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Page 2 <br /> <br />96.75% of budget, but all of the department’s annual expenditures have been recorded. The Golf <br />Course is at 92.52% of budget at this point in the year. It will likely finish the year slightly over <br />budget. This overage is more than offset by higher than budgeted revenues with the course <br />showing a profit for the first time since 2000. The Special Service line is over budget for the <br />year. These expenditures are offset by revenues and reflect the increase in construction activity. <br />The other General Fund department budgets are in good shape for this time of the year. The <br />overall expenditure budget is forecast to end the year at 100% or less. <br /> <br />Investments <br />The third quarter investment listing is included for your review. The purchase price of our <br />current investments total $17,976,045.88. Total interest earned through September is <br />$132,424.90. The current market value of investments is $17,980,709.66 which is $4,663.78 <br />greater than our cost. A listing of new investments since the 2nd quarter is included with this <br />memo. <br /> <br /> <br />Summary <br />Overall the General Fund budget is in good shape through the end of June. Revenues are <br />expected to exceed budget while expenditures should finish the year at or below budgeted levels. <br />More importantly, Building Permit revenue is continuing its recovery which is a positive <br />indicator for the City’s property tax base and future budgeting needs. <br /> <br />