02-23-2015 Council Packet - Laserfiche WebLink

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value. Increasing interest rates at the end of 2013 resulted in a mark down of investment value of$207,434. This year's markdown is only $47,909.96. On the City's books, the change in the markdown will be recorded as interest earned or$159,524. Because the City holds its investments to maturity, these GASB adjustments are book entries only and do not reflect real earnings or losses. In real dollazs, the City's investments earned a total of$154,795.97 in 2013. This compares to an amount of$141,921 in 2013. A listing of investments at year end is included for your review. Expenditures The overall General Fund expenditure amounts are currently at 98.02%of budget. This figure is based on actual expenditures to date, with an estimated amount added for expenditures that have not yet been processed. Expenditure Four departments are over their expenditure budgets but their overall budgets with revenues have a positive variance. At 260.6% of budget,the Special services department was significantly over budget. However, this department is used to account for expenditures that are largely passed through to the parties that received the service. The offsetting revenue lines for Police Special Services and Engineering & Legal fees are cover the expenditures. The Golf Course is slightly over budget at 100.5%. If the line items for purchases for resale are excluded, the department would be under budget for the year. The associated revenues lines more than offset the overage. The Building and Zoning department is at 101.2% of budget. Two changes that were made after the adoption of the budget and an increase in building activity account for the variance. The wage line items include a Building Inspector position which was eliminated at the end of 2013. The new Community Development Director position was added in 2014. In the Professional Services category,the expenditures for Inspection Services were not budgeted for, with the understanding that they would be offset by the savings from the Building Inspector position. The final department that is over budget is the Parks Department at 103.4%. The overages are in the Supplies and Maintenance areas and are the result of a greater focus on parks. The remaining departments were either at or below budgeted amounts. Budget adjustments for the departments that are over budget will be prepared for the Council's approval as part of the February 23rd meeting. The overall expenditure budget will not be increased; the increases to the individual department budgets will be offset by budget reductions other departmental budgets.