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Home My WebLink About4G - Budget Report , f' STAFF AGENDA REPORT DATE: 4G RALPH TESCHNER, FINANCE DIRECTOR CONSIDER APPROVAL OF 2ND QUARTER INVESTMENT REPORT SUMMARY JULY 15, 1996 AGENDA #: PREPARED BY: SUBJECT: INTRODUCTION: Staff has prepared the accompanying written narrative to serve as an informational addendum to the quarterly investment report summary. Attached to the quarterly investment report is a'document entitled "Investment Report Summary Narrative". It is intended to provide supplementary information with respect to those allowable forms of investment types permitted by Minnesota Statute. Attachment Additional objectives of the report narrative are to identify the various funds established and describe the purpose those funds serve. In most instances, the dollars are either reserved and rest' ted for specific expenditures as indicated or sufficient fund b nces are necessary to provide adequate operational cash flows n the cases of the General Fund and Sewer and Water Fund. 16200 ~ Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER EDC Loan Fund - This fund was recently created to account for the proceeds of an economic development grant that was received from the State of Minnesota to provide seed money for a revolving loan account. The purpose is to provide economic incentive for new business expansion within the community. Tax Increment Fund - The Tax increment Fund represents an accumulation of funds such as bond proceeds, TIF district property taxes (after debt service) and project administration fees charged to companies requesting project writedowns in the form of tax increment financing for new and/or redevelopment. Equipment Fund - Equipment certificate bond proceeds are deposited in this fund as the principal source of financing large equipment acquisitions. A general fund transfer was also authorized to provide supplemental financing. The long term effect of contributing occasional general fund contributions is to mitigate any property tax increase of future equipment certificates. Buildin~ Fund - The funds within the Building Fund are bond proceeds from the issuance of water revenue bonds necessary for the construction of the new maintenance facility. The CFAC (capital facility) charge of $7.50 on each utility bill is reserved to pay the bond principal and interest installments. Construction Fund - Construction Fund dollars represent unexpended bond proceeds which are reserved to pay for improvement projects that have been approved by the City Council on an annual basis. For the most part these monies are necessary to complete outstanding construction contracts and related professional and engineering services. Trunk Reserve Fund - The Trunk Reserve Fund consists of dedicated funds generated from utility connection permits and acreage fees assessed at time of sewer and water installation for the purpose of trunk oversizing costs and central municipal system improvements i.e., wells, lift stations, force mains etc. These dollars are programmed throughout the course of the city's capital improvement plan. Collector Street Fund - The Collector Street Fund consists of dedicated revenue generated by fees associated with new development and new construction building permits for the purpose of funding pedestrian related improvements i.e., bikeways, sidewalks, trail systems plus right of way acquisition along collector streets. Debt Service Fund - The Debt Service Fund represents prepayments of special assessments, property tax collections and special levies needed to amortize the outstanding bonded indebtedness of the City. This fund balance is 100% reserved for the payment of bond principal and interest. A~ency Fund - The Agency Fund accounts for the $1500 residential building permit deposit that is refunded to the building contractor upon final inspection. This provides the City the required financial assurance that the property site will be adequately cleaned up and debris free before an occupancy permit is granted. Because city funds are pooled for investment purposes, interest is allocated to each fund on a quarterly basis, and is based upon each individual fund's proportionate share of the total. Overall the total investment pool does not represent excess reserves but rather available financial resources. In most instances these funds were establish and restricted for specific and designated purposes by either Minnesota Statutes or City Code to accomplish the goals and objectives of the City of Prior Lake. INVEST. WRT CITY OF PRIOR LAKE MINNESOTA INVESTMENT REPORT SUMMARY June 30 1996 Reference Number Investment Cost FBSBank: Interest Rate Purchase Date Maturity Date 500754-00 500754-00 500754-00 500754-00 500754-00 500754-00 500754-00 500754-00 500754-00 500754-00 Girard Savings, CA 93,188.00 6.05% 06/01195 08/15/96 Southern Pacific, CA 93,188.00 6.05% 06/01/95 08/15/96 Standard Pacific, CA 93,188.00 6.05% 06/01195 08/15/96 Southwest State - Windom, MN 81,820.50 7.40% 04113/95 04/13/98 1st National Bank - Elk River, MN 81,820.50 7.40% 04/13/95 04/13/98 Bank & Trust, Puerto Rico 79,147.80 6.21% 12/18/95 03/15/00 1st National Bank, OK 79,147.80 6.21% 12/18/95 03/15/00 New South Federal Savings, CA 79,147.80 6.21% 12/18/95 03/15/00 River Bank America, NY 79,147.80 6.21% 12/18/95 03/15/00 Standard Federal Bank, MI 79,147.80 6.21% 12/18/95 03/15/00 ============================================= .Jllran&.M()fJdy~]nc.: 50912553 Commercial Paper (G.E. Capital) 298,767.00 5.03% 06/19/96 07/19/96 50912553 Commercial Paper (G.E. Capital) 297,516.00 5.26% 06/19/96 08/16/96 50912553 Commercial Paper (G.E. Capital) 194,992.00 5.15% 03/15/96 09/13/96 50912553 Commercial Paper (G.E. Capital) 296,103.00 5.34% 06/19/96 09/17/96 50912553 Commercial Paper (G.E. Capital) 292,152.00 5.30% 04/16/96 10/18/96 50912553 U.S. Treasury Notes 888,310.00 4.36% 02/15/94 11/15/96 50912553 U.S. Treasury Notes 900,030.00 5.51% 06/07/95 05/15/97 50912553 U.S. Treasury Notes 475,370.00 5.51% 06/07/96 05/15/97 50912553 U.S. Treasury Notes 840,585.00 4.69% 02/15/94 11/15/97 50912553 U.S. Treasury Notes 848,633.00 5.91% 07/21/95 05/15/98 50912553 U.S. Treasury Notes 394,255.00 5.07% 02/15/94 11/15/98 50912553 FHLMC govt. agency 503,940.00 6.62% 06/07/96 OS/21/00 50912553 FNMA govt. agency 503,676.00 6.98% 06/07/96 05/16/01 50912553 FHLMC govt. agency 500,000.00 6.12% 01/19/96 01121/03 -------------------- Ceague4M~1lIld: MN-01-145-1 Liquid Asset Fund 1,000,000.00 4.98% 06/30/96 --/--/96 Priol".CakeStateBank: ------------------------------------------------ ---------------------------------------------- # 10101 # 10 102 Certificate Certificate 500,000.00 500,000.00 PI'lJtiell"al~'f.:i~: 008-950601-33 Certificate 96,000.00 ------------ ~)lijthBa1'D.~Y: # 12089 # 12089 # 12089 # 19089 # 19089 # 19089 # 19089 # 19089 90,000.00 90,000.00 170,521.00 95,461.00 517,188.00 249,600.00 498,281.00 256 525 00 Certificate Certificate FHLB govt. agency FNMA govt. agency TVA govt. agency FNMA govt. agency FNMA govt. agency FNMA govt. agency Investment Portfolio Total $12,136,849.00 INVEST.WRT 5.30% 5.35% 6.00% 7.00% 6.45% 7.03% 7.17% 6.19% 6.30% 6.33% 6.34% 12/05/95 12/05/95 11/15/96 11/14/97 11/29/95 11/29/01 03/23/92 04/13/95 OS/20/94 06122/94 01/04196 12/06/95 12/13/95 12/06195 03/23/97 04/13/98 03/22/99 03/07/01 08/01/02 02/03/04 02/03/04 11/10/05 5.64% (weighted average) ...............~"""'<~'a~.__.~__..,_~<<.~~.H..."_..<,.~_,."""".,....__....,.~........<.,...,____'_.~.._.....;"'_~~""'.,_.....""_........"-_...____...,_,,,__..~..~....,...,_.",,,...---..~,.~-...'".-~-. ...........,...",-.~...............---,,,".~~.-..-~.......;---......,="...,-~.-~--.-....-.-~..~,_.--~"-,,~~-........-;.,..-,