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Page 2 <br /> <br /> <br />General Fund Expenditures <br />At 49.55%, the overall expenditure amounts are right on target for the year. The Mayor and <br />Council department is currently at 55.7%. This is due to the timing of membership payments <br />and the department will finish the year on budget. Law and Legal services are at 54.2% of <br />budget. The two line items in this department that are trending over budget are prosecution <br />services and jail charges. In the prosecution line, the City has had to use a conflict prosecutor <br />more than in past years. Jail charges can vary from year to year based on arrest activity. This <br />year the charges are on pace to be 50% higher than any of the previous three years. Fire <br />protection is currently at 53.4%. However, the City of Wayzata contract has been paid in full for <br />the year. This line will be on budget at the end of the year. The Golf Course is also over 50% of <br />budget at this point in the year. One reason for this is higher than budgeted resale items which <br />will be offset by higher than budget sales. Another reason is the continued improvements to the <br />clubhouse. The other General Fund department budgets are in good shape for this time of the <br />year. The overall expenditure budget is forecast to end the year at 100% or less. <br /> <br /> <br />Investments <br />The second quarter investment listing is included for your review. The current investments total <br />$17,308,805. Total interest earned through June is $100,673 compared to $82,270 for the same <br />period in 2015. With England voting to leave the European Union, interest rates dropped <br />significantly at the end of June. As a result the City had a number of investments earning 2% <br />that were called. These funds are being reinvested, but at a much lower rate. <br /> <br /> <br />Summary <br />Overall the General Fund budget is in good shape through the end of June. Both revenues and <br />expenditures are trending to be on budget at the end of the year. It is likely that 2016 will <br />continue the recent trend of positive budget variances. However, this year’s varience will be <br />much smaller than the last few years. <br />