HomeMy WebLinkAboutMay 2011AGENDA BILL APPROVAL FORM
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Agenda Subject: May 2011 Financial Report Date: 07/18/2011
Department: Finance Attachments: May 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 May 2011 status report highlights City revenues and expenditures and is based on financial data
available as of June 24, 2011. Sales tax reported in May is for business activities that occurred in March
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 May, General Fund revenue collections totaled $23.2 million, and compares to year-to-
date budget of $22.4 million and were sufficient to meet expenses of $19.8 million. Total General Fund revenues for the City at the end of May is $801.6K higher than budget due to relatively
stronger than
anticipated collections in property taxes, intergovernmental revenues and utility (electric) taxes.
The City's sales taxes totaled $6.1 million and are nearly at the same level as last year. Improvement in
retail activity was noted in all areas with the exception of services and construction which remain weak.
Consumer concerns over the job market and weakness in the housing market remain and are expected to
temporarily slow the pace of the economic recovery.
Expenditures for the General Fund were $2.5 million below budget at the end of May. This is primarily
due to the timing of payments for SCORE, debt service payments 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 May the Water fund revenues are lower than average due to the loss of Covington as a
wholesale customer and a general decline in water sales. Sewer revenues are low compared to
expenses due to a one time adjustment in April to correct prior years' consumption reads and timing of
payments to Metro for sewer services. Metro bills the City for commercial accounts based on the average
prior period usage rates which were higher than current revenues. Storm fund revenues are on target
and are sufficient to meet expenses.
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1
Agenda Subject: April 2011 Financial Report Date: 612012011
Golf Course revenues are low at the end of May due to the current economic climate and lower than average weather conditions that have impacted the number of rounds played during the
winter and spring
months.
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 May, 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:
At the end of May, the City's total value of cash and investments was $113.9 million and compares to $112.7 million in April. The increase was primarily due to receipt of property taxes
during the month of
May.
Reviewed by Council & Committees: Reviewed by Departments & Divisions:
❑ Arts Commission COUNCIL COMMITTEES: ❑ Building ❑ M&0
❑ 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 I l Referred to Until I l
Tabled Until I I
Councilmember: Backus Staff: Coleman Meeting Date: July 18, 2011 Item Number:
2
Monthly Financial Report May 2011
General Fund 2011 2010 2011 YTD Budget vs. Actual Summary of Sources and Uses Favorable (Unfavorable)
Annual Budget YTD Budget YTD Actual YTD Actual Amount Percentage
OPERATING_REVENUES_ 'Property Tax 12,022,340 6,170,700 6,522,132 6,531,141 351,432 5.7%
'Sales Tax (1) 14,295,000 5,987,100 6,080,582 " 6,129,887 93,482 1.6% Sales Tax -Annexation Credit 1,356,600 559,000 595,853 563,175 36,853 6.6%
Criminal Justice Sales Tax 1,177,600 495,600 556,090 521,619 60,490 12.2%
Brokered Natural Gas Tax 260,000 139,400 168,114 141,226 28,714 20.6% City Utilities Tax 2,522,800 1,057,500 966,514 984,010 (90,986) -8.6%
Admissions Tax 350,000 147,800 121,946 143,800 (25,854) -17.5%
Electric Tax 2,850,000 1,533,200 1,678,394 1,586,935 145,194 9.5% Natural Gas Tax 1,270,410 834,200 728,141 633,305 (106,059) -12.7%
Cable TV Franchise Fee 689,800 343,200 403,943 387,036 60,743 17.7%
Cable TV Franchise Fee -Capital 75,000 37,000 31,983 - (5,017) -13.6% Telephone Tax 1,972,900 832,600 883,105 888,861 50,505 6.1%
''Garbage Tax (external) 150,000 61,300 56,183 63,470 (5,117) -8.3%
Leasehold Excise Tax 45,000 19,900 12,346 10,397 (7,554) -38.0% .Gambling Excise Tax 326,500 163,500 117,576 178,662 (45,924) -28.1%
Business License Fees 200,000 79,900 103,219 18,248 23,319 29.2% Building Permits 700,000 254,000 362,422 322,367 108,422 42.7%
Other Licenses & Permits 229,000 99,700 136,352 157,301 36,652 36.8%
Intergovernmental (Grants, etc) 4,031,055 1,466,330 1,637,889 1,667,543 171,559 11.7% Charges for Services:.....
General Government Services 64,600 28,900 35,968 41,860 7,068 24.5%
Public Safety 210,000 97,300 101,423 103,332 4,123 4.2% Development Services Fees 627,000 222,600 179,743 223,168 (42,857) -19.3%
Culture and Recreation 877,500 416,600 369,066 397,803 (47,534) -11.4%
'Fines and Forfeits 2,208,500 1,006,500 936,814 1,181,167 (69,686) -6.9% Interests and Other Earnings 110,000 56,300 28,537 68,514 (27,763) -49.3%
Rents, Leases and Concessions 315,000 137,400 168,235 ' 130,962 30,835 22.4% Contributions and Donations 17,000 6,200 16,128 22,803 9,928 160.1%
Other Miscellaneous 46,200 30,800 26,967 137,811 (3,833) -12.4%
Transfers In 1,079,468 78,500 78,439 17,000 (61) -0.1% Insurance Recoveries- Capital & Operating 25,000 10,400 70,899 30,729 60,499 581.7%
Total Operating Revenues 50,104,273 22,373,430 23,175,005 23,284,132 801,575 3.6%
Operating Expenditures Council & Mayor 848,420 371,720 312,271 277,293 59,449 16.0%
Municipal Court & Probation 3,269,460 1,292,260 1,175,334 1,056,065 116,926 9.0%
Human Resources 810,660 333,060 321,988 279,848 11,072 3.3% 'Finance 1,147,630 488,330 509,974 479,868 (21,644) -4.4%
City Attorney 1,640,480 762,480 681,066 726,559 81,414 10.7%
Planning 3,685,460 1,602,560 1,403,236 1,329,973 199,324 12.4% Community & Human Services 1,088,430 345,730 421,449 391,034 (75,719) -21.9%
Jail -SCORE 6,087,470 2,413,370 1,869,665 - 543,705 22.5% Police 19,767,290 7,977,800 7,290,069 8,687,885 687,731 8.6%
';Engineering 2,380,410 988,110 907,455 1,011,410 80,655 8.2%
Parks and Recreation 7,307,740 2,980,840 2,808,211 2,663,252 172,629 5.8% Streets 3,165,960 1,324,260 1,052,030 1,100,768 272,230 20.6%
Non-Departmental 4,695,350 1,438,500 1,068,968 1,631,655 369,532 25.7%
Total Operating Expenditures 55,894,760 22,319,020 19,821,715 19,635,610 2,497,305 11.2%
(1) The anticipated Streamlined Sales Tax for 2011 is $1,965,470. The year to date actual sales tax amount is adjusted
to include $498,293 SST Mitigation the City received from the State for the 1St quarter of 2011 and $327,578 estimated for April & May.
®verview
This financial overview reflects the City's overall financial position for the fiscal year through May
31, 2011. The report represents financial data available as of June 24, 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 table on this page summarizes the
General Fund revenues and expenditures.
3
Monthly Financial Report May 2011
At the end of May, General Fund revenues totaled $23.2 million and is slightly lower compared
to the same period of 2010. General Fund revenue highlights include:
Property taxes totaled $6.5 million and reflect the first half 2011 property tax payments
and are almost equal to the level collected for May of last year.
Sales taxes totaled $6.1 million, slightly lower collections for the same period last year.
Review of sales tax activity by sector show services and construction continues to remain
weak, consistent with regional and national economic trends.
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 May totaled $19.8 million compared to $19.6 million for
same period 2010. When compared to budget, General Fund expenses were 11.2% below
expectations highlights as follows:
Timing of intergovernmental payments for SCORE accounted for the majority of the
variance against budget. Currently there is over $594K in expenses for May and prior
periods that are posted in June. It is anticipated this line item will be more in line with
budget by next quarter.
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 transfers out that are
anticipated to be in later periods.
Revenues
The combined total of property tax, sales/use tax, utility tax, gambling, and admissions tax
provide 81.7% of all resources supporting general governmental activities. The following section provides detail information on property and sales taxes.
Property Tax
Year to date collection at the end of May is $6.5 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.
Pro ert Taxes p Y
$14.0
$12.0
$10.0 ~
o $8.0 i 2011 budget
$6.0 ~ 2011 actual to date
2010 actual
$4.0
$2.0
$0.0 .
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
4
Monthly Financial Report May 2011
Sales Tax
Year to date sales tax revenue totaled $6.1 million, including Streamlined Sales Tax Mitigation of
$498,293 received for the 15t quarter plus $327,578 estimated for April & May and compares to
a year-to-date budget of $6.0 million. 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.
Review of sales tax returns by SIC sector indicate continued improvement in nearly all sectors of
the local economy, reflecting the broader economic conditions of the region and nation.
Continued weakness was noted in the services and construction sectors. Concerns over
unemployment and housing prices remain and will affect the pace of the economic recovery in
the short term.
Sales~UseTax
$16.0
$14.0
$12.0 '
$10.0 '
c ' 2011 budget
$8.0
~ 2011 actual to date $6.0 2010 actual
$4.0
$2.0
$0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
~=Includes Sales Tax Mitigation prorated monthly.
5
Monthly Financial Report May 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.
Comparison of Sales Tax Collections by SIC Group
Year to Date through May
2010 2011 Change from 2010
Component Group Actual Actual Amount Percentage
New Construction 516,307 489,132 (27,175) -5.3%
Manufacturing 154,171 265,221 111,050 72.0%
Transportation & Warehousing 13,112 22,065 8,953 68.3%
Wholesale Trade 471,422 514,703 43,281 9.2%
Automotive 989,950 1,099,474 109,524 11.1%
Retail Trade 1,530,760 1,658,812 128,052 8.4%
Services 1,261,476 1,141,959 (119,517) -9.5%
Miscellaneous 72,569 95,405 22,836 31.5%
YTD Total 5,009,767 5,286,771 277,004 5.5%
Utilit 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). Total year to date
utility tax revenue is in line with expectations, totaling $4.3 million or 3.7% more than 2010, due primarily to higher revenues from the electric and natural gas utility taxes which
have offset
lower than anticipated revenues from City inter-fund, telephone and solid waste utility taxes.
Ut~lit Tax
v
$10.0
$9.0
$8.0
$7.0 '
$6.0 ~ c , ' 2011 budget
$5.0
2011 actual to date ~ $4.0
2010 actual $3.0
$2.0
$1.0
$0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
6
Monthly Financial Report May 2011
The following table presents utility tax collections by source:
Utilty Tax by Type
Year to Date through May
2010 2011 2011 2011 vs. 2010 2011 vs. Budget
Month Actual Budget Actual Amount .Percentage Amount .Percentage
City Interfund Utility Taxes 984,010 1,057,500 966,514 (17,496) -1.8% (90,986) -8.6%
Electric 1,586,935 1,533,200 1,678,394 91,459 5.8% 145,194 9.5%
Natural Gas 633,305 834,200 728,141 94,836 15.0% (106,059) -12.7%
Telephone 888,861 832,600 883,105 (5,756) -0.6% 50,505 6.1%
Solid Waste 63,470 61,300 56,183 (7,287) -11.5% (5,117) -8.3%
YTD Total 4,156,581 4,318,800 4,312,337 155,756 3.7% (6,463) -0.1%
Annual Total 8,591,258 8,766,110
Cable TV Franchise Fees are received quarterly and are shown on the table below. Year to date
revenues total $403,943 and are 4.4% greater than 2010 for the same period and 17.7°lo greater
than the 2011 year to date budget of $ 343,200.
Cable TV Franchise Fee
$900
$soo
$700
$600
~ $500 2011 budget
c ~
~ $400 ~ 2011 actual to date o
2010 actual $300 ,
$200
$100
$0
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
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 May, the City has collected 53.3% of 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 May were $362,422; this was $108.4K or 42.7%
more than budgeted year to date revenues in 2011.
7
Monthly Financial Report May 2011
Bu ilding Permits
$900
$soo
$~oo '
.
$600
$500 ' 2011 budget
c ~
~ $400 ~ 2011 actual to date o
lr- $300 2010 actual
$200
$100
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Business License revenues at the end of May were $85K more than 2010 and $23.3K or 29.2%
more than the 2011 year to date budget. Revenues are higher compared to 2010 for the same
period due to the change in timing of payments. In prior years, payments received mid year
were fora 12 month period. In contrast, starting July 2010, these payments were only for the
last 6 months of the year. Business license fees were billed again in December to cover a full year
in 2011.
Business License
$250
$200 ~ ~
$150
~ i 2011 budget
~ ~ 2011 actual to date
.c $100 ~ ~ 2010 actual
$50 ~
.
'
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
8
Monthly Financial Report May 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 May
intergovernmental revenues were 1.8% less than 2010 and 11.7% more than budget mainly due
to the timing of proceeds from the Muckleshoot compact.
Intergovernmental
Year to Date through May
2010 2011 2011 2011 vs. 2010 2011 vs. Budget
Revenue Actual Budget Actual % C hange % C hange
Federal Grants 133,264 123,200 119,676 -10.2% -2.9%
State Grants 38,636 3,600 32,851 -15.0% 812.5%
Interlocal Grants 88,425 46,200 3,151 -96.4% -93.2%
State Shared Revenue 1,038,987 1,064,230: 1,084,600 4.4% 1.9% Muckleshoot Casino Emerg. 368,231 229,100 385,731 4.8% 68.4%
Intergovernmental Service - - 11, 880 N/A N/A
YTD Total 1,667,543 1,466,330 1,637,889 -1.8% 11.7%
Annual Total 4,089,803 4,031,055
YTD % 41% 36% 41%
Total state shared revenues are $45.6K greater than the same period 2010 due to the new
revenue source for Criminal Justice-High crime. Based on crime statistics, starting July 2010 the City began receiving this revenue source which partially offset a decrease in revenues
from
Criminal Justice -Population. At the end of May, total state shared revenues are in line with the
budget, exceeding budgeted projections by 1.9%.
State Shared Revenues
Year to Date through May
2010 2011 2011 2011 vs. 2010 2011 vs. Budget
Revenue Actual Budget Actual Amount Percentage Amount Percentage
Trial Court Improvements 11,360 6,800 11,234 (126) -1.1% 4,434 65.21%
Court Interpreter Program - 3,300 6,643 6,643 N/A 3,343 101.30% Motor Vehicle Fuel Tax 574,857 571,200 586,091 11,235 2.0% 14,891 2.6%
Criminal Justice -High Crim - 74,300 75,325 75,325 N/A 1,025 1.38%
Criminal Justice -Population 34,040 9,400 7,690 (26,350) -77.4% (1,710) -18.2%
Criminal Justice -Spec. Prog. 28,009 27,100 29,045 1,036 3.7% 1,945 7.2% State DUl 6,288 2,000 6,262 (26) -0.4% 4,262 213.1%
Fire Insurance Premium Tax 63,545 65,000 66,116 2,572 N/A 1,116 N/A
Liquor Excise Tax 167,432 172,400 169,003 1,571 0.9% (3,397) -2.0%
Liquor Profits 153,457 132,730 127,191 (26,266) -17.1% (5,539) -4.17%
YTD Total 1,038,987 1,064,230 1,084,600 45,613 4.4% 20,370 1.9%
Annual Total 2, 594, 749 2, 624, 945
9
Monthly Financial Report May 2011
Charles 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 85% of the $1.78 million annual budget for this category and are presented
following the Charges for Service table below. At the end of May, revenue from charges for
services totaled $686K, and was 10.3% below budget, due to lower than anticipated
development services charges and culture and recreation charges.
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 decrease in court related administrative fees and passport services revenue.
Public Safety consists of law enforcement services, probation and prisoner lodging fees; overall
this revenue source is $4.1K or 4.2% more than budget at the end of May due to increased
receipts from probation fees.
Charges for Services by Type
Year to Date through May
2010 2011 2011 2011 vs. 2010 2011 vs. Budget
Revenue Actual Budget Actual Amount Percentage Amount Percentage
General Government 41,860 28,900 35,968 (5,892) -14.08% 7,068 24.46% Public Safety 103,332 97,300 101,423 (1,909) -1.8% 4,123 4.2%
Development Services 223,168 222,600 179,743 (43,425) -19.5% (42,857) -19.3%
Culture & Recreation 397,803 416,600 369,066 (28,737) -7.2% (47,534) -11.4%
YTD Total 766,162 765,400 686,200 (79,962) -10.4% (79,200) -10.3%
Annual Total 1,861,204 1,779,100
Development services include engineering fees, zoning & subdivision fees and plan check fees. At
the end of May, revenues totaled $179.7K and are 43.4% less than the same period in 2010.
Total development service revenue is less than the budget for the year by $42.9K or 19.3%
primarily due to lower than anticipated engineering and plan check fees revenue.
Development Service Fees
$soo
$700 ,
$600
$500
~ $400 2011 budget
~ ~ 2011 actual to date
s $300 2010 actual
$200
$100
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Culture & Recreation revenues consist of theater ticket sales, recreational classes, arts commission
and senior citizen program fees. Total revenue at the end of May shows a decrease of $28.7K
from 2010 and $47.5K less than 2011 annual budget primarily due to lower recreational class
10
Monthly Financial Report May 2011
revenue from adult health & fitness classes, adult softball program, youth camp and sports
programs.
Culture& Recreation
$l,ooo
$900
$soo
$700
$600 ' ~
~ $500 2011 budget
~c • ~ ~ 2011 actual to date
o $400 2010 actual
$300 '
$200
$100
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Fines & Penalties
This revenue category includes traffic and parking infraction penalties, criminal (traffic, non traffic
and costs) false alarm and shopping cart fines. Year to date, this revenue source totaled $936.sK or $69.7K or 6.9% lower than the projected budget. The overall decrease in May is primarily
due to lower photo enforcement revenues. Revenue from the City's photo enforcement
program makes up nearly half of total revenues from this category.
Fines & Penalties
$3.0
$2.5
$2.0
c ' 2011 budget $1 5
- ~ 2011 actual to date ~
2010 actual $1.0
$0.5
$0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
11
Monthly Financial Report May 2011
Fines & Forfeits by Type
Year to Date through May
2010 2011 2011 2011 vs. 2010 2011 vs. Budget Month Actual budget Actual Amount Percentage Amount Percentage
Civil Penalties 10, 324 6, 300 8, 566 (1, 759) -17.0% 2, 266 36.0% Civil infraction Penalties 354,430 251,400 298,711 (55,719) -15.7% 47,311 18.8%
Red Light Photo Enforcement 595,926 557,600 429,454 (166,472) -27.9% (128,146) -23.0%
Parking Infractions 83,383 72,700 76,177 (7,206) -8.6% 3,477 4.8%
Criminal Traffic Misdemeanor 44,629 50,400 35,763 (8,866) -19.9% (14,637) -29.0%
Criminal Non-Traffic Fines 53,736 44,100 38,490 (15,246) -28.4% (5,610) -12.7% Criminal Costs 4,981 5,300 5,901 920 18.5% 601 11.3%
Non-Court Fines & Penalties 33,759 18,700 43,753 9,994 29.6% 25,053 134.0%
YTD Total 1,181,167 1,006,500 936,814 (244,353) -20.7% (69,686) -6.9%
Annual Total 2,472,411 2,208,500
Photo Enforcement
$1.4
$1.2
$1.0 '
~ $0.8 2011 budget
o
$0.6 ~ 2011 actual to date ~ '
2010 actual
$0.4 '
$0.2
$0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 $489,100 and interest & investment and rentals & leases make up 87% of the
annual budget. Decreased interest revenue reflects impact of timing of investment activity and
the decline in the financial markets; the Local Government Investment Pool interest has decreased
from 0.28% in January 2010 to 0.14% in May 2011.
The increase in rentals & leases compared to 2010 revenue and 2011 year to date budget is
primarily due to revenue from park facility rental deposits. Other miscellaneous revenue is
12
Monthly Financial Report May 2011
budgeted conservatively and year to date 2010 receipts are higher than 2011 for the same period
because of a $95.7K reimbursement from the Crisis Clinic in March 2010.
Miscellaneous Revenues by Type
Year to Date through May
2010 2011 2011 2011 vs. 2010 2011 vs. Budget
Month Actual Budget Actual Amount Percentage Amount Percentage
Interest 6~ Investments 68,514 56,300 28,537 (39,977) -58.3% (27,763) -49.3%
Rents & Leases 130,962 137,400 168,235 37,273 28.5% 30,835 22.4%
Contributions & Donations 22,803 6,200 16,128 (6,675) -29.3% 9,928 160.1% Other Miscellaneous Revenue 137,811 30,800 26,640 (111,170) -80.7% (4,160) -13.5%
YTD Total 360, 089 230, 700 239, 541 (120, 549) -33.5% 8, 841 3.8%
Annual Total 899, 378 489,100
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 May is $606.8K or 28.2% more than 2010 and $198.7K or 48.7% more than budget. This sharp
increase in REET revenue in March is primarily due to a large commercial property transaction.
Recent months revenues have been modest and reflect the slow recovery in the residential and
commercial markets.
Real Estate Excise Tax
$1.4
$1.2
$1.0 '
$0.8
_ 2011 budget o
$0.6 ~ 2011 actual to date
2010 actual
$0.4
$0.2
r- -
$0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
13
Monthly Financial Report May 2011
Enterprise Funds
The table below provides an analysis of all City Enterprise funds and shows the year to date
revenues and expenditures for each enterprise fund.
Utlater Sewer Storm Solid Utlaste Airport Cemetery Golf
OPERATING REVENUES
Charges for services 3,213,005 6,610,350 2,839,142 3,713,770 11,029 310,235 338,536
Rents, Leases, Concessions & Other - 276 276 - 263,736 555 17,617
TOTAL OPERATING REVENUES 3,213,005 6,610,626 2,839,418 3,713,770 274,766 310,790 356,153
OPERATING EXPENSES:
Administration 980,943 794,535 1,075,656 307,811 236,194 116,471 98,155
;Operations & Maintenance 1,589,136 6,289,989 1,039,370 3,028,393 62 283,870 421,984
Depreciation & Amortization 870,830 679,715 542,544 7,841 171,966 24,347 136,318
TOTAL OPERATING EXPENSES 3,440,909 7,764,240 2,657,569 3,344,046 408,222 424,689 656,457
OPERATING INCOME (LOSS) (227,904) (1,153,614) 181,848 369,724 (133,456) (113,898) (300,305)
NON-OPERATING REVENUES & EXPENSES
;Interest Revenue 21,540 29,213 38,481 353 939 97 69
Other Non Operating Revenue 78,050 67,146 29,802 7,759 475 5 -
0therNon Operating Expense (32,037) (21,983) - - - - -
TOTALNON-OPERATING REVENUES (EXPENSES) 67,553 74,376 68,282 8,112 1,414 102 69
INCOME (LOSS) BEFORE CONTRIBUTIONS &
TRANSFERS (160,351) (1,079,238) 250,131 377,835 (132,042) (113,797) (300,235)
Contributions 111,504 115,201 273,217 - - - -
Transfers In 31,300 12,550
;Transfers Out (50,000) (50,000) (96,000) - - - -
TOTALCONTRIBUTIONS & TRANSFERS 61,504 65,201 177,217 - - 31,300 12,550
CHANGE IN FUND BALANCE (98,847) (1,014,037) 427,347 377,835 (132,042) (82,497) (287,685)
BEGINNING FUND BALANCE, January 1, 2011 59,674,990 67,629,064 40,956,334 923,810 9,705,318 865,780 5,210,529
ENDING FUND BALANCE, May 31, 2011 59,576,143 66,615,027 41,383,681 1,301,645 9,573,276 783,283 4,922,844
14
Monthly Financial Report May 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.
Water Sewer Storm Solid Waste Airport Cemetery Golf
OPERATING REVENUES
Charges for services 3,213,005 6,610,350 2,839,142 3,713,770 11,029 310,235 292,258
Rents, Leases, Concessions & Other - ' - - - ' 263,736 ' 555 ' 63,895
TOTAL OPERATING REVENUES 3,213,005 ' 6,610,350 2,839,142 ' 3,713,770 ' 274,766 ' 310,790 ' 356,153
OPERATING EXPENSES:
Salaries & Wages 849,613 579,529 737,782 172,101 7,922 194,693 220,440
'Benefits 341,269 ' 234,542 300,439 ' 68,090 ' 2,026 ' 83,521 ' 100,672 Supplies 84,138 23,581 18,021 9,761 - 72,530 78,346
Other Service Charges 856,721 647,694 492,915 2,937,762 226,308 20,717 47,096
Intergovernmental Services - 5,270,321 9,843 7Q576 - - -
lnterfund Operating Rentals/Supplies 438,339 328,858 556,025 77,915 - 28,880 73,585
Depreciation & Amortization 870,830 679,715 542,544 7,841 171,966 24,347 136,318 TOTAL OPERATING EXPENSES 3,440,909 ' 7,764,240 2,657,569 ' 3,344,046 ' 408,222 ' 424,689 ' 656,457
OPERATING INCOME (LOSS) (227,904) (1,153,890) 181,572 369,724 (133,456} (113,898) (300,305)
NON-OPERATING REVENUES & EXPENSES Interest Revenue 21,540 ' 29,213 38,481 ' 353 ' 939 ' 97 ' 69
'Other Non Operating Revenue 78,050 ' 67,422 30,078 ' 7,759 ' 475 ' S ' -
Other Non Operating Expense (32,037) (21,983) - - - - -
TOTALNON-OPERATING REVENUES (EXPENSES) 67,553 74,652 68,558 8,112 1,414 102 69
Plus Items Not Effecting Working Capital
Depreciation 870,830 679,715 542,544 7,841 171,966 24,347 136,318
NET WORKING CAPITAL FROM OPERATIONS 710,479 (399,522) 792,674 385,677 39,923 (89,450) (163,917)
lncrease inContributions -System Development 111,504 109,918 263,573 - - - -
'lncrease inContributions -Area Assessments - ' 5,284 9,644 ' - ' - ' - -
Operating Transfers In - - - - - 31,300 12,550
lncrease in Restricted Net Assets 7,245 - - - 65 - Proceeds of Debt Activity - - - - - - 350,000
Increase in Deferred Credits ' - ' - - - ' 6,550 ' - -
TOTALRESOURCES OTHER THAN OPERATIONS 118,749 ' 115,201 273,217 ` - ' 6,615 ' 31,300 ` 362,550
Net Change in Restricted Net Assets 32,077 333 11,610 - 65 - 334,051 lncrease in Fixed Assets -Salaries 92,249 ' 37,370 35,829 ' - ' - ' - -
'lncrease in Fixed Assets -Benefits 34,247 ' 13,274 14,355 ' - ' - ' - -
Increase in Fixed Assets - Site Improvements 34,369 - - - - - -
Increase inFixed Assets -Equipment 22,694 - - - - 10,527 -
'Increase inFixed Assets -Construction 1,234,301 ' 390,857 110,798 ' - ' 1,047 ' 37,163 ' - Operating Transfers Out 50,000 50,000 96,000 - - - -
Debt Service Principal 435,568 288,262 - - - - -
TOTALUSES OTHER THAN OPERATIONS 1,935,505 ' 780,096 268,592 ' - ' 1,112 ' 47,690 ' 334,051
NET CHANGE 1N WORKING CAPITAL (1,106,277) (1,064,417) 797,299 385,677 45,426 (105,840) (135,417) BEGINNING WORING CAPITAL, January 1, 2011 21,606,067 16,021,979 9,795,538 775,690 969,009
124,129 3,752
ENDING WORKING CAPITAL, May 31, 2011 20,499,790 14,957,562 10,592,836 1,161,367 1,014,436 18,289 (131,666)
NET CHANGE 1N WORKING CAPITAL (1,106,277} (1,064,417) 797,299 385,677 45,426 (105,840) (135,417)
The Water utility incurred an operating loss at the end of May, reflecting a decline in water sales.
Water sales totaled $3.2 million compared to $3.6 million for the same period last year. This
15
Monthly Financial Report May 2011
decline is due to the loss of Covington as a wholesale water customer and a general decrease in
water usage among other City customer classes during the first quarter of the year.
As shown in the following chart, water sales and consumption in 2011 is trending below prior
year levels.' Despite rates increase of effective January 1, 2011, the decline in water
consumption more than offset the increase in rates. While water sales are expected to increase as
the weather warms, overall sales for 2011 will likely remain below 2010 levels for the remainder
of the year. Finance plans to prepare an updated financial analysis of the Water utility and rate
revenue sufficiency by summer or early fall.
Water Revenues $ vs Water Sold ccf ~ ~
2010- Present
1,200,000
1,000,000
800,000 2010 Water Sales
~ ~
~ 2011 Water Sales
600,000 r` ~ 2010 Water Sold (ccf)
2011 Water Sold (ccf)
400,000
~ 200,000 ~ ~ i
ti0 ,~0 ,~0 ti0 ,~0 ,~0 ti0 ti0 ti0 ti0 ,,~0 ,~0
,a~' ~e~' ~a~ Pit P~~O ~e~' ~o~ Q~~
The Sewer fund operating loss at the end of May is primarily due to increased expenses related to
the Metro sewer treatment services. Year to date Metro billings for 2011 totaled $5.3M and
compares to $4.4M 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 3rd quarter 2011 when the effects of the timing of these
adjustments are worked through the Metro billing cycle.
Solid Waste operating expenses are low due to timing of invoices form Waste Management.
May billing of $632,638 was posted in June.
Golf Course operating revenues totaled $356.2K at the end of May 2011 and compares to
$451.6K for the same period 2010, due to a decline in the level of golfing activity (as a result of
the current economic conditions) coupled with below average weather conditions. Year to date
1 May 2010 water sales and consumption reflect aone-time adjustment for Boeing while the change in water sales and consumption between April 2011 and May 2011 reflect aone-time adjustment
for the Auburn School District.
16
Monthly Financial Report May 2011
the Golf Course has experienced lower rounds played as it has rained 51 of the 66 weekend days
throughout this period along. While increasing revenues are anticipated to continue during the
summer months as playing conditions become more favorable, operating losses at the Golf
Course are expected to continue for the remainder of 2011.
Golf Course 0 eratin Revenues p g
$300
$250 ~ ~
~ ~ ~ ~
$200 ~ ~ ~ ~ ~
~ ~ ~
= 150 % $ , ~ 2011 actual to date
~ ~ ~ ~ % 2010 actual
s ~ $100
`
~ $50 ~ ~
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
17
Monthly Financial Report May 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.
Information Equipment
Insurance Facilities Services Rental
OPERATING REVENUES:
Interfund Charges for services - 1,618,040 1,733,095 1,185,993
Rents, Leases, Concessions & Other - 22,314 10,120 - TOTALOPERATING REVENUES - 1,640,354 1,743,215 1,185,993
OPERATING EXPENSES:
...Administration 715,023 - 102,750 259,062 Operations & Maintenance - 809,337 1,458,964 515,046
Depreciation ~ Amortization - - 195,156 379,708
TOTAL OPERATING EXPENSES 715,023 809,337 1,756,870 1,153,816
OPERATING INCOME (LOSS) (715,023) 831,016 (13,655) 32,176
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 1,182 922 3,271 4,722
Other Non Operating Revenue - 32,439 - 14,284 Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES) 1,182 33,361 3,271 19,006
INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS (713,840) 864,377 (10,384) 51,183
Contributions_
Transfers In
Transfers Out - (312,500) (7,000)
TOTAL CONTRIBUTIONS & TRANSFERS - (312,500) - (7,000)
CHANGE IN FUND BALANCE (713,840) 551,877 (10,384) 44,183
BEGINNING FUND BALANCE, January 1, 2011 2,366,832 661,686 4,918,922 10,611,9b8
ENDING FUND BALANCE, May 31, 2011 1,652,992 1,213,563 4,908,538 10,656,151
18
Monthly Financial Report May 2011
The workin capital statements for the Internal Service funds are presented on the table below.
Information Equipment
Insurance Facilities Services Rental
OPERATING REVENUES:
Interfund Charges for services - 1,618,040 1,733,095 263,958 Rents, Leases, Concessions & Other - 22,314 10,120 922,035
TOTAL OPERATING REVENUES - 1,640,354 1,743,215 1,185,993
OPERATING EXPENSES..
Salaries & Wages - 269,638 512,999 140,145
Benefits..... 92,926_ 108,001 180,155 55,799.....
Supplies - 36,226 54,606 338,977 Other Service Charges 622,097 357,808 680,704 141,699
Interfund Operating Rentals/Supplies - 37,665 133,250 97,489
.Depreciation & Amortization - - 195,156. 379,708
TOTAL OPERATING EXPENSES 715,023 809,337 1,756,870 1,153,816
OPERATING INCOME (LOSS) (715,023) 831,016 (13,655) 32,176
NON-OPERATING REVENUES & EXPENSES Interest Revenue 1,182 922 3,271 4,722
Other Non Operating Revenue - 22,023 - 14,284
Other Non Operating Expense - - - -
TOTALNON-OPERATING REVENUES (EXPENSES) 1,182 22,944 3,271 19,006
Plus Items Not Effecting Working Capital
Depreciation _ _ 195,156 379,708.....
NET WORKING CAPITAL FROM OPERATIONS (713,840) 853,961 184,772 430,891
Increase inContributions -Other Government - 10,417 - -
Transfers In
TOTAL RESOURCES OTHER THAN OPERATIONS - 10,417 - -
Increase in Fixed Assets -Equipment - 782 17,482 25,254
Increase in Fixed Assets -Construction - - 46,062 4,951
Operating Transfers Out - 312,500 - 7,000
TOTAL USES OTHER THAN OPERATIONS - 313,282 63,543 37,206
NET CHANGE 1N 1XIORKING CAPITAL (713,840) 551,095 121,228 393,685
BEGINNING WORING CAPITAL, January 1, 2011 2,366,832 714,944 3,949,793 5,826,195
ENDING WORKING CAPITAL, May 31, 2011 1,652,992 1,266,039 4,071,021 6,219,880 NET CHANGE 1N WORKING CAPITAL (713,840) 551,095 121,228 393,685
The Insurance Fund expenses include $619,944 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 $1,618,040 cover expenses totaling 1,121,837 that include
$312,500 in transfers out for debt service related to the annex building. Expenses are low
compared to budget due to professional services and repairs and maintenance that are
anticipated to be spent later in the year.
Equipment rental fund balance of $10,656,151 includes approximately $4.5 M in fixed assets net
of depreciation which primarily consists of the City's fleet vehicles.
19
Monthly Financial Report May 2011
Contact Information
This report is prepared by the Finance Department. Additional financial information can also be
viewed at our website: http://www.auburnwa.~ov/. For any questions about the report please
contact us at mchaw(a~auburnwa.~ov or scoleman(a~auburnwa.~ov.
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City of Auburn
Investment Portfolio Summary
As of May 31, 2011
Investment Purchase Purchase Maturity Yield to
Type Date Price Date Maturity
State Investment Pool Various $ 91,992,445 Various 0.14% KeyBank Money Market Various 11,854,628 Various 0.10%
US Treasury 05/04/1990 57,750 05/15/2016 5.72%
FHLB 2/2/2009 1, 000, 000.00 8/2/2011 1.840%
FHLB 3/28/2011 2,000,000.00 3/28/2014 1.300%
FHLB 3/28/2011 2,000,000.00 6/28/2013 1.000%
FHLMC 6/24/2010 2,000,000.00 12/24/2013 1.750%
FNMA 6/30/2010 1, 000, 000.00 12/30/2013 1.750%
FHLMC 5/27/2011 2,000,000.00 2/28/2014 1.250% Total Cash & Investments $ 113,904,823 0.250%
Investment Mix % of Total Summary
State Investment Pool 80.8% Current 6-month treasury rate 0.09%
KeyBank Money Market 10.4% Current State Pool rate 0.14%
US Treasury 0.1 % KeyBank Money Market 0.10%
FHLB 4.4% Blended Auburn rate 0.25%
FNMA 0.9%
FHLMC 3.5% 100.0%
22