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1 CITY OF FARMINGTON MEMORANDUM TO: Mayor, Council, and City Manager FROM: Andy Mason, Administrative Services Director DATE: August 28, 2014 SUBJECT: July FY15 Financial Report Attached is the Financial Report for the one month ending July 31, 2014, which includes the Financial Summary Report, the Cash Report, Debt Service Summary and the Investment Portfolio. Please contact me if you have any questions. FINANCIAL REPORT NOTES: General Fund 101 Actual revenues are higher than budgeted revenues this month by 4.2% or $201K. With 8.33% of the fiscal year complete, 8.3% of the FY15 total annual revenue budget has been collected. Police grant reimbursement of $103K, admission fees to Lions Pool of $28K, and YTD actual Gross Receipts Tax revenues of $6K are more than budget. For the month of July, actual expenditures are more than budget by $55K or 2.0%. With 8.33% of the year complete, 4.8% of the total FY15 annual expenditure budget has been spent. YTD expenditures under budget include salaries and wages by $48K and library management systems by $20K or 82.8%. Conversely, YTD expenditures that exceed YTD budgets are property improvements by $72k or 100.0%. $4.993 $4.792 $2.770 $2.715 $2.223 $2.077 $1.0 $2.0 $3.0 $4.0 $5.0 YTD Actual YTD Budget YTD REVENUE to EXPENDITURES and BUDGET COMPARISON (In Millions) Revenues Expenditures Difference Revenues 4.2% Favorable Expenses 2.0% UnFavorable ---PAGE BREAK--- Memorandum 2 The general fund cash total of $16.6 million reflects the cash available as of July 31, 2014. The total cash balance represents 27.6% of the FY15 general fund expenditure budget of $60.1 million. GRT Street Fund 201- The ending cash balance for July is $6.9 million, an increase of $190K from June balance of $6.7 million. The majority of expenditures include street maintenance of $104K, computer software of $22K, and utilities of $83K. Revenues received were $629K in GRT and $49K in gasoline tax. Street maintenance is a seasonal operation and with the warm weather, it is anticipated that expenditures will continue to increase in the next few months. GRT 2012 Series Bonds Fund 402- The July 31 ending cash balance totals $4.3 million, a decrease of $141K from the June balance of $4.4 million. The majority of expenditures was $143K for Lakewood Detention Pond. General Governmental Fund 408- The July 31 ending cash balance totals $3.1 million, a decrease of $269K from June balance of $3.4M. This balance includes the FY14 General Fund cash reserve transfers in of $2.85 million. The majority of expenditures were a transfer of $217K to the general fund, $26K for street maintenance, and $24K for storm drain action plan. $15.5 $16.2 $16.4 $16.6 $8.3 $8.0 $6.7 $6.9 $1.3 $1.3 $1.2 $1.1 $4.6 $4.5 $4.4 $4.3 $4.1 $3.7 $3.4 $3.1 $1.6 $1.4 $1.3 $1.6 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 $13.0 $14.0 $15.0 $16.0 $17.0 A P R‐ 14 M A Y ‐ 14 JUN ‐ 14 JUL ‐ 14 $ MILLIONS CASH BALANCE‐VARIOUS GOVERNMENTAL FUNDS 101‐General Fund 201‐GRT Streets 402‐GRT Bond Projects 408‐Capital Projects 202‐GRT P.R.C.A 701‐Health ---PAGE BREAK--- Memorandum 3 Health Insurance Fund 701- FY15 cash balances are on track with a beginning cash balance of $1.3M from FY14. At the end of July 2014, the Health Fund cash balance is $1.6M, which is an increase of $267K from the June balance of $1.3M. Beginning FY15, there was a 10% premium increase, 8% to the health fund and 2% to the Affordable Care Act. Health insurance claims for the month of July totaled $537K. Stop loss payments of $111K and health insurance premiums of $883K were received in July. For the fund as a whole and with 8.33% of the year completed, actual revenues are 12.1% of the FY15 total annual revenue budget of $8.5M while actual expenses are 9.7% of the FY15 total annual expenditure budget of $7.8M. YTD revenues exceed YTD expenditures by a positive net difference of $267K. Electric Fund 601- In order to provide the reader a better understanding of the available cash balance, the Cash Balance Report has been modified to reflect not only the restricted cash amounts but also the reserved cash amounts in compliance with the Council approved Electric Cash Reserve Policy. The Electric Fund unrestricted/unreserved balance as of July 31, 2014 is $48.4 million. Unreserved/unrestricted cash represents 40.1% of the FY15 electric enterprise expenditure budget of $120.5 million. YTD expenses of $532K for capital projects are 30.8% of the YTD budget of $1.7 million. For the fund as a whole, with 8.33% of the fiscal year complete, actual revenues are 9.5% of the total annual revenue budget while actual expenses are 5.2% of the total annual expenditure budget. Because of timing differences, the change in Cash Balances will not match the excess or deficit reported on the Financial Summary Report. $50.1 $50.7 $48.9 $48.4 $12.7 $12.7 $12.7 $14.8 $2.7 $2.8 $2.8 $2.7 ‐ 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 65.0 70.0 Apr‐14 May‐14 Jun‐14 Jul‐14 $ Millions ELECTRIC UTILITY CASH BALANCE Restricted Funds Reserved Funds‐Estimated Unrestricted/Unreserved Cash Balance ---PAGE BREAK--- Memorandum 4 DEBT SERVICE Principal Balance Annual Payment Principal Interest/Admin Fee FUND 602-Water NMFA Loan-Animas Waterline* $ 909,684 $ 48,869 $ 9,585 NMFA Water Meter Loan 4,285,310 183,940 89,385 Total $ 5,194,994 $ 232,809 $ 98,970 FUND 603-Wastewater NMED Loan 8,817,724 668,413 284,584 Total $ 8,817,724 $ 668,413 $ 284,584 UTILITY TOTAL NMFA Loan-Animas Waterline* $ 909,684 $ 48,869 $ 9,585 NMFA Water Meter Loan 4,285,310 183,940 89,385 NMED Loan 8,817,724 668,413 284,584 Total $ 14,012,718 $ 901,222 $ 383,554 101-General Fund 201-GRT Streets Fund 250-State Fire Fund Sales Tax Bonds 2005 $ 1,960,000 $ 445,000 $ 96,200 Sales Tax Bonds 2012 8,555,000 735,000 304,488 NMFA Fire Pumper Loan 342,550 44,760 10,445 Total $ 10,857,550 $ 1,224,760 $ 411,133 CITY TOTAL NMFA Loan-Animas Waterline* $ 909,684 $ 48,869 $ 9,585 NMFA Water Meter Loan 4,285,310 183,940 89,385 NMED Loan 8,817,724 668,413 284,584 Sales Tax Bonds 2005 1,960,000 445,000 96,200 Sales Tax Bonds 2012 8,555,000 735,000 304,488 NMFA Fire Pumper Loan 342,550 44,760 10,445 Total $ 24,870,268 $ 2,125,982 $ 794,687 Interest Rate Payment Due Date Maturity NMFA Loan-Animas Waterline* 1.00% 11/1 & 5/1 2031 .25% Admin Fee NMFA Water Meter Loan 2.00% 5/1 2034 NMED Loan 3.00% 7/1 2026 Sales Tax Bonds 2005 3.50 - 4.00% 12/15 & 6/15 2019 Sales Tax Bonds 2012 1.5%-5.5% 12/1 & 6/1 2024 NMFA Fire Pumper Loan 2.78% 6/1 2022 * NM Finance Authority Loan includes Interest and Administrative Fee. INVESTMENT PORTFOLIO State law restricts the types of investments the City of Farmington may purchase. The City’s current investment portfolio consists of CD’s, money market accounts, governmental agency securities, and deposits in the State Treasurer’s Local Government Investment Pool. If you would like to see any additional information, please let me know. Copies: Department Head Group, Controller, Budget Officer ---PAGE BREAK--- $ VARIANCE % FY2015 FY2015 $ VARIANCE % JULY JULY FAVORABLE OF YTD YTD FAVORABLE OF ACTUAL BUDGET (UNFAVORABLE) BUDGET ACTUAL BUDGET (UNFAVORABLE) BUDGET GENERAL FUND - 101 GROSS RECEIPTS TAXES 3,104,406 $ 3,098,253 $ 1. 6,153 $ 100.20% 3,104,406 $ 3,098,253 $ 6,153 $ 100.20% OTHER REVENUE 988,403 810,143 178,260 122.00% 988,403 810,143 178,260 122.00% REVENUE TRANSFERS 900,634 883,115 17,519 101.98% 900,634 883,115 17,519 101.98% GROSS REVENUE 4,993,444 4,791,511 201,933 104.21% 4,993,444 4,791,511 201,933 104.21% EXPENDITURES 2,770,318 2,715,040 2. (55,278) 102.04% 2,770,318 2,715,040 (55,278) 102.04% EXCESS (DEFICIT) 2,223,125 $ 2,076,471 $ 146,654 $ 2,223,125 $ 2,076,471 $ 146,654 $ NOT INCLUDED ABOVE: CASH TRANSFER OUT TO FUND 408 - $ - $ - $ - $ - $ - $ OTHER FUNDS Special Revenue Funds GROSS REVENUE 2,108,967 $ 2,080,425 $ 28,542 $ 101.37% 2,108,967 $ 2,080,425 $ 28,542 $ 101.37% TOTAL EXPENDITURES 1,202,702 1,930,512 727,810 62.30% 1,202,702 1,930,512 727,810 62.30% EXCESS (DEFICIT) 906,265 $ 149,913 $ 756,352 $ 906,265 $ 149,913 $ 756,352 $ Capital Project Funds GROSS REVENUE 49,523 $ 505,096 $ (455,573) $ 9.80% 49,523 $ 505,096 $ (455,573) $ 9.80% TOTAL EXPENDITURES 1,027,246 959,693 (67,553) 107.04% 1,027,246 959,693 (67,553) 107.04% EXCESS (DEFICIT) (977,723) $ (454,597) $ (523,126) $ (977,723) $ (454,597) $ (523,126) $ Debt Service Fund GROSS REVENUE 187,124 $ 187,219 $ (95) $ 99.95% 187,124 $ 187,219 $ (95) $ 99.95% TOTAL EXPENDITURES 55,205 55,205 0 55,205 55,205 0 EXCESS (DEFICIT) 131,919 $ 132,014 $ (95) $ 131,919 $ 132,014 $ (95) $ Enterprise Funds Electric Utility GROSS REVENUE 9,742,666 $ 9,150,491 $ 592,175 $ 106.47% 9,742,666 $ 9,150,491 $ 592,175 $ 106.47% TOTAL EXPENDITURES 6,243,176 8,648,205 2,405,029 72.19% 6,243,176 8,648,205 2,405,029 72.19% EXCESS (DEFICIT) 3,499,490 $ 502,286 $ 2,997,204 $ 3,499,490 $ 502,286 $ 2,997,204 $ CITY OF FARMINGTON FINANCIAL SUMMARY REPORT July 31, 2014 5 ---PAGE BREAK--- $ VARIANCE % FY2015 FY2015 $ VARIANCE % JULY JULY FAVORABLE OF YTD YTD FAVORABLE OF ACTUAL BUDGET (UNFAVORABLE) BUDGET ACTUAL BUDGET (UNFAVORABLE) BUDGET CITY OF FARMINGTON FINANCIAL SUMMARY REPORT July 31, 2014 Water GROSS REVENUE 1,660,612 $ 1,302,412 $ 358,200 $ 127.50% 1,660,612 $ 1,302,412 $ 358,200 $ 127.50% TOTAL EXPENDITURES 1,402,185 1,533,533 131,348 91.43% 1,402,185 1,533,533 131,348 91.43% EXCESS (DEFICIT) 258,427 $ (231,121) $ 489,548 $ 258,427 $ (231,121) $ 489,548 $ Wastewater GROSS REVENUE 696,079 $ 683,003 $ 13,076 $ 101.91% 696,079 $ 683,003 $ 13,076 $ 101.91% TOTAL EXPENDITURES 387,710 906,179 518,469 42.79% 387,710 906,179 518,469 42.79% EXCESS (DEFICIT) 308,369 $ (223,176) $ 531,545 $ 308,369 $ (223,176) $ 531,545 $ Sanitation GROSS REVENUE 495,242 $ 479,072 $ 16,170 $ 103.38% 495,242 $ 479,072 $ 16,170 $ 103.38% TOTAL EXPENDITURES 439,084 478,476 39,392 91.77% 439,084 478,476 39,392 91.77% EXCESS (DEFICIT) 56,158 $ 596 $ 55,562 $ 56,158 $ 596 $ 55,562 $ Health Insurance Fund GROSS REVENUE 1,026,599 $ 314,030 $ 712,569 $ 326.91% 1,026,599 $ 314,030 $ 712,569 $ 326.91% TOTAL EXPENDITURES 759,931 653,133 (106,798) 116.35% 759,931 653,133 (106,798) 116.35% EXCESS (DEFICIT) 266,668 $ (339,103) $ 605,771 $ 266,668 $ (339,103) $ 605,771 $ TOTAL OTHER FUNDS EXCESS (DEFICIT) 4,449,572 $ (463,188) $ 4,449,572 $ (463,188) $ SUMMARY (ALL FUNDS) GROSS REVENUE 20,960,256 $ 19,493,259 $ 1,466,997 $ 107.53% 20,960,256 $ 19,493,259 $ 1,466,997 $ 107.53% TOTAL EXPENDITURES 14,287,558 17,879,976 3,592,418 79.91% 14,287,558 17,879,976 3,592,418 79.91% EXCESS (DEFICIT) 6,672,697 $ 1,613,283 $ 5,059,414 $ 6,672,697 $ 1,613,283 $ 5,059,414 $ Footnotes: 1 Gross Receipts Tax revenue has been adjusted in the budget to approximate the receipts based upon a calculated historical percentage for each month. 2 General Fund budgeted revenues and expenditures in this report have been adjusted to reflect anticipated timing of actual revenues and expenditures 6 ---PAGE BREAK--- FY 2015 FY 2015 FY 2015 FUND REVENUE YTD % EXPENDITURE YTD % YTD SURPLUS/ # FUND NAME BUDGET REVENUES COLLECTED BUDGET EXPENDITURES USED (DEFICIT) CASH BALANCE 101 General Fund (Net of Cash Reserve Transfer) 60,110,321 $ 4,993,444 $ 8.3% 60,110,321 $ 2,770,318 $ 4.6% 2,223,125 $ 16,606,078 $ 101 General Fund-Cash Reserve Transfer to 408 2,628,679 - - 201 GRT Streets 11,149,848 694,271 6.2% 14,473,288 439,689 3.0% 254,581 6,898,976 202 GRT Parks & Public Works 2,619,583 210,235 8.0% 3,051,460 227,415 7.5% (17,180) 1,122,913 211 Park Development Fees 7,000 218 3.1% 48,000 - 0.0% 218 366,519 213 Library Gifts & Grants 138,200 302 0.2% 155,500 1,105 0.7% (803) 317,042 214 Parks/Rec Gifts & Grants 70,463 30,704 43.6% 598,265 38,614 6.5% (7,910) 673,008 217 Museum 141,000 11,448 8.1% 145,000 28,760 19.8% (17,311) 149,703 221 Red Apple Transit 1,243,573 52,969 4.3% 1,243,573 84,753 6.8% (31,784) (205,063) 222 General Gov't Grant 643,200 118,607 18.4% 642,596 85,387 13.3% 33,221 (94,811) 223 CDBG 556,952 78,742 14.1% 581,714 15,342 2.6% 63,400 108,682 230 Lodgers Tax 1,356,000 199,438 14.7% 1,367,278 141,002 10.3% 58,436 375,657 240 State Police Protection Fund 105,400 100,860 95.7% 105,400 - 0.0% 100,860 101,033 246 Region ll 499,800 27,539 5.5% 493,970 28,771 5.8% (1,232) 44,921 249 Law Enforcement Block Grant 21,940 15 0.1% 21,940 - 0.0% 15 25,064 250 State Fire Fund 476,038 571,448 120.0% 472,237 98,805 20.9% 472,643 576,576 251 Penalty Assessment Fund 155,000 12,169 7.9% 155,000 13,059 8.4% (890) 26,357 401 Comm. Develop. Grant Projects 4,620,700 265 0.0% 4,999,000 451,948 9.0% (451,684) 444,781 402 GRT 2013 Bond Projects 17,500 2,549 14.6% 4,249,934 145,781 3.4% (143,233) 4,281,975 408 General Gov't Capital Projects 2,648,679 1,852 0.1% 4,486,150 278,579 6.2% (276,727) 3,111,367 409 Airport Grants 1,400,000 44,558 3.2% 1,400,000 150,937 10.8% (106,379) (21,945) 411 Metro Redevelopment Authority 3,000 300 10.0% 500,000 - 0.0% 300 503,271 501 Sales Tax Bond Retirement 1,639,393 187,124 11.4% 1,635,893 55,205 3.4% 131,919 329,723 601 Electric Enterprise 102,835,530 9,742,666 9.5% 120,536,852 6,243,176 5.2% 3,499,490 48,352,490 602 Water Enterprise 15,629,040 1,660,612 10.6% 18,981,996 1,402,185 7.4% 258,427 9,746,030 603 Wastewater Enterprise 8,233,390 696,079 8.5% 11,681,365 387,710 3.3% 308,369 7,818,917 604 Sanitation Enterprise 5,748,925 495,242 8.6% 5,777,315 439,084 7.6% 56,158 2,485,002 701 Health Insurance 8,472,854 1,026,599 12.1% 7,837,653 759,931 9.7% 266,668 1,604,313 TOTALS 230,543,329 $ 20,960,256 $ 9.1% 268,380,379 $ 14,287,558 $ 5.3% 6,672,697 $ 105,748,580 $ 8.33% of the year complete Budget Basis CITY OF FARMINGTON REVENUE AND EXPENDITURE REPORT * For the one month ending July 31, 2014 7 ---PAGE BREAK--- 8 July August September October Actual $4.99 Budget $4.79 Diff. $0.20 $(1.00) $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $ Millions General Fund Revenue Actual-to-Budget by Month FY2015 ---PAGE BREAK--- 9 July August September October Actual $2.77 Budget $2.72 Diff. $(0.06) $(1.00) $1.00 $2.00 $3.00 $ Millions General Fund Expenditures Actual-to-Budget by Month FY2015 ---PAGE BREAK--- 10 July August September October Revenue $4.99 Expenditures $2.77 Diff. $2.22 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $ Millions General Fund Actual Revenue-to-Expenditure Comparison FY 2015 ---PAGE BREAK--- 11 Act to Bgt Act to Bgt Actual YTD Rev vs. Exp Actual $4.99 $2.77 $4.99 Budget $4.79 $2.72 $2.77 Diff. $0.20 $(0.06) $2.22 % Fav./(Unfav) 4.2% $ Millions General Fund Revenue & Expenditures FY2015 YTD One Month Ending July 31, 2014 Act Rev Bgt Rev Act Exp Bgt Exp Act Rev Act Exp ---PAGE BREAK--- 12 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN General Fund Revenue Comparison Past 4 Years FY2012 FY2013 FY2014 FY2015 July Millions FY2015 $4.99 FY2014 $4.91 FY2013 $4.48 FY2012 $4.89 Est. one‐time GRT amount of $900K received in January 2012 ---PAGE BREAK--- 13 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN General Fund Expenditures Comparison Past 4 Years FY2012 FY2013 FY2014 FY2015 July Millions FY2015 $2.77 FY2014 $2.76 FY2013 $2.77 FY2012 $2.57 ---PAGE BREAK--- 14 $4,082,228 $4,889,096 $4,478,964 $4,914,264 $4,993,444 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 FY2011 FY2012 FY2013 FY2014 FY2015 General Fund Revenues Comparison of YTD Revenue One Month Ending July 31, 2014 $2,464,414 $2,571,721 $2,767,762 $2,763,064 $2,770,318 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 FY2011 FY2012 FY2013 FY2014 FY2015 General Fund Expenditures Comparison of YTD Expenditures One Month Ending July 31, 2014 ---PAGE BREAK--- CASH CASH CASH FY15 RESERVES FUND BALANCE BALANCE BALANCE EXPENDITURE AS A % OF # FUND NAME 7/31/2014 6/30/2014 5/31/2014 BUDGET 2015 BUDGET 101 GENERAL FUND* 16,606,078 $ 16,378,260 $ 16,221,549 $ 60,110,321 $ 27.63% 201 GRT-STREETS 6,898,976 6,709,331 8,025,812 14,473,288 47.67% 202 GRT-PARKS/PUBLIC WORKS 1,122,913 1,176,234 1,316,666 3,051,460 36.80% 211 PARK DEVELOPMENT FEES 366,519 366,301 363,764 48,000 763.58% 213 LIBRARY GIFTS AND GRANTS 317,042 317,845 311,272 155,500 203.89% 214 PARKS GIFTS AND GRANTS 673,008 682,630 712,050 598,265 112.49% 217 MUSEUM GIFTS AND GRANTS 149,703 163,457 169,462 145,000 103.24% 221 RED APPLE TRANSIT GRANT (205,063) (170,303) 6,687 1,243,573 (16.49%) 222 GENERAL GOV'T GRANT FUND (94,811) (106,610) (77,171) 642,596 (14.75%) 223 CDBG 108,682 45,282 108,822 581,714 18.68% 230 LODGERS TAX 375,657 345,455 358,790 1,367,278 27.47% 240 STATE POLICE PROTECTION 101,033 136 136 105,400 95.86% 246 REGION II NARCOTICS (Unrestricted) 44,921 60,148 71,471 493,970 9.09% 248 COPS PROGRAM - 37 37 - - 249 LAW ENFORCE BLOCK GRANT 25,064 25,049 25,034 21,940 114.24% 250 STATE FIRE 576,576 30,896 227,769 472,237 122.09% 251 PENALTY ASSESSMENT 26,357 14,188 13,185 155,000 17.00% 401 PUBLIC WORKS GRANTS 444,781 896,464 965,807 4,999,000 8.90% 402 GRT 2012 BOND PROJECTS 4,281,975 4,422,859 4,517,756 4,249,934 100.75% 408 GENERAL GOV'T CAPITAL PROJECTS 3,111,367 3,380,788 3,722,886 4,486,150 69.35% 409 AIRPORT GRANTS (21,945) 72,915 (87,372) 1,400,000 (1.57%) SUB-TOTAL 34,908,834 $ 34,811,362 $ 36,974,409 $ 98,800,626 $ 35.33% CITY OF FARMINGTON 7/31/2014 * GF Expenditure budget reduced by Cash Reserve amount 15 ---PAGE BREAK--- CASH CASH CASH FY15 RESERVES FUND BALANCE BALANCE BALANCE EXPENDITURE AS A % OF # FUND NAME 7/31/2014 6/30/2014 5/31/2014 BUDGET 2015 BUDGET 411 METRO REDEVLOPMENT AUTHORITY 503,271 502,971 502,665 500,000 501 SALES TAX BOND RETIREMENT 329,723 197,804 547,848 1,635,893 20.16% 601 ELECTRIC ENTERPRISE 65,850,626 64,402,147 66,132,982 120,536,852 54.63% Restricted Cash (2,710,497) (2,768,734) (2,753,235) - Reserved Cash (14,767,639) (12,688,993) (12,688,993) - Unrestricted/Unreserved Cash 48,372,490 48,944,420 50,690,754 120,536,852 40.13% 602 WATER ENTERPRISE 10,139,965 9,603,412 10,309,499 18,981,996 53.42% Restricted Cash (393,935) (401,832) (398,985) - Unrestricted Cash 9,746,030 9,201,579 9,910,514 18,981,996 603 WASTEWATER ENTERPRISE 9,560,240 9,160,034 10,534,469 11,681,365 81.84% Restricted Cash (1,741,323) (1,661,907) (2,535,487) - Unrestricted Cash 7,818,917 7,498,128 7,998,981 11,681,365 604 SANITATION ENTERPRISE 2,485,002 2,413,120 2,407,296 5,777,315 43.01% 701 HEALTH INSURANCE 1,604,313 1,337,645 1,441,055 7,837,653 20.47% TOTALS (Unreserved/Unrestricted) 105,768,581 $ 104,907,029 $ 110,473,522 $ 265,751,700 $ 39.80% CITY OF FARMINGTON 7/31/2014 16 ---PAGE BREAK--- 17 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000 $100,000,000 $110,000,000 $120,000,000 $130,000,000 $140,000,000 Pooled Cash Total Investments by Quarter July $120.1 MM ---PAGE BREAK--- COUNCIL INVESTMENT REPORT CITY OF FARMINGTON 7/31/2014 Purchas e Date Fund Number Security Type Beginning Par Val/Shares Purchase Institution Coupon Rate Maturity Date POOLED CASH 07/26/11 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 1.140 09/30/14 08/09/11 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 1.100 10/29/14 09/12/11 100 Certificate of Deposit 3,000,000.00 CITIZENS BANK 1.060 02/10/15 02/23/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.580 09/25/14 02/23/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.560 09/08/14 02/16/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.550 08/08/14 04/30/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.500 01/07/15 04/30/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.530 03/24/15 04/30/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.540 04/21/15 04/30/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.560 05/19/15 04/30/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.600 06/08/15 04/30/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.630 07/06/15 04/30/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.650 08/03/15 04/30/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.700 09/08/15 04/30/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.730 10/06/15 04/30/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.750 11/02/15 05/04/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.800 12/01/15 05/04/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.830 01/04/16 05/04/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.850 02/02/16 05/04/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.900 03/02/16 05/31/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.550 11/05/14 08/30/12 100 Certificate of Deposit 2,000,000.00 VECTRA BANK 0.420 08/15/14 08/20/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.380 08/20/14 08/02/12 100 Certificate of Deposit 2,000,000.00 FOUR CORNERS COMM BANK 0.550 08/02/14 09/26/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.370 08/28/15 09/26/12 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.400 09/30/15 09/06/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.400 09/30/14 09/06/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.400 09/16/14 10/18/12 100 Certificate of Deposit 2,000,000.00 VECTRA BANK 0.350 10/20/14 11/07/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.380 12/12/14 11/07/12 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.380 11/12/14 01/28/13 100 Certificate of Deposit 2,000,000.00 VECTRA BANK 0.350 01/25/15 01/28/13 100 Certificate of Deposit 2,000,000.00 VECTRA BANK 0.450 01/28/16 01/07/13 100 Certificate of Deposit 2,000,000.00 VECTRA BANK 0.350 01/15/15 03/19/13 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.400 03/19/16 04/19/13 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.450 04/20/16 05/20/13 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.510 05/18/16 07/15/13 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.650 07/15/15 01/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.560 06/16/16 01/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.610 07/15/16 01/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.660 08/14/16 01/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.710 09/15/16 02/24/14 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.620 10/18/16 02/24/14 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.680 11/18/16 02/24/14 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.720 12/16/16 02/24/14 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 0.780 01/17/17 18 ---PAGE BREAK--- 04/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.500 11/19/15 04/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.650 05/05/16 04/28/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.850 11/03/16 04/11/14 100 Certificate of Deposit 2,000,000.00 WASHINGTON FEDERAL 0.748 04/08/16 04/11/14 100 Certificate of Deposit 2,000,000.00 WASHINGTON FEDERAL 0.499 10/21/15 04/11/14 100 Certificate of Deposit 2,000,000.00 WASHINGTON FEDERAL 0.400 04/09/15 04/30/14 100 Certificate of Deposit 2,000,000.00 VECTRA BANK 0.400 05/07/15 05/02/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.800 12/28/16 05/02/14 100 Certificate of Deposit 2,000,000.00 CITIZENS BANK 0.600 06/20/16 05/02/14 100 Certificate of Deposit 1,000,000.00 CITIZENS BANK 1.000 05/03/17 05/01/14 100 Certificate of Deposit 1,000,000.00 VECTRA BANK 0.400 06/25/15 Certificate of Deposit Total 80,000,000.00 01/22/13 100 Fed Home Loan Bank 2,000,000.00 WELLS FARGO 0.950 01/22/18 03/20/14 100 Fed Home Loan Bank 3,000,000.00 WELLS FARGO 1.500 03/20/19 05/21/14 100 Fed Home Loan Bank 3,000,000.00 WELLS FARGO 1.750 05/21/19 FHLB Total 8,000,000.00 08/16/12 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.750 08/16/17 10/24/12 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.750 10/24/17 10/04/12 100 Fed National Mtg Assoc 2,000,000.00 RBC 0.750 10/04/17 11/15/12 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.600 11/15/17 11/15/12 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.625 11/15/17 12/18/12 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.750 12/18/17 12/26/12 100 Fed National Mtg Assoc 2,000,000.00 RBC 0.750 12/26/17 01/29/13 100 Fed National Mtg Assoc 2,000,000.00 RBC 0.800 01/29/18 02/28/13 100 Fed National Mtg Assoc 3,000,000.00 RBC 1.000 02/28/18 03/20/13 100 Fed National Mtg Assoc 2,000,000.00 RBC 0.800 03/20/18 04/30/13 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.600 04/30/18 05/15/13 100 Fed National Mtg Assoc 1,000,000.00 WELLS FARGO 0.750 05/15/18 05/08/13 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.625 05/08/18 05/22/13 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.750 05/22/18 06/13/13 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.800 06/13/18 06/19/13 100 Fed National Mtg Assoc 1,000,000.00 RBC 0.850 06/19/18 06/27/13 100 Fed National Mtg Assoc 1,000,000.00 RBC 1.000 06/27/18 FNMA Total 23,000,000.00 11/29/13 100 Freddie Mac 2,000,000.00 WELLS FARGO 1.250 11/29/18 05/31/00 100 Money Market 57,057.57 CITIZENS BANK 0.050 09/30/11 100 Money Market 7,051,323.04 WELLS FARGO 0.220 04/11/14 100 Money Market 100.00 WASHINGTON FEDERAL 0.100 Money Market Tota 7,108,480.61 12/31/05 100 NM State Pool 56,791.82 STATE OF NEW MEXICO 0.112 POOLED CASH Total 120,165,272.43 REGION II 10/23/13 246 Certificate of Deposit 100,000.00 WASHINGTON FEDERAL 0.400 10/23/14 19