HomeMy WebLinkAbout1998-05-20 PACKET 09.A.REQUEST OF CITY COUNC6L ACTION COUNCIL AGENDA
MEETIiVG ITEM #
DATE 5/20/98 � • ��
PREPARED BY: Finance Liz Johnson
C7RIG1l�ATING �JFPARTINENT STAFF AUTHOR
# tr W R* M*& k 4 k*# rt! R 8-0� 4! 4 R i* f# k t 4* W R 4*!& C&** 4 A** 6 4 R*
COUNCIL ACTION REQUEST
Receive information concerning council requested listing of funds.
�UDGET IMPLICATION: $ $
BUDGETED AMOUNT AGTUAL AMOUNT
ADVISORY COMMISSION ACTION
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICESlRIGHTS
❑ ECONOfVIiC DEV. AUTHORITY
❑
SUPPQRTING DOCUMENTS
�•
� MEP�{0/LETTER:
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERIIVG RECOMMENDRTION
❑ LEGAL RECONIMENDATION:
❑ OTHER:
ADMINISTRATORS COMMENTS
REVIEWED
❑
❑
❑
❑
❑
❑
❑
FUNDING SOURCE
APPROVED
❑
❑
❑
❑
❑
❑
❑
DENIED
❑
❑
❑
❑
❑
❑
❑
J`�YS'
Date
.«���.�<..x...#���,.<������������.�<$��.��.<,���
COUNCIL ACTIC7N °fAKEfV: ❑ APPROVEd ❑ DENIEQ ❑ C7THER
To: Honorable Mayor and City Comicil
CC: Ryan Schroeder, City Administrator
From: Elizabeth Johnson, Acti�zg Finance Director�
Date: 05/13/98
Re: councilrequest
Introduction
1
The Council requested an accounting of funds at a special meeting held April 18`�'. The
following is a listing of all the funds, casl� balance at December 3l, ]997 and their
respective uses.
May 13, 1998
2
May 13, 1998
The above total represents amortized cost of cash and cash equivalents. This mea�s, cash in
bank and investments with brokers. Total interest earned in 1997 equaled $1,110,104. Tl�e
average investment yield for 3 month treasury bills for 1997 was 5.20%. Tne City's average
yield on i�vestments during 1997 was 5.55%. The avera�e yield during the first three
months of 1998 was 534%. Yield rates were depressed during Yhe first quarter of 1998 and
the yield curve has remained relatively flat. According to a May I weekly bulletin from a
broker, the yield curve on dealer placed commercial paper is inverted around the 60 day
mark. This means that the yield decreases from tl�e 90day and beyond maturity.