
O
V
-
J
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)
%
D
i
f
f
42
3
W
h
o
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a
l
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r
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,
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s
1,
0
2
0
,
8
0
2
73
0
,
9
5
3
80
1
,
7
0
9
9.
7
%
GR
A
N
D
T
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A
L
12,522,789
$
9
,
3
5
5
,
1
3
5
$ 9,580,438$
42
4
W
h
o
l
e
s
a
l
e
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r
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e
,
N
o
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u
r
a
b
l
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16
0
,
3
1
7
12
1
,
5
8
2
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4
,
9
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3
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.
4
%
Ov
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r
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e
f
r
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m
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r
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v
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o
u
s
Y
e
a
r
225,303$ 2.4%
42
5
W
h
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s
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l
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l
e
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n
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s
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3
2
0
1,
7
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0
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1
2
1
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7
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8
%
TO
T
A
L
W
H
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L
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L
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1,
1
8
5
,
4
4
0
$
85
4
,
2
5
6
$
92
1
,
8
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4
$
7.
9
%
Ov
e
r
a
l
l
C
h
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e
f
r
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m
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r
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v
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s
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e
a
r
67
,
5
6
8
$
9/
2
0
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2
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1
1
file:Monthly Sales Tax Report.xls
Pr
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22
Investment Purchase Purchase Maturity Yield to
Type Date Price Date Maturity
State Investment Pool Various 91,062,381$ Various 0.13%
KeyBank Money Market Various 5,875,346 Various 0.10%
US Treasury 05/04/1990 57,750 05/15/2016 5.72%
FHLB 3/28/2011 2,000,000 3/28/2014 1.300%
FHLB 6/13/2011 2,000,000 6/13/2014 1.150%
FHLMC 5/27/2011 2,000,000 2/28/2014 1.250%
FFCB 6/6/2011 2,000,000 6/6/2014 1.180%
Total Cash & Investments 104,995,478$ 0.195%
Investment Mix % of Total
State Investment Pool 86.7%Current 6-month treasury rate 0.04%
KeyBank Money Market 5.6%Current State Pool rate 0.13%
US Treasury 0.1%KeyBank Money Market 0.10%
FHLB 3.8%Blended Auburn rate 0.20%
FHLMC 1.9%
FFCB 1.9%
100.0%
City of Auburn
Investment Portfolio Summary
September 30, 2011
Summary
23