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At 44%, the overall expenditure amounts are on target for the year. Although some adjustments <br />have been made, the expenditure statement should be view as non-adjusted. Two departments <br />are trending over budget for the year. The first one is Mayor and Council. The reason for this is <br />the change in costs for producing meeting minutes. The 2020 budget was prepared based on <br />having our own recorder. With the Recorder’s retirement, we are spending significantly more <br />money than was budgeted. The Mayor Council is one of the smallest departments in the budget, <br />the overage in this department with not impact the overall budget. The other department is the <br />Golf Course. The overage is due to course maintenance and bank fees being higher than <br />budgeted. On the revenue side, course revenues are trending to exceed budget and will offset <br />any overage in expenditures. <br /> <br />General Fund Summary <br />In summary, the overall General Fund budget is looking good through the 2nd quarter. <br />Revenues are on pace with budgeted amounts. Expenditures at 44% of budget are below last <br />year’s 2nd quarter rate and are on pace to finish the year under budget. <br /> <br />Investments <br />The City investment portfolio as of June 30th totaled $13,033,275.50. This compares to <br />$13,678,348 at this time last year. Interest earned to date totals $116,659 compared to $141,641 <br />at this point last year. Detailed investment information is included with this memo. <br />