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HomeMy WebLinkAboutOctober 2010AGENDA BILL APPROVAL FORM * SASH IITOi Agenda Subject: October 2010 Financial Report Date: 12/15/2010 Department: Finance Attachments: October Monthly Budget Impact: 0 Report Administrative Recommendation: Background Summary: The October 2010 status report highlights City revenues and expenditures and is based on financial data available as of November 23, 2010. Sales tax reported in October is for business activities that occurred in August 2010. Total General Fund revenues forthe City at the end of October were $45,063,214 which is approximately 90% of the annual budgeted revenues. Compared to budgeted year-to-date revenues, total General Fund revenue is $1.55M (3.6%} more primarily due to the receipt of proceeds from general long term debt of $1,069,000 resulting from the Valley Communications bond refunding that will be included in the next budget amendment. Expenditures for the General Fund totaled $40,507,054 which is $5.01 M (11.0%) under budget at the end of October. This is due to the timing of professional services and intergovernmental payments along with inter-fund transfers that are made later in the year. 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: December 15, 2010 Item Number: rr~Y t 4 ~ i ri' rr ~ :'r }1 •~K SAY J l ~ ~ I i y a fir' ti i f.. ~ ~ .i f ~ Sr 'r9 .AS ~1 Monthly Financial Report ®ctober 2010 General Fund 2010 2010 YTD Budget vs. Actual Summary of Sources and Uses Favorable (Unfavorable Annual Budget YTD Budget YTD Actual Amount Percentage OPERATING REVENUES Property Tax 12,357,309 11,117,309 11,538,648 421,339 3.8% Sales Tax (1) 14,255,000 11,962,700 11,972,533 9,833 0.1% Sales Tax -Annexation Credit 1,453,500 1,220,700 1,153,305 (67,395) -5.5% Criminal Justice Sales Tax 1,143,300 951,100 1,034,841 83,741 8.8% Brokered Natural Gas Tax 260,000 219,100 229,713 10,613 4.8% City Utilities Tax 2,140,200 1,886,700 2,010,482 123,782 6.6% Admissions Tax 400,000 380,300 358,873 (21,427) -5.6% Electric Tax 2,794,100 2,794,100 2,995,902 201,802 7.2% Natural Gas Tax 1,245,500 1,245,500 985,711 (259,789) -20.9% Cable TV Franchise Fee 676,300 676,300 794,731 118,431 17.5% Telephone Tax 1,934,200 1,483,000 1,707,285 224,285 15.1% Garbage Tax (external) 156,000 121,700 130,428 8,728 7.2% Leasehold Excise Tax 80,000 68,300 28,019 (40,281) -59.0% Gambling Excise Tax 466,500 400,100 250,135 (149,965) -37.5% Business License Fees 200,000 191,400 119,572 (71,829) -37.5% Building Permits 700,000 605,700 648,624 42,924 7.1% Other Licenses & Permits 228,800 188,200 274,727 86,527 46.0% Intergovernmental (Grants, etc) 4,524,940 3,837,140 3,146,502 (690,638) -18.0% Charges for Services: General Government Services 81,000 69,000 69,876 876 1.3% Public Safety 244,000 213,400 188,080 (25,321) -11.9% Development Services Fees 702,000 605,700 540,497 (65,203) -10.8% Culture and Recreation 789,000 703,200 773,002 69,802 9.9% Fines and Forfeits 2,107,400 1,735,000 2,069,580 334,580 19.3% Interests and Other Earnings 170,000 154,300 121,776 (32,524) -21.1% Rents, Leases and Concessions 543,000 499,900 560,272 60,372 12.1% Contributions and Donations 51,600 39,800 51,021 11,221 28.2% Other Miscellaneous 46,200 38,200 104,107 65,907 172.5% Proceeds of Gen. Long Term Debt-Refi Valley Com - - 1,069,000 1,069,000 N/A Transfers In 61,300 61,300 61,300 - 0.0% Insurance Recoveries- Capital & Operating 55,000 45,800 74,672 28,872 63.0% Total Operating Revenues 49,866,149 43,514,949 45,063,214 1,548,265 3.6% Operating Expenditures Council & Mayor 738,900 620,900 553,879 67,021 10.8% Municipal Court & Probation 3,055,280 2,534,180 2,224,621 309,559 12.2% Human Resources 736,150 641,850 578,145 63,705 9.9% Finance 1,170,960 970,560 910,427 60,133 6.2% City Attorney 1,675,050 1,419,550 1,315,482 104,068 7.3% Planning 3,587,170 3,093,370 2,707,618 385,752 12.5% Community & Human Services 1,070,400 789,500 737,796 51,704 6.5% Police 23,650,215 19,249,415 17,586,625 1,662,790 8.6% Engineering 2,665,210 2,262,010 2,005,394 256,616 11.3% Parks and Recreation 6,801,200 5,678,000 5,465,929 212,071 3.7% Streets 3,093,500 2,598,100 2,175,447 422,653 16.3% Non-Departmental 7,124,500 5,658,600 4,245,691 1,412,909 25.0% Total Operating Expenditures 55,368,535 45,516,035 40,507,054 5,008,981 11.0% (1J The anticipated Streamlined Sales Tax Mitigation for 2010 is $1,966,775. The year to date actual sales tax amount is adjusted to include $1,466,620 SST Mitigation the City received from the State through 3rd quarter of 2010 plus $163,898 estimated for October. Monthly Financial Report ®ctober 2010 ®verview This financial overview reflects the City's overall financial position for the fiscal year through October 31, 2010. The budgeted year to date revenues and operating expenditures are primarily based on the collection/disbursement for the same period of 2009. The table on the previous page summarizes the general fund revenues and expenditures. Revenues Taxes In October, the combined collection of property tax, sales/use tax, utility tax, gambling, and admissions tax represents 78% 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 October is $11,538,648 or 93.3% of the $12,357,309 annual budget. Compared to 2009, the City collected $2,000,681 or 21.0% more for the same period. At the end of the October, property tax revenue is $421,339 or 3.8% more than the year to date budget and is in line with the budget. Property Tax Revenue Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e Jan 38,602 45,000 27,735 (10,867) -28.2% (17,265) -38.4% Feb 111,495 130,000 131,275 19,780 17.7% 1,275 1.0% Mar 222,173 259,000 294,363 72,190 32.5% 35,363 13.7% Apr 4,188,834 4,882,400 4,877,655 688,822 16.4% (4,745) -0.1% May 852,588 993,800 1,200,112 347,524 40.8% 206,312 20.8% Jun 37,763 44,000 76,369 38,606 102.2% 32,369 73.6% Ju( 21,078 24,600 29,190 8,112 38.5% 4,590 18.7% Aug 32,632 38,000 54,328 21,696 66.5% 16,328 43.0% Sep 196,787 229,400 189,677 (7,110) -3.6% (39,723) -17.3% Oct 3,836,015 4,471,109 4,657,943 821,928 21.4% 186,834 4.2% Nov 1,017,258 1,185,700 Dec 46,566 54,300 YTD Total 9,537,967 11,117,309 11,538,648 2,000,681 21.0% 421,339 3.8% Annual Total 10,601,791 12,357,309 Monthly Financial Report ®ctober 2010 Sales Tax At the end of October, the year to date sales tax revenue of $11,972,533 is $292.9K more than 2009 and $9.8K more than the current YTD budget. Also at the end of 3rd quarter, the City has received $1,466,620 of the total anticipated SST mitigation of $1,966,775 for 2010. The total for October includes an estimated $163,898 monthly prorated share of the quarterly payment that will be received in December. The actual amount of Streamlined Sales Tax mitigation 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. Sales ~ Use Tax Revenue Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual ~ Bud et ~ Actual Amount Percenta a Amount Percenta e Jan 1,232,999 1,213,000 1,128,608 (104,391) -8.5% (84,392) -7.0% Feb 1,279,532 1,372,300 1,303,518 23,985 1.9% (68,782) -5.0% Mar 1,059,642 1,085,700 1,012,173 (47,469) -4.5% (73,527) -6.8% Apr 1,041,972 1,066,300 1,495,567 453,595 43.5% 429,267 40.3% May 1,161,471 1,249,400 1,190,021 28,550 2.5% (59,379) -4.8% Jun 1,098,038 1,144,900 1,045,316 (52,722) -4.8% (99,584) -8.7% Jul 1,152,738 1,180,300 1,104,591 (48,147) -4.2% (75,709) -6.4% Aug 1,250,264 1,302,700 1,302,641 52,377 4.2% (59) 0.0% Sep 1,148,525 1,147,700 1,221,393 72,868 6.3% 73,693 6.4% Oct 1,254,457 1,200,400 1,168,705 (85,752) -6.8% (31,695) -2.6% Nov 1,197,153 1,175,200 Dec 1,065,935 1,117,100 YTD Total 11,679,639 11,962,700 11,972,533 292,894 2.5% 9,833 0.1% Annual Total 13,942,728 14,255,000 ~=Includes Sales Tax Mitigation prorated monthly. 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 October 2009 2010 Chan a from 2009 Component Group Actual Actual Amount Percenta e New Construction 1,094,138 1,040,012 (54,126) -4.9% Manufacturin 325,369 327,424 2,055 0.6% Transportation & Warehousin 26,623 24,164 (2,459) -9.2% Ullholesale Trade 897,265 952,504 55,239 6.2% Automotive 2,179,226 2,104,111 (75,115) -3.4% Retail Trade 3,002,031 2,967,255 (34,776) -1.2% Services 2,419,847 2,828,424 408,577 16.9% Miscellaneous 35,927 111,981 76,054 211.7% YTD Total 9,980,426 10,355,875 375,449 3.8% Monthly Financial Report ®ctober 2010 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). Year to date utility tax revenue is $7,829,807 which is $863.8K (9.9%) less than 2009 primarily due to the City Interfund utility taxes and a decrease in the Natural Gas utility tax. There was a temporary increase in the City inter-fund tax for Solid Waste from November 2008 through October 2009. In addition, record breaking warm winter temperatures in 2010 contributed the decrease in the Natural Gas utility tax. Overall, the 2010 actual revenues are greater by $298.8K or 4.0% more than budgeted tax revenues. The main source of this increase is attributed to higher than anticipated revenues from the telephone and electric utility tax. Utility Tax Revenues Year to Date through ®ctober 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e Jan 1,329,027 1,198,800 1,258,792 (70,236) -5.3% 59,992 5.0% Feb 592,186 482,100 483,456 (108,730) -18.4% 1,356 0.3% Mar 304,496 223,800 416,213 111,717 36.7% 192,413 86.0% Apr 1,911,964 1,758,200 1,505,874 (406,090) -21.2% (252,326) -14.4% May 575,114 469,900 492,247 (82,867) -14.4% 22,347 4.8% Jun 441,229 345,000 365,171 (76,058) -17.2% 20,171 5.8% Jul 1,340,355 1,204,500 1,303,301 (37,054) -2.8% 98,801 8.2% Aug 621,691 504,300 458,060 (163,631) -26.3% (46,240) -9.2% Sep 453,881 357,300 364,769 (89,112) -19.6% 7,469 2.1% Oct 1,123,629 987,100 1,181,926 58,297 5.2% 194,826 19.7% Nov 516,516 433,900 Dec 376,459 305,100 YTD Total 8,693,572 7,531,000 7,829,807 (863,765) -9.9% 298,807 4.0% Annual Total 9,586,547 8,270,000 The following table presents utility tax by source: Utilty Tax by Type Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e City Interfund Utility Taxes 2,707,507 1,886,700 2,010,482 (697,025) -25.7% 123,782 6.b% Electric 3,001,175 2,794,100 2,995,902 (5,274) -0.2% 201,802 7.2% Natural Gas 1,237,186 1,245,500 985,711 (251,475) -20.3% (259,789) -20.9% Telephone 1,629,418 1,483,000 1,707,285 77,867 4.8% 224,285 15.1% Solid UVaste 118,286 121,700 130,428 12,142 10.3% 8,728 7.2% YTD Total 8,693,572 7,531,000 7,829,807 (863,765) -9.9% 298,807 4.0% Annual Total 9,586,547 8,270,000 Monthly Financial Report ®ctober 2010 Cable TV Franchise Fees are received quarterly and are shown on the table below. This is $48.5K or 6.5% more than the previous year for the same period and is $118.4K or 17.5% greater than the 2010 year to date budget. Cable TV Franchise Fee Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Budget Month Actual Bud et Actual Amount Percenta e Amount Percenta e Jan 188,592 170,900 - (188,592) -100.0% (170,900) -100.0% Feb - - 193,004 193,004 N/A 193,004 N/A Mar - - - - N/A - N/A Apr - - 194,032 194,032 N/A 194,032 N/A May 184,011 166,800 - (184,011) -100.0% (166,800) -100.0% Jun - - - - N/A - N/A Jul 186,766 169,200 195,778 9,012 4.8% 26,578 15.7% Aug - - - - N/A - N/A Sep - - - - N/A - N/A Oct 186,910 169,400 211,916 25,006 13.4% 42,516 25.1% Nov - - Dec - - YTDTotal 746,280 676,300 794,731 48,451 6.5% 118,431 17.5% Annual Total 746,280 676,300 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 October, the City has collected 92.4% 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 and the following tables present detail information for each. Building Permits Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Budget Month Actual Bud et Actual Amount Percenta a Amount Percenta e Jan 17,047 69,800 88,175 71,128 417.2% 18,375 26.3% Feb 30,070 30,500 49,731 19,661 65.4% 19,231 63.1% Mar 34,273 84,000 43,796 9,523 27.8% (40,204) -47.9% Apr 85,717 51,800 44,422 (41,295) -48.2% (7,378) -14.2% May 44,732 47,100 96,244 51,512 115.2% 49,144 104.3% Jun 158,105 49,800 74,701 (83,404) -52.8% 24,901 50.0% Jul 90,765 62,900 72,745 (18,020) -19.9% 9,845 15.7% Aug 54,856 96,200 61,216 6,360 11.6% (34,984) -36.4% Sep 42,615 68,300 55,073 12,458 29.2% (13,227) -19.4% Oct 83,041 45,300 62,522 (20,519) -24.7% 17,222 38.0% Nov 56,606 38,200 Dec 137,651 56,100 YTD Total 641,221 605,700 648,624 7,403 1.2% 42,924 7.1% Annual Total 835,478 700,000 Monthly Financial Report ®ctober 2010 Total building permit revenues at the end of October were $648,624. This was $7.4K greater than 2009 for the same period and $42.9K or 7.1% more than budgeted revenues in 2010. The temporary increase in October of 2009 was primarily due to the developments at Trail Run and the Auburn Regional Medical Center. Business License revenues at the end of October were $80.5K or 40.2% less than 2009 and $71.8K or 37.5% less than the 2010 year to date budget. This revenue source is lower in comparison to 2009 and the year to date budget due to a change in timing of payments. In prior years, payments received mid year were fora 12 month period. In 2010 these payments are only for the last 6 months of the year. Business license fees will be billed again in December to cover a full year in 2011. Business License Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Budget Month Actual Bud et Actual Amount Percenta a Amount Percenta e Jan 6,626 6,300 3,945 (2,681) -40.5% (2,355) -37.4% Feb 4,258 4,100 4,347 89 2.1% 247 6.0% Mar 4,706 4,500 3,627 (1,079) -22.9% (873) -19.4% Apr 3,952 3,800 4,342 390 9.9% 542 14.3% May 4,289 4,200 1,987 (2,303) -53.7% (2,214) -52.7% Jun 102,500 98,000 22,171 (80,330) -78.4% (75,830) -77.4% Jul 49,110 47,000 53,961 4,851 9.9% 6,961 14.8% Aug 12,061 11,500 13,403 1,342 11.1% 1,903 16.5% Sep 6,271 6,000 6,850 579 9.2% 850 14.2% Oct 6,277 6,000 4,940 (1,338) -21.3% (1,061) -17.7% Nov 5,229 5,000 Dec 3,810 3,600 YTD Total 200,050 191,400 119,572 (80,479) -40.2% (71,829) -37.5% Annual Total 209,089 200,000 lnter~overnmental 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 October Intergovernmental revenues are less than 2009 and YTD budget because the quarterly revenue for the Muckleshoot compact has not been received as it is currently being negotiated. Timing of rant revenue varies as they are rocessed on a reimbursement basis. Intergovernmental Year to Date through October 2009 2010 2010 2009 vs 2010 2010 vs.Bud et Revenue Actual Bud et Actual % Chan e % Chan e Federal Grants 151,484 436,400 352,763 132.9% -19.2% State Grants 106,416 70,900 102,465 -3.7% 44.5% lnterlocal Grants 210,421 125,200 116,330 -44.7% -7.1% State Shared Revenue 2,101,679 2,204,640 2,206,713 5.0% 0.1% Muckleshoot Casino Emer . 1,427,921 1,000,000 368,231 -74.2% -63.2% YTD Total 3,997,922 3,837,140 3,146,502 -21.3% -18.0% Annual Total 4,499,411 4,524,940 YTD % 89% 85% 70% Monthly Financial Report ®ctober 2010 Total state shared revenues are greater than 2009 actual for the same period due to higher liquor profits and the new revenue source for Criminal Justice-High crime. Based on crime statistics, beginning on July 2010 the City will receive this revenue in place of Criminal Justice- population. Compared to the 2010 budget, total state shared revenues are $2K higher and are in line with the bud et at the end of October. State Shared Revenues Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Revenue Actual Bud et Actual Amount Percenta a Amount Percenta e Trial Court Improvements 12,395 16,700 16,999 4,604 37.14% 299 1.79% Court Interpreter Pro ram 12,271 - - (12,271) -100.00% - N/A Motor Vehicle Fuel Tax 1,208,256 1,263,555 1,210,488 2,232 0.2% (53,067) -4.2% Criminal Justice -Hi h Crime - - 74,525 74,525 N/A 74,525 N/A Criminal Justice -Population 66,695 69,000 41,688 (25,007) -37.5% (27,312) -39.6% Criminal Justice -Spec. Prog. 55,171 33,000 56,884 1,712 3.1% 23,884 72.4% State DUI 12,306 4,000 12,510 205 1.7% 8,510 212.8% Fire Insurance Premium Tax 59,677 60,000 63,545 3,868 6.5% 3,545 5.9% liquor Excise Tax 320,885 321,985 327,709 6,824 2.1% 5,724 1.8% liquor Profits 354,023 436,400 402,365 48,343 13.7% (34,035) -7.8% YTD Total 2,101,679 2,204,640 2,206,713 105,035 5.0% 2,073 0.1% Annual Total 2,465,986 2,594,740 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 82% of the $1,816,000 annual budget for this category and are presented following the Charges for Service table below. At the end of October $1,571,455 or 86% of the annual budget has been received for all charges for services. General government services include passport services, administrative fees, court duplicating costs and sale of maps & publications. This revenue source is low compared to 2009 primarily because the City is no longer receiving service revenue from the City of Algona. Public Safety consists of law enforcement services, probation and prisoner lodging fees; overall this revenue source is 11.9% less than budget at the end of October due to decreased probation revenues and law enforcement service revenue related to the amphitheater events. Probation fees account for $158.3 K of the $188.1 K received to date for this cate ory. Charges for Services by Type Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Revenue Acfiual Bud et Actual Amount Percenta a Amount Percenta e General Government 91,661 69,000 69,876 (21,785) -23.77% 876 1.27% Public Safety 219,909 213,400 188,079 (31,829) -14.5% (25,321) -11.9% Development Services 426,647 605,700 540,497 113,850 26.7% (65,203) -10.8% Culture & Recreation 741,652 703,200 773,002 31,350 4.2% 69,802 9.9% YTD Total 1,479,869 1,591,300 1,571,455 91,586 6.2% (19,845) -1.2% Annual Total 1,683,495 1,816,000 Monthly Financial Report ®ctober 2010 Development Services include Engineering fees, zoning & subdivision fees and plan check fees. At the end of October, year to date revenues totaled $540,497 and is 26.7% or $113.8K more than the same period in 2009. This is due to the receipt of plat security funds for the North Tapps Estates development and plan check fees for an addition to the Auburn public library and new hotel within the City. Total development service revenue is less than the budget for the year by $65.2K or 10.8% due to lower than anticipated engineering fees and plan check fee revenues. Development Service Fees Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percents a Amount Percents e Jan 51,833 73,600 39,755 (12,078) -23.3% (33,845) -46.0% Feb 46,818 66,500 53,677 6,859 14.7% (12,823) -19.3% Mar 29,147 41,400 82,904 53,757 184.4% 41,504 100.3% Apr 45,238 64,200 28,762 (16,476) -36.4% (35,438) -55.2% May 23,450 33,300 18,069 (5,381) -22.9% (15,231) -45.7% Jun 86,974 123,500 38,276 (48,698) -56.0% (85,224) -69.0% Jul 42,644 60,500 43,402 758 1.8% (17,098) -28.3% Au 53,060 75,300 70,844 17,784 33.5% (4,456) -5.9% Sep 32,404 46,000 99,904 67,500 208.3% 53,904 117.2% Oct 15,079 21,400 64,904 49,825 330.4% 43,504 203.3% Nov 26,650 37,800 Dec 41,227 58,500 YTD Total 426,647 605,700 540,497 113,850 26.7% (65,203) -10.8% Annual Total 494,524 702,000 Culture & Recreation revenues consist of theater ticket sales, recreational classes, arts commission and senior citizen program fees. Total revenue at the end of October shows an increase of $31.3K from 2009 and $69.8K greater than 2010 YTD budget. October increases are mainly due to success of the Around the Bell before & afterschool programs and adult fitness programs. Culture & Recreation Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percents a Amount Percents e Jan 71,561 67,900 65,917 (5,644) -7.9% (1,983) -2.9% Feb 51,878 49,200 57,959 6,081 11.7% 8,759 17.8% Mar 124,525 118,100 133,930 9,405 7.6% 15,830 13.4% Apr 81,520 77,200 69,877 (11,643) -14.3% (7,323) -9.5% May 75,505 71,600 70,119 (5,386) -7.1% (1,481) -2.1% Jun 90,011 85,300 109,364 19,353 21.5% 24,064 28.2% Jul 77,622 73,600 89,315 11,693 15.1% 15,715 21.4% Aug 66,639 63,200 76,531 9,892 14.8% 13,331 21.1% Sep 61,305 58,100 60,648 (657) -1.1% 2,548 4.4% Oct 41,086 39,000 39,341 (1,745) -4.2% 341 0.9% Nov 44,066 41,800 Dec 46,428 44,000 YTD Total 741,652 703,200 773,002 31,350 4.2% 69,802 9.9% Annual Total 832,146 789,000 Monthly Financial Report ®ctober 2010 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 is $511,852 or 32.9% greater than 2009 for the same period and $334,580 or 19.3% higher than the projected budget. Due to lower than average photo enforcement and criminal traffic misdemeanor revenues in October there was a slight dip in revenues for the month in comparison to 2009 actual and 2010 budget. Nevertheless, there is still an overall increase for the year attributable to the rise in the traffic infraction and photo enforcement revenues. Criminal non-traffic fees and traffic infraction revenues were also budgeted conservatively and contributed to the overall increase between the year to date actual revenues and budget. Fines & Forfeits by Month Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e Jan 148,141 173,900 236,675 88,534 59.8% 62,775 36.1% Feb 153,213 179,200 223,295 70,082 45.7% 44,095 24.6% Mar 168,348 190,800 252,739 84,391 50.1% 61,939 32.5% Apr 165,420 177,100 239,856 74,436 45.0% 62,756 35.4% May 174,475 187,700 228,603 54,128 31.0% 40,903 21.8% Jun 168,280 181,500 204,577 36,297 21.6% 23,077 12.7% Jul 159,112 183,500 219,109 59,997 37.7% 35,609 19.4% Au 144,593 164,000 177,615 33,022 22.8% 13,615 8.3% Sep 135,201 147,000 165,581 30,380 22.5% 18,581 12.6% Oct 140,945 150,300 121,530 (19,415) -13.8% (28,770) -19.1% Nov 151,870 173,800 Dec 210,746 198,600 YTD Total 1,557,728 1,735,000 2,069,580 511,852 32.9% 334,580 19.3% Annual Total 1,920,344 2,107,400 Fines & Forfeits by Type Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e Civil Penalties 17,630 12,200 19,173 1,543 8.8% 6,973 57.2% Civil Infraction Penalties 533,952 386,300 616,471 82,519 15.5% 230,171 59.6% Red Light Photo Enforcement 663,904 898,300 991,567 327,bb3 49.4% 93,267 10.4% Parking Infractions 122,650 137,200 160,733 38,083 31.1°l0 23,533 17.2% Criminal Traffic Misdemeanor 81,854 96,400 75,053 (6,801) -8.3% (21,347) -22.1% Criminal Non-Traffic Fines 104,052 80,800 91,982 (12,070) -11.6% 11,182 13.8% Criminal Costs 10,672 17,500 7,868 (2,804) -26.3% (9,632) -55.0% Non-Court Fines & Penalties 23,015 106,300 106,734 83,719 3b3.8% 434 0.4% YTD Total 1,557,729 1,735,000 2,Ob9,580 511,853 32.9% 334,580 19.3% Annual Total 1,920,344 2,107,400 Monthly Financial Report ®ctober 2010 Photo Enforcernent Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Budget Month Actual Bud et Actual Amount Percenta e Amount Percenta e Jan 73,432 101,000 134,182 60,751 82.7% 33,182 32.9% Feb 62,632 91,900 103,153 40,521 64.7% 11,253 12.2% Mar 67,543 93,300 118,358 50,815 75.2% 25,058 26.9% Apr 70,057 91,600 122,490 52,433 74.8% 30,890 33.7% May 78,746 103,000 117,742 38,996 49.5% 14,742 14.3% Jun 76,980 100,700 98,202 21,222 27.6% (2,498) -2.5% Jul 79,382 103,800 122,177 42,795 53.9% 18,377 17.7% Aug 63,225 82,700 75,485 12,260 19.4% (7,215) -8.7% Sep 47,897 67,700 50,624 2,727 5.7% (17,076) -25.2% Oct 44,010 62,600 49,153 5,143 11.7% (13,447) -21.5% Nov 74,239 97,100 Dec 102,895 104,600 YTD Total 663,904 898,300 991,567 327,663 49.4% 93,267 10.4% Annual Total 841,038 1,100,000 Miscellaneous This revenue source is comprised of interest and other investment earnings, rents, leases & concessions, contributions & donations and other miscellaneous income. The 2010 budget for this revenue category is $810,800 and interest & investment and rentals & leases make up 85% of the annual budget. Decreased interest revenue reflects the decline in the financial markets; the Local Government Investment Pool interest has decreased from 1.27% in January 2009 to 0.26% in October 2010. The increase in rentals & leases from 2009 is due to the inter-fund payment from the utility funds for the City Hall Annex lease. Compared to the 2010 budget, the increase in rentals & leases is primarily from Parks facility rentals. Contributions & donations are higher than YTD budget because of increases in the Parks contributions and donations account that support parks special programs such as the senior wellness and teen programs. Other miscellaneous revenue is budgeted conservatively and year to date receipts are greater than 2009 receipts & 2010 budget due to reimbursements for prior year general fund expenditures. Miscellaneous Revenues by Type Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e Interest & Investments 162,045 154,300 121,776 (40,269) -24.9% (32,524) -21.1% Rents 6~ Leases 233,426 499,900 560,272 326,846 140.0% 60,372 12.1% Contributions 6~ Donations 91,934 39,800 51,021 (40,913) -44.5% 11,221 28.2% Other Miscellaneous Revenue 65,512 38,200 104,107 38,595 58.9% 65,907 172.5% YTD Total 552,917 732,200 837,176 284,259 51.4% 104,976 14.3% Annual Total 664,307 810,800 Monthly Financial Report ®ctober 2010 Real Estate Excise Tax The Real Estate Excise Tax (REET) revenue is received in the Capital Improvement Projects Fund and is used for governmental capital projects. September REET 1 revenue is low compared to October for a couple reasons. First, the King County REET 1 revenue for September of $42,908 was received and posted in October. Also, from July 1, 2006 to August 31, 2010 the County had withheld too much in administrative fees and a reimbursement of $21,950 was received in October. In spite of these adjustments, October year to date revenue of $936,234 is $549.3K or 37.0% less than the projected budget. This is $350.3K or 27.2% less than 2009 for the same period and the drop in revenues for past 3 months reflects the current slump in the commercial and residential markets. Real Estate Excise Tax Revenues Year to Date through October 2009 2010 2010 2010 vs. 2009 2010 vs. Bud et Month Actual Bud et Actual Amount Percenta a Amount Percenta e Jan 55,308 63,900 44,219 (11,088) -20.0% (19,681) -30.8% Feb 115,443 133,300 56,636 (58,807) -50.9% (76,664) -57.5% Mar 114,240 131,900 74,986 (39,254) -34.4% (56,914) -43.1% Apr 75,831 87,600 89,679 13,848 18.3% 2,079 2.4% May 68,846 79,500 207,808 138,962 201.8% 128,308 161.4% Jun 141,704 163,600 153,434 11,730 8.3% (10,166) -6.2% Jul 106,672 123,200 114,879 8,208 (8,321) -6.8% Aug 115,268 133,100 49,393 (65,875) -57.1% (83,707) -62.9% Sep 179,067 206,700 22,789 (156,278) -87.3% (183,911) -89.0% Oct 314,172 362,700 122,410 (191,762) -61.0% (240,290) -66.3% Nov 184,935 213,500 Dec 87,440 101,000 YTD Total 1,286,551 1,485,500 936,234 (350,316) -27.2% (549,266) -37.0% Annual Total 1,558,926 1,800,000 Monthly Financial Report ®ctober 2010 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. Ullater Sewer Storm Solid lxlaste Airport Cemetery Golf Comm. Retail OPERATING REVENUES Charges for services 7,856,678 13,335,653 5,348,281 7,655,551 22,329 615,384 1,304,410 Rents, Leases, Concessions & Other - - - - 516,437 - 53,244 TOTAL OPERATING REVENUES 7,856,678 13,335,653 5,348,281 7,655,551 538,766 615,384 1,357,654 OPERATING EXPENSES: Administration 1,898,635 1,446,854 1,743,263 600,564 389,487 223,362 174,750 Operations & Maintenance 3,652,990 11,930,256 1,921,215 6,930,487 134 531,955 1,011,064 Depredation & Amortization 1,164,426 1,146,067 908,761 16,826 181,215 41,666 281,011 33,328 TOTAL OPERATING EXPENSES 1,316,051 14,523,177 4,573,299 7,541,817 570,896 808,983 1,466,885 33,328 OPERATING INCOME (LOSS) 540,621 (1,187,524) 774,982 101,614 (32,130) (193,599) (109,231) (33,328) NON-OPERATING REVENUES & EXPENSES Interest Revenue 37,866 54,946 15,218 2,098 3,013 578 540 Other Non Operating Revenue 47,957 504,300 82,182 9,058 129,556 282 2,746 Other Non Operating Expense (135,257) (120,045) (100,000) - (28,938) (11,134) (99,297) TOTAL NON-OPERATING REVENUES (EXPENSES) (49,434) 439,201 (2,600) 11,156 103,632 (10,273) (96,011) INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS 491,193 (748,323) 712,382 118,830 11,502 (203,872) (205,242) (33,328) Contributions 355,312 205,650 242,690 - - - - Transfers In 63,319 Transfers Out (58,600) (58,200) (62,800) (900) - - - TOTALCONTRIBUTIONS & TRANSFERS 296,712 141,450 179,890 (900) - - 63,319 CHANGE IN FUND BALANCE 781,905 (600,873) 952,212 117,930 71,502 (203,872) (141,923) (33,328) BEGINNING FUND BALANCE, January 1, 2010 58,580,941 64,391,028 39,620,492 1,576,387 9,681,653 1,114,074 5,501,774 1,473,941 ENDING FUND BALANCE, October 31, 2010 59,368,846 63,790,155 40,572,764 1,694,317 9,759,155 910,202 5,359,851 1,440,613 Solid Waste operating expenses are low due to timing of invoices from Waste Management. October billing of $643,419 was posted in November. Monthly Financial Report ®ctober 2010 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 - 2,164,620 3,251,730 2,061,248 Rents, Leases, Concessions & Other - 102,200 20,766 - TOTALOPERATING REVENUES - 2,266,820 3,272,496 2,061,248 OPERATING EXPENSES: Administration 276,152 - - 438,796 Operations & Maintenance - 1,628,274 2,773,080 1,056,507 Depreciation & Amortization - - 387,984 838,821 TOTAL OPERATING EXPENSES 276,152 1,628,274 3,161,064 2,334,124 OPERATING INCOME (LOSS) (276,152) 638,546 111,432 (272,876) NON-OPERATING REVENUES & EXPENSES Interest Revenue 4,230 1,677 9,951 13,183 Other Non Operating Revenue - - 40,341 18,490 Other Non Operating Expense - - - - TOTALNON-OPERATING REVENUES (EXPENSES) 4,230 1,677 50,292 31,673 INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS (271,922) 640,223 161,724 (241,203) Contributions - - 10,950 90,964 Transfers In 238,600 Transfers Out - - (29,500) (22,400) TOTAL CONTRIBUTIONS & TRANSFERS 238,600 - (18,550) 68,564 CHANGE IN FUND BALANCE (33,322) 640,223 143,174 (172,639) BEGINNING FUND BALANCE, January 1, 2010 2,234,469 207,637 4,914,846 10,892,939 ENDING FUND BALANCE, October 31, 2010 2,201,147 847,860 5,058,019 10,720,300 The Insurance Fund expenses include $204,938 that was paid at the beginning of the year. This amount will be decreasing throughout the year as the expense is being allocated to the various departments and funds on a monthly journal entry. Equipment rental fund balance of $10,720,300 includes approximately $4.9 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.~ov/. For any questions about the report please contact us at kjester(~auburnwa.~ov or scoleman(a~auburnwa.~ov. ~ ~ w ~ ~ ~ ~i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 4 4 ~ ~ 4 ~ ~ 4~ 4 ~ fl O 4 O Q ~ 4 4 4 ~ T• D 4 O O G ~ G ❑ ~ ~ ~ ~ r ~ ~ ~ ' ~ ~ ~ ~ ~ 4S] ~ ❑ (Yy fa 4Y1 9t} r Sr1 pp ~ ~ ~ ~ ~ Q ~ ~ ~ ~ r twt CS ~ ~ d ~ ~ ~ Q o i ~r u r ~r 0'.? 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Cwl O3 r' ~ ~ ~ ~ Ir} p t~ r r 1~ ~ ~ ~ {V Iti ~ ~ C3 N ~ ~ CV {+3 Y r 9t} r^ C~ 4A CtF ti? fit 4d 9d Cwl Ik CV 1~ C ~ OQ f+ SY] r ~ O C3] {ri Cr] ~ ~ r7 s [r1 ~ d1 G7 ~ ~ 4 ' . ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ m ~ ~ ~ ~ ~ w ~ ~ a ~ ~ ~ t~ ~ ~ yr ~ ~ ~ ~ cy ~ ~ ~ ~'i ~ ~ Z c ~ ~ ut O ~ N D ~ ~ L1J '8 o ~ ~ ~ m~ ~w ~-o~ ~ o ate a cry ~ ~ ~ ~ U ~m=*-~~ts~~~~~ ~ ~mEAi~ r- ~n~~~v~cri~o~ ~wi+~ ~ ~ ~ ~ ~ ~ a~i ~ v ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ m ~ ~ ~ x in ~ - ~ Q cn ran ~ D ~ ~z~i- E.~.aa~E-~~n.atLC~n.zaE.~~c~wE--ES.~I- ~~~~•~-~~.t~E- ~COCti~ rCW M~47tD r{~S~'3~Ei7~ Iwr CV M~ u7 cO~ da rCVC1!"lC4rcwlM c'')~ C] ~ trawl [~w1 fi3 t 7 C'3 C}3 t*3 c7 Cori ran c~ rte] C~S r~ri c~ i ~~'r t 7 C~7 c~j ~ chi c~ M ~ ~ ~ ~ ~ ~ d~"~w' ~ ~ ~ J City of Auburn Investment Portfolio Summary As of October 31, 2010 Investment Purchase Purchase Maturity Yield to Type Date Price Date Maturity State Investment Pool Various $ 70,890,290 Various 0.26% KeyBank Money Market Various 7,792,342 Various 0.10% US Treasury 05/04/1990 57,750 05/15/2016 5.72% FHLB 2/2/2009 1, 000, 000.00 2/2/2011 1.540% FHLB 2/2/2009 1, 000, 000.00 8/2/2011 1.840% FHLB 12/29/2009 1,000,000.00 6/29/2012 1.375% FHLB 3/24/2010 2, 000, 000.00 12/24/2012 1.550% FNMA 3/25/2010 2, 000, 000.00 3/25/2013 1.850% FNMA 5/13/2010 1, 725, 000.00 12/24/2013 1.550% FHLB 5/20/2010 2,500,000.00 2/20/2013 1.625% 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% Total Cash & Investments $ 92,965,382 0.461 Investment Mix % of Total Summary State Investment Pool 76.3% Current 6-month treasury rate 0.22% KeyBank Money Market 8.4% Current State Pool rate 0.26% US Treasury 0.1 % KeyBank Money Market 0.10% FHLB 8.1% Blended Auburn rate 0.46% FNMA 5.1% FHLMC 2.2% 100.0%