HomeMy WebLinkAboutAugust 2011
AGENDA BILL APPROVAL FORM
Agenda Subject: August 2011 Financial Report
Date: 10/17/2011
Department: Finance
Attachments: August 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 August 2011 status report highlights City revenues and expenditures and is based on financial data
available as of September 29, 2011. Sales tax reported in August is for business activities that occurred
in June 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 August, General Fund revenue collections totaled $33.4 million, and compares to year-
to-date budget of $31.8 million and were sufficient to meet expenses of $32.3 million. Total General Fund
revenues for the City at the end of August 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 $9.9 million and are 2.8% higher than last year. Improvement in retail
activity was noted in all areas with the exception of services which remain weak. However, consumer
concerns over national debt and continued high unemployment have slowed the pace of the economic
recovery.
Expenditures for the General Fund were $3.6 million below budget at the end of August. 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 August 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. Year to date the Sewer fund ended with an
operating loss due to declining revenues as a result of lower water consumption and timing of payments
to Metro for sewer services. Stormwater revenues are on target and are sufficient to meet expenses.
Golf Course revenues for the summer months improved compared to the same periods 2010, reflecting
favorable weather conditions. While this is an improvement, revenues in total remain below year-to-date
2010 levels and 2011 budgeted levels with the fund reporting a continued net operating loss as of August.
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Agenda Subject: August 2011 Financial Report
Date: 10/17/2011
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 August was $110.0 million and compares to $109.3
million in July.
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: October 17, 2011 Item Number:
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Monthly Financial Report August 2011
General Fund 2010
Summary of Sources and Uses
Annual BudgetYTD BudgetYTD ActualYTD ActualAmountPercentage
OPERATING REVENUES
Property Tax 12,022,340 6,300,600 6,662,008 6,691,028 361,408 5.7%
Sales Tax (1)14,295,000 9,484,100 9,852,473 9,584,178 368,373 3.9%
Sales Tax - Annexation Credit 1,356,600 893,200 967,531 911,604 74,331 8.3%
Criminal Justice Sales Tax 1,177,600 782,000 900,931 826,625 118,931 15.2%
Brokered Natural Gas Tax 260,000 189,400 226,031 197,533 36,631 19.3%
City Utilities Tax 2,522,800 1,725,000 1,599,188 1,579,941 (125,812) -7.3%
Admissions Tax 350,000 265,700 256,016 265,568 (9,684) -3.6%
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 1,333,900 1,389,006 1,434,509 55,106 4.1%
Garbage Tax (external)150,000 96,300 107,413 95,548 11,113 11.5%
Leasehold Excise Tax 45,000 33,100 29,689 20,686 (3,411) -10.3%
Gambling Excise Tax 326,500 255,300 186,359 195,762 (68,941) -27.0%
Business License Fees 200,000 95,100 117,354 107,782 22,254 23.4%
Building Permits 700,000 463,400 816,850 531,028 353,450 76.3%
Other Licenses & Permits 229,000 155,700 288,842 229,663 133,142 85.5%
Intergovernmental (Grants, etc)4,069,745 2,556,345 2,703,313 2,556,802 146,968 5.7%
Charges for Services:
General Government Services 64,600 45,800 58,062 68,911 12,262 26.8%
Public Safety 216,000 149,500 162,649 154,863 13,149 8.8%
Development Services Fees 627,000 400,300 360,065 375,689 (40,235) -10.1%
Culture and Recreation 877,500 681,000 604,436 673,013 (76,564) -11.2%
Fines and Forfeits 2,208,500 1,551,000 1,424,673 1,782,470 (126,327) -8.1%
Interests and Other Earnings 110,000 82,000 54,344 103,981 (27,656) -33.7%
Rents, Leases and Concessions 315,000 225,700 267,261 224,073 41,561 18.4%
Contributions and Donations 17,900 11,300 36,293 43,437 24,993 221.2%
Other Miscellaneous 48,980 39,880 81,766 148,156 41,886 105.0%
Proceeds of Gen. Long Term Debt-Refi Valley Com - - - 1,069,000 - N/A
Transfers In 1,078,439 78,500 78,439 61,300 (61) -0.1%
Insurance Recoveries- Capital & Operating 25,000 16,700 108,330 48,070 91,630 548.7%
Total Operating Revenues 50,151,614 31,826,335 33,403,327 33,737,150 1,576,992 5.0%
Operating Expenditures
Council & Mayor 863,420 582,020 512,962 443,441 69,058 11.9%
Municipal Court & Probation 3,274,120 2,130,020 1,998,668 1,761,213 131,352 6.2%
Human Resources 830,710 559,310 526,541 458,109 32,769 5.9%
Finance 1,147,630 763,030 762,922 734,598 108 0.0%
City Attorney 1,640,480 1,133,580 1,048,080 1,080,301 85,500 7.5%
Planning 3,779,190 2,554,400 2,372,767 2,170,563 181,633 7.1%
Community & Human Services 1,088,430 737,830 638,696 599,249 99,134 13.4%
Jail - SCORE 6,087,470 3,813,170 3,045,037 - 768,133 20.1%
Police 19,843,980 12,654,380 11,894,400 14,001,355 759,980 6.0%
Engineering 2,380,410 1,587,310 1,463,772 1,597,013 123,538 7.8%
Parks and Recreation 7,295,920 4,837,020 4,669,277 4,403,329 167,743 3.5%
Streets 3,125,960 1,975,560 1,645,651 1,752,089 329,909 16.7%
Non-Departmental 4,561,620 2,621,220 1,765,565 3,810,263 855,655 32.6%
Total Operating Expenditures 55,919,340 35,948,850 32,344,338 32,811,521 3,604,512 10.0%
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 $995,195 SST Mitigation the City received from the State for the 1st and 2nd quarter of 2011 plus $327,578
allocation for July & August that will be received in September.
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Monthly Financial Report August 2011
Overview
This financial overview reflects the City’s overall financial position for the fiscal year through
August 31, 2011. The report represents financial data available as of September 29, 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.
At the end of August, General Fund revenues totaled $33.4 million and is slightly lower
compared to the same period of 2010 due to the general decline in fines related to the traffic
photo enforcement program and to the timing of proceeds for the general debt financing
associated with the Valley Com system. General Fund revenue highlights include:
- Property taxes totaled $6.7 million and reflect the first half 2011 property tax payments
and are almost equal to the level collected for the same period last year.
- Sales taxes totaled $9.9 million, are slightly higher compared to collections as of August
2010. Review of sales tax activity by sector show improvements in all sectors with the
exception of 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 August totaled $32.3 million compared to $32.8 million for
same period 2010. When compared to budget, General Fund expenses were 10% below
expectations. Highlights include:
- Timing of intergovernmental payments for SCORE accounted for the majority of the
variance against budget. Currently there is over $513.9K in expenses for July and
$443.9K for August that will be posted in September. It is anticipated this line item will
be in line with budget by the 3rd quarter as timing of payments are addressed.
- Police expenditures are low compared to budget due to staff vacancies savings.
- 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 occur in later periods.
Revenues
The combined total of property tax, sales/use tax, utility tax, gambling, and admissions tax
provide 79% 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 August is $6.7 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.
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Monthly Financial Report August 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 $9.9 million, including Streamlined Sales Tax Mitigation of $995,195 received for through
the 2nd quarter plus $327,578 allocation for July & August and compares to a year-to-date
budget of $9.5 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.
While sales tax returns have slightly improved over the previous year, concerns over
unemployment 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 August 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 793,667 793,520 (147) 0.0%
Manufacturing 256,074 415,487 159,413 62.3%
Transportation & Warehousing19,869 59,732 39,863 200.6%
Wholesale Trade 745,297 839,122 93,825 12.6%
Automotive 1,640,757 1,822,074 181,317 11.1%
Retail Trade 2,385,037 2,546,706 161,669 6.8%
Services 2,365,417 1,877,884 (487,533) -20.6%
Miscellaneous 94,814 194,014 99,200 104.6%
YTD Total 8,300,932 8,548,539 247,607 3.0%
Change from 2010
Year to Date through August
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). Total year to date
utility tax revenue 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 August 2011
The following table presents utility tax collections by source:
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
City Interfund Utility Taxes1,579,941 1,725,000 1,599,188 19,246 1.2%(125,812) -7.3%
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 1,434,509 1,333,900 1,389,006 (45,503) -3.2%55,106 4.1%
Solid Waste 95,548 96,300 107,413 11,866 12.4%11,113 11.5%
YTD Total 6,283,112 6,499,010 6,507,186 224,074 3.6%8,176 0.1%
Annual Total 8,591,258 8,766,110
Year to Date through August
Utilty Tax by Type
2011 vs. 2010 2011 vs. Budget
Cable TV Franchise Fees are received quarterly and are shown on the table below. Year-to-date
revenue collections of $604,357 continue to outpace the previous year and current year budget.
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Cable TV Franchise Fee
2011 budget
2011 actual to date
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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 August, the City has collected 108.3% 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 August were $816,850; this was $353.4K or 76.3%
more than the 2011 budgeted year to date revenues. The increase in August is primarily due to
permits related to multi-family construction and commercial alterations.
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Monthly Financial Report August 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 0.0%0.0%
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 Total531,028 463,400 816,850 285,822 53.8%353,450 76.3%
Annual Total769,678 700,000
Year to Date through August
Building Permits
2011 vs. 20102011 vs. Budget
Business License revenues at the end of August were $9.6K more than 2010 and $22.3K or
23.4% 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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Monthly Financial Report August 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 August
intergovernmental revenues were 5.7% more than 2010 and 5.7% more than budget mainly due
to the timing of grant reimbursements and the MIT compact revenue.
201020112011
Revenue ActualBudgetActual% Change% Change
Federal Grants 330,340 341,200 328,015 -0.7%-3.9%
State Grants 79,925 9,000 64,809 -18.9%620.1%
Interlocal Grants 105,871 27,300 3,151 -97.0%-88.5%
State Shared Revenue 1,672,435 1,705,745 1,746,446 4.4%2.4%
Muckleshoot Casino Emerg.368,231 473,100 549,012 49.1%16.0%
Intergovernmental Service - - 11,880 N/A N/A
YTD Total 2,556,802 2,556,345 2,703,313 5.7%5.7%
Annual Total 4,089,803 4,069,745
YTD %63%63%66%
Year to Date through August
Intergovernmental
2011 vs. 20102011 vs. Budget
Total state shared revenues are $74 K 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 August, total state shared revenues are slightly exceeding
budgeted levels.
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 Tax944,942 945,600 960,193 15,251 1.6%14,593 1.5%
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 66,116 2,572 4.0%1,116 1.72%
Liquor Excise Tax 244,986 252,300 249,869 4,882 2.0%(2,431) -1.0%
Liquor Profits 274,901 253,230 269,184 (5,716) -2.1%15,954 6.30%
YTD Total 1,672,435 1,705,745 1,746,446 74,012 4.4%40,701 2.4%
Annual Total2,594,749 2,624,945
Year to Date through August
State Shared Revenues
2011 vs. 20102011 vs. Budget
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Monthly Financial Report August 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 August, revenue from charges for
services totaled $1.2 million and was 7.2% 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 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 $13.1K or 8.8% more than budget at the end of August due to increased
receipts from probation fees.
201020112011
Revenue ActualBudgetActualAmountPercentageAmountPercentage
General Government 68,911 45,800 58,062 (10,849) -15.74%12,262 26.77%
Public Safety 154,863 149,500 162,649 7,786 5.0%13,149 8.8%
Development Services375,689 400,300 360,065 (15,624) -4.2%(40,235) -10.1%
Culture & Recreation 673,013 681,000 604,436 (68,577) -10.2%(76,564) -11.2%
YTD Total 1,272,477 1,276,600 1,185,213 (87,264) -6.9%(91,387) -7.2%
Annual Total1,861,204 1,785,100
Year to Date through August
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 August, revenues totaled $360.1K and are 4.2% less than the same period in 2010.
Total development service revenue is less than the budget for the year by $40.2K or 10.1%
primarily due to lower than anticipated engineering and zoning & subdivision fees.
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Development Service Fees
2011 budget
2011 actual to date
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Monthly Financial Report August 2011
Culture & Recreation revenues totaled $604K 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 recreational class revenue from adult health &
fitness classes, adult softball program, youth camp and sports programs.
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Culture & Recreation
2011 budget
2011 actual to date
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Fines & Penalties
This revenue category includes traffic and parking infraction penalties, criminal (traffic, non traffic
and costs) and false alarm fines. Collections in this category totaled $1.4M or 8.1% lower than
the projected budget, due primarily to lower photo enforcement revenues. Revenue from the
City’s photo enforcement program makes up nearly half of total revenues from this category.
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Fines & Penalties
2011 budget
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11
Monthly Financial Report August 2011
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
Civil Penalties 15,742 10,200 12,819 (2,923) -18.6%2,619 25.7%
Civil Infraction Penalties 528,080 384,400 457,386 (70,694) -13.4%72,986 19.0%
Red Light Photo Enforcement891,790 860,700 643,882 (247,908) -27.8%(216,818) -25.2%
Parking Infractions 131,198 112,300 124,535 (6,663) -5.1%12,235 10.9%
Criminal Traffic Misdemeanor67,871 76,300 58,696 (9,174) -13.5%(17,604) -23.1%
Criminal Non-Traffic Fines79,209 65,700 59,578 (19,631) -24.8%(6,122) -9.3%
Criminal Costs 8,263 8,500 10,487 2,224 26.9%1,987 23.4%
Non-Court Fines & Penalties60,318 32,900 57,290 (3,027) -5.0%24,390 74.1%
YTD Total 1,782,470 1,551,000 1,424,673 (357,796) -20.1%(126,327) -8.1%
Annual Total 2,472,411 2,208,500
Year to Date through August
Fines & Forfeits by Type
2011 vs. 20102011 vs. Budget
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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 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 0.17% in August 2011.
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Monthly Financial Report August 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
budgeted conservatively and year to date 2010 receipts are higher than 2011 for the same period
due to a $95.7K reimbursement from the Crisis Clinic in March 2010.
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
Interest & Investments 103,981 82,000 54,344 (49,638) -47.7%(27,656) -33.7%
Rents & Leases 224,073 225,700 267,261 43,189 19.3%41,561 18.4%
Contributions & Donations43,437 11,300 36,293 (7,144) -16.4%24,993 221.2%
Other Miscellaneous Revenue148,156 39,880 81,766 (66,391) -44.8%41,886 105.0%
YTD Total 519,648 358,880 439,663 (79,984) -15.4%80,783 22.5%
Annual Total 899,378 491,880
Miscellaneous Revenues by Type
Year to Date through August
2011 vs. 20102011 vs. Budget
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 August is $1.1M
or 35.8% more than 2010 and $358.2K or 50.0% more than budget. The increase in REET
revenue in August 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
13
Monthly Financial Report August 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.
WaterSewer StormSolid WasteAirportCemeteryGolf
OPERATING REVENUES
Charges for services 5,470,078 10,946,828 4,544,534 6,143,436 17,723 550,138 865,928
Rents, Leases, Concessions & Other - - - - 419,665 950 197,371
TOTAL OPERATING REVENUES 5,470,078 10,946,828 4,544,534 6,143,436 437,388 551,087 1,063,298
OPERATING EXPENSES:
Administration 1,591,819 1,283,070 1,820,241 509,434 368,094 188,168 156,995
Operations & Maintenance 2,635,204 10,294,439 1,693,839 5,330,094 109 456,332 776,179
Depreciation & Amortization 1,389,728 1,075,820 858,157 12,546 266,728 38,769 216,178
TOTAL OPERATING EXPENSES 5,616,750 12,653,329 4,372,237 5,852,075 634,932 683,268 1,149,352
OPERATING INCOME (LOSS)(146,672) (1,706,501) 172,297 291,361 (197,543) (132,181) (86,054)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 32,575 34,843 23,013 474 1,666 101 510
Other Non Operating Revenue 115,314 737,422 31,460 40,240 92,843 30 -
Other Non Operating Expense (324,589) (152,781) (109,434) - (27,238) (11,134) (96,663)
TOTAL NON-OPERATING REVENUES (EXPENSES)(176,701) 619,483 (54,961) 40,714 67,271 (11,003) (96,154)
(323,373) (1,087,018) 117,336 332,075 (130,272) (143,184) (182,207)
Contributions 201,216 172,453 388,662 - - - -
Transfers In (96,000) 31,300 438,158
Transfers Out (50,000) (50,000) - - - - -
TOTAL CONTRIBUTIONS & TRANSFERS 151,216 122,453 292,662 - - 31,300 438,158
CHANGE IN FUND BALANCE (172,157) (964,565) 409,998 332,075 (130,272) (111,884) 255,951
BEGINNING FUND BALANCE, January 1, 201159,674,990 67,629,064 40,956,334 923,810 9,705,318 865,780 5,210,529
ENDING FUND BALANCE, August 31, 2011 59,502,833 66,664,499 41,366,332 1,255,885 9,575,046 753,896 5,466,480
INCOME (LOSS) BEFORE CONTRIBUTIONS &
TRANSFERS
14
Monthly Financial Report August 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 5,486,793 10,946,828 4,544,534 6,143,436 17,723 550,138 865,928
Rents, Leases, Concessions & Other - - - - 419,665 950 197,371
TOTAL OPERATING REVENUES 5,486,793 10,946,828 4,544,534 6,143,436 437,388 551,087 1,063,298
OPERATING EXPENSES:
Salaries & Wages 1,358,200 925,630 1,192,321 276,676 12,673 314,015 371,419
Benefits 546,481 375,089 490,448 110,736 3,297 135,653 164,758
Supplies 152,520 39,124 37,353 39,051 - 113,370 169,713
Other Service Charges 1,468,414 1,162,667 893,616 5,147,544 352,234 35,254 109,549
Intergovernmental Services - 8,548,729 10,579 140,857 - - -
Interfund Operating Rentals/Supplies 701,407 526,271 889,764 124,664 - 46,208 117,736
Depreciation & Amortization 1,389,728 1,075,820 858,157 12,546 266,728 38,769 216,178
TOTAL OPERATING EXPENSES 5,616,750 12,653,329 4,372,237 5,852,075 634,932 683,268 1,149,352
OPERATING INCOME (LOSS)(129,958) (1,706,501) 172,297 291,361 (197,543) (132,181) (86,054)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 32,575 34,843 23,013 474 1,666 101 510
Other Non Operating Revenue 98,599 737,422 31,460 40,240 600 30 -
Other Non Operating Expense (324,589) (152,781) (109,434) - (27,238) (11,134) (96,663)
TOTAL NON-OPERATING REVENUES (EXPENSES)(193,415) 619,483 (54,961) 40,714 (24,971) (11,003) (96,154)
Plus Items Not Effecting Working Capital
Depreciation 1,389,728 1,075,820 858,157 12,546 266,728 38,769 216,178
1,066,355 (11,198) 975,493 344,621 44,214 (104,414) 33,971
Increase in Contributions -System Development201,216 160,497 379,017 - - - -
Increase in Contributions -Area Assessments - 11,956 9,644 - - - -
Increase in Contributions -FAA - - - - 92,243
Operating Transfers In - - - - - 31,300 438,158
Increase in Restricted Net Assets 15,908 10,825 - - (5,318) -
Decrease in Long term Receivables - 45,000 - - - - -
Increase in Deferred Credits - - - - 10,312 - -
TOTAL RESOURCES OTHER THAN OPERATIONS217,124 228,278 388,662 - 97,238 31,300 438,158
Net Change in Restricted Net Assets 49,584 591 12,137 - (4,555) - (76,447)
Increase in Fixed Assets - Salaries 135,209 66,572 69,828 - - - -
Increase in Fixed Assets - Benefits 49,875 24,286 28,394 - - - -
Increase in Fixed Assets - Site Improvements 89,367 - - - - - -
Increase in Fixed Assets - Equipment 24,980 30,367 - - - 9,487 -
Increase in Fixed Assets - Construction 2,991,939 1,119,607 520,078 - 292,490 54,916 -
Operating Transfers Out 50,000 50,000 96,000 - - - -
Debt Service Principal 435,568 288,262 - - - - 59,375
TOTAL USES OTHER THAN OPERATIONS 3,826,523 1,579,685 726,437 - 287,936 64,403 (17,072)
NET CHANGE IN WORKING CAPITAL (2,543,044) (1,362,605) 637,718 344,621 (146,484) (137,517) 489,201
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, August 31, 201119,063,024 14,659,374 10,433,256 1,120,311 822,525 (13,388) 492,952
NET CHANGE IN WORKING CAPITAL (2,543,044) (1,362,605) 637,718 344,621 (146,484) (137,517) 489,201
NET WORKING CAPITAL FROM OPERATIONS
15
Monthly Financial Report August 2011
The Water utility incurred an operating loss at the end of August, reflecting a decline in water
sales. Water sales totaled $5.5 million compared to $5.9 million for the same period last year.
While water usage in August increased as a result of greater usage by irrigation customers, this
increase was not enough to offset the year-to-date operating loss. The year-to-date loss is a result
of the loss of Covington as a wholesale water customer and a general decrease in water usage
among other City customer classes due to unseasonably cool weather during the first half of the
year.
As shown in the following chart, water sales and consumption in 2011 is trending below prior
year levels.1 Despite rates increase of 7% effective January 1, 2011, the decline in water
consumption more than offset the increase in rates. Although water sales increased during the
month of August, overall sales for 2011 will likely remain below 2010 levels for the remainder of
the year. Finance will present an analysis of the financial condition of the water fund as part of
the overall City Utility funds financial forecast and update in mid October.
‐
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Water Revenues ($) 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 August 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 $8.5M and compares to $7.3M 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.
1 May 2010 water sales and consumption reflect a one-time adjustment for Boeing while the change in water sales and consumption
between April 2011 and May 2011 reflect a one-time adjustment for the Auburn School District. First quarter 2011 and May 2011
water sales have been adjusted to reflect wholesale water back bills for January, February and March 2011.
16
Monthly Financial Report August 2011
Solid Waste operating expenses are low due to timing of invoices form Waste Management.
August billing of $632,558 was posted in September.
Golf Course operating revenues at the end of August totaled $1.1M 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 7,612 rounds played for August 2011 (vs.
7,216 in 2010), year-to-date rounds played are currently running about 5% below 2010 levels
(35,157 rounds played in 2011 vs. 37,130 rounds in 2010). Despite gains in revenues during the
summer months the Golf course is anticipated to experience operating losses 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)
2010 Monthly Budget
2011 Actual
2010 Actual
Cemetery operating revenues totaled $551.1K at the end of August and compares to $494.5K for
the same period last year. While 2011 collections are up over last year, the Cemetery ended
August 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)
2010 Monthly Budget
2011 Actual
2010 Actual
17
Monthly Financial Report August 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 - 2,588,864 2,772,952 426,066
Rents, Leases, Concessions & Other - 73,791 30,698 1,475,256
TOTAL OPERATING REVENUES - 2,662,655 2,803,650 1,901,322
OPERATING EXPENSES:
Administration 489,933 - 164,400 458,009
Operations & Maintenance - 1,315,190 2,344,228 856,261
Depreciation & Amortization - - 307,635 565,226
TOTAL OPERATING EXPENSES 489,933 1,315,190 2,816,263 1,879,496
OPERATING INCOME (LOSS)(489,933) 1,347,465 (12,613) 21,826
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 2,293 1,875 5,830 7,331
Other Non Operating Revenue - 32,439 - 34,577
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)2,293 34,314 5,830 41,907
INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS(487,641) 1,381,779 (6,783) 63,733
Contributions - - -
Transfers In
Transfers Out - (437,500) (7,000)
TOTAL CONTRIBUTIONS & TRANSFERS - (437,500) - (7,000)
CHANGE IN FUND BALANCE (487,641) 944,279 (6,783) 56,733
BEGINNING FUND BALANCE, January 1, 2011 2,366,832 661,686 4,918,922 10,611,968
ENDING FUND BALANCE, August 31, 2011 1,879,192 1,605,965 4,912,139 10,668,701
18
Monthly Financial Report August 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 - 2,588,864 2,772,952 426,066
Rents, Leases, Concessions & Other - 73,791 30,698 1,475,256
TOTAL OPERATING REVENUES - 2,662,655 2,803,650 1,901,322
OPERATING EXPENSES:
Salaries & Wages - 434,083 833,386 245,431
Benefits 132,633 174,756 289,733 91,453
Supplies - 55,197 96,493 562,488
Other Service Charges 357,301 590,890 1,075,816 258,967
Interfund Operating Rentals/Supplies - 60,264 213,200 155,929
Depreciation & Amortization - - 307,635 565,226
TOTAL OPERATING EXPENSES 489,933 1,315,190 2,816,263 1,879,496
OPERATING INCOME (LOSS)(489,933) 1,347,465 (12,613) 21,826
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 2,293 1,875 5,830 7,331
Other Non Operating Revenue - 22,023 - 34,577
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)2,293 23,897 5,830 41,907
Plus Items Not Effecting Working Capital
Depreciation - - 307,635 565,226
(487,641) 1,371,362 300,852 628,960
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 - - 171,863 61,242
Increase in Fixed Assets - Construction - - 78,922 5,072
Operating Transfers Out - 437,500 - 7,000
TOTAL USES OTHER THAN OPERATIONS - 438,700 250,784 64,745
NET CHANGE IN WORKING CAPITAL (487,641) 943,079 50,068 564,215
BEGINNING WORING CAPITAL, January 1, 2011 2,366,832 714,944 3,949,793 5,826,195
ENDING WORKING CAPITAL, August 31, 2011 1,879,192 1,658,023 3,999,861 6,390,410
NET CHANGE IN WORKING CAPITAL (487,641) 943,079 50,068 564,215
NET WORKING CAPITAL FROM OPERATIONS
The Insurance Fund expenses include a $354K 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 $2.7M cover expenses totaling $1.8M (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.
Equipment rental fund balance of $10.7M includes $4.3 M in fixed assets net of depreciation
which primarily consists of the City’s fleet vehicles.
19
Monthly Financial Report August 2011
Contact Information
This report is prepared by the Finance Department. Additional financial information can also be
viewed at our website: http://www.auburnwa.gov/. For any questions about the report please
contact us at mchaw@auburnwa.gov or scoleman@auburnwa.gov.
20
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2
G
e
n
e
r
a
l
M
e
r
c
h
a
n
d
i
s
e
S
t
o
r
e
s
801,501 539,804 673,619 24.8%
32
2
Pa
p
e
r
M
a
n
u
f
a
c
t
u
r
i
n
g
10
,
8
4
2
7,
3
2
1
9,
3
8
2
28
.
2
%
4
5
3
M
i
s
c
e
l
l
a
n
e
o
u
s
S
t
o
r
e
R
e
t
a
i
l
e
r
s
504,303 332,995 314,880 -5.4%
32
3
Pr
i
n
t
i
n
g
a
n
d
R
e
l
a
t
e
d
S
u
p
p
o
r
t
43
,
2
4
3
27
,
5
4
7
26
,
4
4
1
-4
.
0
%
4
5
4
N
o
n
s
t
o
r
e
R
e
t
a
i
l
e
r
s
234,807 154,094 160,117 3.9%
32
4
Pe
t
r
o
l
e
u
m
a
n
d
C
o
a
l
P
r
o
d
u
c
t
s
3,
3
2
0
2,
1
2
3
6,
4
8
3
20
5
.
4
%
TO
T
A
L
R
E
T
A
I
L
T
R
A
D
E
3,586,970$ 2,385,037$ 2,546,706$ 6.8%
32
5
Ch
e
m
i
c
a
l
M
a
n
u
f
a
c
t
u
r
i
n
g
8,
6
8
4
4,
7
6
4
4,
8
3
5
1.
5
%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
161,669$
32
6
Pla
s
t
i
c
s
a
n
d
R
u
b
b
e
r
P
r
o
d
u
c
t
s
9,
2
5
4
6,
2
5
8
6,
8
3
8
9.
3
%
32
7
No
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
9,
5
7
4
9,
8
3
0
2.
7
%
33
1
Pr
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
Fa
b
r
i
c
a
t
e
d
M
e
t
a
l
P
r
o
d
u
c
t
M
a
n
u
f
17
,
1
1
0
1
1
,
3
8
6
1
2
,
9
9
4
1
4
.
1
%
NA
I
C
S
SE
R
V
I
C
E
S
(NOV-OCT)(NOV-JUN)(NOV-JUN)% Diff
33
3
Ma
c
h
i
n
e
r
y
M
a
n
u
f
a
c
t
u
r
i
n
g
13
,
4
4
5
8,
9
3
8
9,
3
9
7
5.
1
%
5
1
*
I
n
f
o
r
m
a
t
i
o
n
(
s
e
e
f
o
o
t
n
o
t
e
)
638,645 503,098 267,947 -46.7%
33
4
Co
m
p
u
t
e
r
a
n
d
E
l
e
c
t
r
o
n
i
c
P
r
o
d
u
c
12
,
7
7
3
6,
7
2
1
13
,
7
3
8
10
4
.
4
%
5
2
*
F
i
n
a
n
c
e
a
n
d
I
n
s
u
r
a
n
c
e
68,357 43,721 46,436 6.2%
33
5
Ele
c
t
r
i
c
E
q
u
i
p
m
e
n
t
,
A
p
p
l
i
a
n
c
e
s
19
2
11
1
46
4
31
7
.
3
%
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
288,013 189,821 192,649 1.5%
33
6
Tr
a
n
s
p
o
r
t
a
t
i
o
n
E
q
u
i
p
m
e
n
t
M
a
n
18
6
,
2
4
7
11
4
,
8
5
1
26
4
,
9
5
2
13
0
.
7
%
5
4
1
P
r
o
f
e
s
s
i
o
n
a
l
,
S
c
i
e
n
t
i
f
i
c
,
T
e
c
h
188,696 125,291 128,575 2.6%
33
7
Fu
r
n
i
t
u
r
e
a
n
d
R
e
l
a
t
e
d
P
r
o
d
u
c
t
s
12
,
7
8
4
7,
3
7
8
8,
0
0
6
8.
5
%
5
5
1
C
o
m
p
a
n
y
M
a
n
a
g
e
m
e
n
t
165 112 107 -4.1%
33
9
Mi
l
l
M
f
t
i
27
8
9
9
19
6
1
9
18
3
1
5
66
%
56
*
Ad
i
S
R
d
S
234384135412204731512%
33
9
Mi
s
c
e
l
l
a
n
e
o
u
s
M
a
n
u
f
a
c
t
u
r
i
n
g
27
,
8
9
9
19
,
6
1
9
18
,
3
1
5
-6
.
6
%
5
6
*
A
d
m
i
n
.
S
u
p
p
.
,
R
e
m
e
d
S
v
c
s
234,384 135,412 204,731 51.2%
TO
T
A
L
M
A
N
U
F
A
C
T
U
R
I
N
G
40
4
,
8
1
3
$
25
6
,
0
7
4
$
41
5
,
4
8
7
$
62
.
3
%
61
1
E
d
u
c
a
t
i
o
n
a
l
S
e
r
v
i
c
e
s
55,877 34,252 35,848 4.7%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
15
9
,
4
1
3
$
62
*
H
e
a
l
t
h
C
a
r
e
S
o
c
i
a
l
A
s
s
i
s
t
a
n
n
c
e
37,475 24,143 25,224 4.5%
71
*
A
r
t
s
a
n
d
E
n
t
e
r
t
a
i
n
m
e
n
t
153,918 115,909 111,395 -3.9%
72
*
A
c
c
o
m
o
d
a
t
i
o
n
a
n
d
F
o
o
d
S
v
c
s
806,733 526,648 543,276 3.2%
10
T
o
t
a
l
1
0
Y
T
D
1
1
Y
T
D
Y
T
D
81
*
O
t
h
e
r
S
e
r
v
i
c
e
s
385,105 256,961 261,890 1.9%
NA
I
C
S
TR
A
N
S
P
O
R
T
A
T
I
O
N
A
N
D
W
A
R
E
H
O
U
S
I
N
G
(
N
O
V
-
O
C
T
)
(
N
O
V
-
J
U
N
)
(
N
O
V
-
J
U
N
)
%
D
i
f
f
92
*
P
u
b
l
i
c
A
d
m
i
n
i
s
t
r
a
t
i
o
n
109,678 70,580 59,808 -15.3%
48
1
Air
T
r
a
n
s
p
o
r
t
a
t
i
o
n
-
-
24
N/
A
TO
T
A
L
S
E
R
V
I
C
E
S
2,967,046$ 2,025,947$ 1,877,884$ -7.3%
48
2
Ra
i
l
T
r
a
n
s
p
o
r
t
a
t
i
o
n
4,
5
0
0
3,
9
7
8
11
,
2
8
0
18
3
.
5
%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
(148,063)$
48
4
Tr
u
c
k
T
r
a
n
s
p
o
r
t
a
t
i
o
n
7,
6
6
0
4,
8
3
4
33
,
3
1
4
58
9
.
1
%
48
5
Tr
a
n
s
i
t
a
n
d
G
r
o
u
n
d
P
a
s
s
e
n
g
e
r
s
57
57
68
20
.
4
%
48
8
Tr
a
n
s
p
o
r
t
a
t
i
o
n
S
u
p
p
o
r
t
13
,
2
0
7
8,
3
5
1
12
,
0
7
7
44
.
6
%
10 Total10 YTD11 YTDYTD
49
1
Po
s
t
a
l
S
e
r
v
i
c
e
19
4
14
0
13
7
-2
.
0
%
NA
I
C
S
MI
S
C
E
L
L
A
N
E
O
U
S
(NOV-OCT)(NOV-JUN)(NOV-JUN)% Diff
49
2
Co
u
r
i
e
r
s
a
n
d
M
e
s
s
e
n
g
e
r
s
99
3
82
9
80
7
-2
.
7
%
0
0
0
U
n
k
n
o
w
n
754 754 383 -49.2%
49
3
Wa
r
e
h
o
u
s
i
n
g
a
n
d
S
t
o
r
a
g
e
2,
5
7
4
1,
6
8
0
2,
0
2
5
20
.
5
%
1
1
1
-
1
1
5
A
g
r
i
c
u
l
t
u
r
e
,
F
o
r
e
s
t
r
y
,
F
i
s
h
i
n
g
2,839 1,809 6,580 263.7%
TO
T
A
L
T
R
A
N
S
P
O
R
T
A
T
I
O
N
29
,
1
8
5
$
19
,
8
6
9
$
59
,
7
3
2
$
20
0
.
6
%
21
1
-
2
2
1
M
i
n
i
n
g
&
U
t
i
l
i
t
i
e
s
22,364 13,592 11,732 -13.7%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
39
,
8
6
3
$
99
9
U
n
c
l
a
s
s
i
f
i
a
b
l
e
E
s
t
a
b
l
i
s
h
m
e
n
t
s
102,180 78,659 175,318 122.9%
TO
T
A
L
S
E
R
V
I
C
E
S
128,138$94,814$194,014$104.6%
TO
T
A
L
SE
R
V
I
C
E
S
128,138$ 94,814$ 194,014$ 104.6%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
99,200$
10
T
o
t
a
l
1
0
Y
T
D
1
1
Y
T
D
Y
T
D
NA
I
C
S
WH
O
L
E
S
A
L
E
T
R
A
D
E
(N
O
V
-
O
C
T
)
(
N
O
V
-
J
U
N
)
(
N
O
V
-
J
U
N
)
%
D
i
f
f
42
3
Wh
o
l
e
s
a
l
e
T
r
a
d
e
,
D
u
r
a
b
l
e
G
o
o
d
s
1,
0
2
0
,
8
0
2
63
7
,
5
4
2
73
3
,
3
0
6
15
.
0
%
GR
A
N
D
T
O
T
A
L
12,183,319$ 7,961,464$ 8,548,539$
42
4
Wh
o
l
e
s
a
l
e
T
r
a
d
e
,
N
o
n
d
u
r
a
b
l
e
16
0
,
3
1
7
10
6
,
2
7
4
10
1
,
2
3
3
-4
.
7
%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
587,076$ 7.4%
42
5
Wh
o
l
e
s
a
l
e
E
l
e
c
t
r
o
n
i
c
M
a
r
k
e
t
s
4,
3
2
0
1,
4
8
1
4,
5
8
3
20
9
.
4
%
TO
T
A
L
W
H
O
L
E
S
A
L
E
1,
1
8
5
,
4
4
0
$
74
5
,
2
9
7
$
83
9
,
1
2
2
$
12
.
6
%
Ov
e
r
a
l
l
C
h
a
n
g
e
f
r
o
m
P
r
e
v
i
o
u
s
Y
e
a
r
93
,
8
2
5
$
Au
g
u
s
t
2
2
,
2
0
1
1
file:Monthly Sales Tax Report.xls
Pr
e
p
a
r
e
d
b
y
A
u
b
u
r
n
F
i
n
a
n
c
i
a
l
P
l
a
n
n
i
n
g
21
Investment PurchasePurchaseMaturityYield to
Type Date Price DateMaturity
State Investment PoolVarious 95,052,093$ Various 0.17%
KeyBank Money MarketVarious 6,904,471Various 0.10%
US Treasury 05/04/1990 57,75005/15/20165.72%
FHLB 3/28/20112,000,0003/28/20141.300%
FHLB 6/13/20112,000,0006/13/20141.150%
FHLMC 5/27/20112,000,0002/28/20141.250%
FFCB 6/6/20112,000,0006/6/20141.180%
Total Cash & Investments 110,014,314$ 0.225%
Investment Mix% of Total
State Investment Pool 86.4%Current 6-month treasury rate0.06%
KeyBank Money Market 6.3%Current State Pool rate0.17%
US Treasury 0.1%KeyBank Money Market0.10%
FHLB 3.6%Blended Auburn rate0.23%
FHLMC 1.8%
FFCB 1.8%
100.0%
City of Auburn
Investment Portfolio Summary
As of August 31, 2011
Summary
22