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HomeMy Public PortalAbout2020-05-21 packet Notice of Meeting and Tentative Agenda CITY OF JEFFERSON Finance Committee Thursday, May 21, 2020 at 7:30 AM Virtual Meeting – WebEx Link: https://jeffersoncity.webex.com/jeffersoncity/j.php?MTID=mb70c9d086c9a6cd1d4bbed991d2dc88a TENTATIVE AGENDA 1. Call to Order 2. Roll Call 3. Approval of the minutes of the February 20, 2020 meeting 4. Financial Reports a. Sales Tax Report b. Revenue Model Report c. Expense Report d. Fund Balance Report 5. Lodging Tax Report 6. Proposed FY2021 Budget Calendar – Margie Mueller 7. Updated Investment Policy – Margie Mueller 8. New Business 9. Old Business 10. Adjournment NOTES Individuals should contact the ADA Coordinator at (573) 634-6570 to request accommodations or alternative formats as required under the Americans with Disabilities Act. Please allow three business days to process the request. CITY OF JEFFERSON Finance Committee Meeting Thursday, February 20, 2020 MINUTES The meeting was called to order by the Finance Committee Chairman, Councilman Mihalevich at 7:30 am. Roll call showed that Councilmen Mihalevich, Prather, and Graham were in attendance. Councilwoman Wiseman and Councilman Hensley were not in attendance. Councilwoman Wiseman joined the meeting at 7:32 am. Next the minutes of the January 23, 2020 meeting were reviewed. A motion to approve was made by Councilman Graham and seconded by Councilman Prather. The minutes were approved unanimously. The next item on the agenda was a report by the Finance Director, Margie Mueller, covering the Financial Reports. Ms. Mueller reviewed the Revenue Model, the February sales tax receipts, year-to-date general ledger account information, and the current fund balance calculation. The next item on the agenda was a report by Chief Accountant, Shiela Pearre, covering the Lodging Tax receipts to date. 4/7 of the Lodging tax collected during the timeframe where the rate has been 7%, less any expenses paid by the 4 Cent Lockbox Fund, is $5,973,757. The average monthly amount collected for the 4 Cent Lockbox Fund is $54,049. A report comparing occupancy rates for 2019, 2018, 2017, 2016, 2015, 2014, and 2013 was included along with a report listing occupancy rates from other cities. The next item on the agenda was a discussion led by City Counselor, Ryan Moehlman, regarding establishing a Chapter 353 Redevelopment Corporation. A motion was made by Councilman Graham to move the establishment of a Chapter 353 Redevelopment Corporation to full Council for approval and the motion was seconded by Councilwoman Wiseman. The next item on the agenda was a discussion led by Councilman Mihalevich regarding Local Preference. During this discussion, Councilman Graham left the meeting at 8:05 am. There was no new business to discuss. There was no old business to discuss. The meeting adjourned at 8:15 am. As recorded by: Shiela Pearre, Chief Accountant Memo To:Steve Crowell From:Shiela Pearre Date:May 7, 2020 Re:Sales Tax Revenues The City received the May 1% Sales Tax in the amount of $828,799 which is $81,210 more than projected for May. January through May overage is $43,377 (0.37%) in the General Fund. 1% General Sales Tax Receipt Actual Budget Period Receipts Projection1 Variance Nov-19 Jan-20 $1,049,305 $ 1,053,408 ($4,103) Dec-19 Feb-20 $935,342 $ 907,800 $27,542 7/19 to 12/19 interest distribution adjustment Feb-20 $6,707 $ 0 $6,707 Jan-20 & Oct-Dec 19 Qtrly Mar-20 $1,066,146 $ 1,149,910 ($83,764) Feb-20 Apr-20 $949,276 $ 943,489 $5,786 Mar-20 May-20 $828,799 $ 737,589 $91,210 Apr-20 & Jan-Mar 20 Qtrly Jun-20 $ 1,098,360 May-20 Jul-20 $ 1,126,594 Jun-20 Aug-20 $ 786,630 Jul-20 & Apr-June 20 Qtrly Sep-20 $ 1,217,674 Aug-20 Oct-20 $ 914,214 Sep-20 Nov-20 $ 765,399 Oct-20 & Jul-Sept 20 Qtrly Dec-20 $ 1,173,016 Total Overage/Shortfall $4,835,574 $11,874,085 $43,377 1Budgeted based on 3-year average percentage 1/2% Capital Improvement Tax - Sales Tax G Receipt Actual Budget Period Receipts Projection2 Variance Nov-19 Jan-20 $513,808 $ 443,575 $70,234 Dec-19 Feb-20 $455,062 $ 382,261 $72,801 7/19 to 12/19 interest distribution adjustment Feb-20 $3,262 $ 0 $3,262 Jan-20 & Oct-Dec 19 Qtrly Mar-20 $518,493 $ 484,210 $34,283 Feb-20 Apr-20 $458,553 $ 397,289 $61,264 Mar-20 May-20 $402,202 $ 310,588 $91,614 Apr-20 & Jan-Mar 20 Qtrly Jun-20 $ 462,503 May-20 Jul-20 $ 474,392 Jun-20 Aug-20 $ 331,238 Jul-20 & Apr-June 20 Qtrly Sep-20 $ 512,744 Aug-20 Oct-20 $ 384,962 Sep-20 Nov-20 $ 322,298 Oct-20 & Jul-Sept 20 Qtrly Dec-20 $ 493,939 Total Overage/Shortfall $2,351,381 $5,000,000 $333,458 2Budgeted based on 3-year average percentage 1/2% Parks Sales Tax Receipt Actual Budget Period Receipts Projection3 Variance Nov-19 Jan-20 $513,808 $ 502,570 $11,238 Dec-19 Feb-20 $455,062 $ 433,102 $21,960 7/19 to 12/19 interest distribution adjustment Feb-20 $3,262 $ 0 $3,262 Jan-20 & Oct-Dec 19 Qtrly Mar-20 $518,493 $ 548,610 ($30,117) Feb-20 Apr-20 $458,632 $ 450,129 $8,504 Mar-20 May-20 $402,202 $ 351,896 $50,306 Apr-20 & Jan-Mar 20 Qtrly Jun-20 $ 524,016 May-20 Jul-20 $ 537,486 Jun-20 Aug-20 $ 375,293 Jul-20 & Apr-June 20 Qtrly Sep-20 $ 580,939 Aug-20 Oct-20 $ 436,162 Sep-20 Nov-20 $ 365,164 Oct-20 & Jul-Sept 20 Qtrly Dec-20 $ 559,633 Total Overage/Shortfall $2,351,460 $5,665,000 $65,154 3Budgeted based on 3-year average percentage Period Reporting Period Reporting Period Reporting City of Jefferson, Mo. - Account Analysis Printed 5/7/2020 Account Name General Fund Sales Tax Rate:One percent (1%)Receipt Month: MAY 2020 Account Number 10-100-400010 Prior 5 years Monthly REPORTING PERIOD RECEIPT PERIOD 2015 2016 2017 2018 2019 2020 Average Nov January 944,619 929,179 1,083,570 884,259 $1,071,917 1,049,305 act.982,709 Dec February 727,437 812,670 806,789 927,290 $885,496 942,049 act.831,936 Jan & Oct-Dec Qtrly March 1,091,021 1,183,675 1,073,842 1,155,742 $1,088,631 1,066,146 act.1,118,582 Feb April 1,059,943 893,024 843,561 986,714 $892,285 949,276 act.935,106 Mar May 618,854 648,305 687,741 709,248 $731,421 828,799 act.679,114 Apr & Jan-Mar Qtrly June 1,045,933 1,119,566 1,000,942 1,042,310 $1,126,211 1,098,360 est.1,066,992 May July 963,280 1,012,207 1,154,051 1,117,038 $979,846 1,126,594 est.1,045,284 Jun August 562,996 661,518 678,636 821,132 $770,155 786,630 est.698,887 Jul & Apr-Jun Qtrly September 1,185,891 1,197,976 1,143,504 1,129,543 $1,262,838 1,217,674 est.1,183,950 Aug October 918,839 903,829 883,215 879,331 $875,539 914,214 est.892,151 Sept November 661,849 623,645 615,667 774,337 $818,656 765,399 est.698,831 Oct & Jul-Sept Qtrly December 1,075,638 1,016,682 1,333,160 1,043,108 $1,008,620 1,173,016 est.1,095,442 Actual to Date $ 10,856,302 $ 11,002,277 $ 11,304,678 $ 11,470,052 $ 11,511,614 4,835,574 Estimated to Fiscal Year end (based on averages and on Budgeted amount)7,081,888 Total Actual & Estimated $ 11,917,463 Less: Budget 11,874,085 Over (Under) Budget $ 43,377 $ 1,049,305 $ 1,991,354 $ 3,057,500 $ 4,006,775 $ 4,835,574 $ 1,053,408 $ 1,961,208 $ 3,111,118 $ 4,054,608 $ 4,792,197 $ 5,890,557 $ 7,017,152 $ 7,803,782 $ 9,021,456 $ 9,935,670 $ 10,701,070 $ 11,874,085 $ 500,000 $ 1,000,000 $ 1,500,000 $ 2,000,000 $ 2,500,000 $ 3,000,000 $ 3,500,000 $ 4,000,000 $ 4,500,000 $ 5,000,000 $ 5,500,000 $ 6,000,000 $ 6,500,000 $ 7,000,000 $ 7,500,000 $ 8,000,000 $ 8,500,000 $ 9,000,000 $ 9,500,000 $ 10,000,000 $ 10,500,000 $ 11,000,000 $ 11,500,000 $ 12,000,000 $ 12,500,000 Nov Dec Jan & Oct-Dec Qtrly Feb Mar Apr & Jan-Mar Qtrly May Jun Jul & Apr-Jun Qtrly Aug Sept Oct & Jul-Sept Qtrly REPORTING PERIOD YTD Actuals vs. YTD Budget Actual Budget City of Jefferson, Mo. - Account Analysis Printed 5/7/2020 Account Name Capital Imprs Sales Tax Rate:One-Half percent (½%)Receipt Month: MAY 2020 Account Number 45-100-440010 Prior 5 years Monthly REPORTING PERIOD RECEIPT PERIOD 2015 2016 2017 2018 2019 2020 Average Nov January 461,560 455,278 525,521 424,160 $525,696 513,808 act.478,443 Dec February 362,597 405,543 402,964 444,476 $427,711 458,324 act.408,658 Jan & Oct-Dec Qtrly March 511,685 563,056 506,597 575,894 $527,714 518,493 act.536,989 Feb April 512,808 431,353 411,020 455,943 $430,468 458,553 act.448,318 Mar May 308,247 322,957 340,162 340,740 $351,775 402,202 act.332,776 Apr & Jan-Mar Qtrly June 496,466 539,529 489,008 508,225 $554,062 462,503 est.517,458 May July 473,120 498,229 559,119 548,625 $481,405 474,392 est.512,100 Jun August 280,733 330,112 338,618 393,512 $372,416 331,238 est.343,078 Jul & Apr-Jun Qtrly September 565,296 570,134 542,457 545,731 $615,998 512,744 est.567,923 Aug October 442,371 435,416 425,493 423,478 $421,199 384,962 est.429,591 Sept November 330,393 310,506 307,281 374,512 $395,311 322,298 est.343,601 Oct & Jul-Sept Qtrly December 515,478 494,218 652,070 510,228 $495,454 493,939 est.533,490 Actual to Date $ 5,260,753 $ 5,356,330 $ 5,500,311 $ 5,545,522 $ 5,599,211 2,351,381 Estimated to Fiscal Year end (based on averages and on Budgeted amount)2,982,077 Total Actual & Estimated $ 5,333,458 Less: Budget 5,000,000 Over (Under) Budget $ 333,458 $ 513,808 $ 972,132 $ 1,490,625 $ 1,949,179 $ 2,351,381 $ 443,575 $ 825,835 $ 1,310,045 $ 1,707,335 $ 2,017,923 $ 2,480,426 $ 2,954,818 $ 3,286,056 $ 3,798,800 $ 4,183,762 $ 4,506,061 $ 5,000,000 $ 100,000 $ 350,000 $ 600,000 $ 850,000 $ 1,100,000 $ 1,350,000 $ 1,600,000 $ 1,850,000 $ 2,100,000 $ 2,350,000 $ 2,600,000 $ 2,850,000 $ 3,100,000 $ 3,350,000 $ 3,600,000 $ 3,850,000 $ 4,100,000 $ 4,350,000 $ 4,600,000 $ 4,850,000 $ 5,100,000 $ 5,350,000 Nov Dec Jan & Oct- Dec Qtrly Feb Mar Apr & Jan- Mar Qtrly May Jun Jul & Apr-Jun Qtrly Aug Sept Oct & Jul- Sept Qtrly REPORTING PERIOD YTD Actuals vs. YTD Budget Actual Budget City of Jefferson, Mo. - Account Analysis Printed 5/7/2020 Account Name Parks Sales Tax Rate:One-Half percent (½%)Receipt Month: MAY 2020 Account Number 21-210-400010 Prior 5 years Monthly REPORTING PERIOD RECEIPT PERIOD 2015 2016 2017 2018 2019 2020 Average Nov January 461,472 455,239 525,521 424,192 $525,690 513,808 act.478,423 Dec February 362,371 405,543 395,217 450,479 $427,689 458,324 act.408,260 Jan & Oct-Dec Qtrly March 511,582 563,039 506,524 577,148 $527,588 518,493 act.537,176 Feb April 512,738 431,353 411,020 457,060 $430,459 458,632 act.448,526 Mar May 308,030 322,957 340,162 340,708 $350,479 402,202 act.332,467 Apr & Jan-Mar Qtrly June 496,386 539,529 489,008 508,266 $554,065 524,016 est.517,451 May July 473,038 498,229 559,115 548,639 $481,406 537,486 est.512,085 Jun August 280,513 330,112 338,470 393,578 $372,405 375,293 est.343,015 Jul & Apr-Jun Qtrly September 565,217 572,847 542,457 545,842 $616,012 580,939 est.568,475 Aug October 442,370 435,416 425,497 423,387 $421,199 436,162 est.429,574 Sept November 330,393 310,506 307,305 374,484 $395,311 365,164 est.343,600 Oct & Jul-Sept Qtrly December 515,368 494,218 652,101 510,220 $495,452 559,633 est.533,472 Actual to Date $ 5,259,477 $ 5,358,988 $ 5,492,397 $ 5,554,002 $ 5,597,755 2,351,460 Estimated to Fiscal Year end (based on averages and on Budgeted amount)3,378,694 Total Actual & Estimated $ 5,730,154 Less: Budget 5,665,000 Over (Under) Budget $ 65,154 $ 513,808 $ 972,132 $ 1,490,626 $ 1,949,258 $ 2,351,460 $ 502,570 $ 935,672 $ 1,484,282 $ 1,934,410 $ 2,286,306 $ 2,810,322 $ 3,347,809 $ 3,723,101 $ 4,304,041 $ 4,740,203 $ 5,105,367 $ 5,665,000 $ 100,000 $ 350,000 $ 600,000 $ 850,000 $ 1,100,000 $ 1,350,000 $ 1,600,000 $ 1,850,000 $ 2,100,000 $ 2,350,000 $ 2,600,000 $ 2,850,000 $ 3,100,000 $ 3,350,000 $ 3,600,000 $ 3,850,000 $ 4,100,000 $ 4,350,000 $ 4,600,000 $ 4,850,000 $ 5,100,000 $ 5,350,000 $ 5,600,000 $ 5,850,000 $ 6,100,000 Nov Dec Jan & Oct- Dec Qtrly Feb Mar Apr & Jan- Mar Qtrly May Jun Jul & Apr-Jun Qtrly Aug Sept Oct & Jul- Sept Qtrly REPORTING PERIOD YTD Actuals vs. YTD Budget Actual Budget Revenue Model Report For the Period Ending April 30, 2020Data as of May 8, 2020.FY 2020 YTD Actual Projected Over/DescriptionBudgetAs of 5/8/20(Under) BudgetSales Tax and Use Tax$11,874,085.20 $4,835,574.39 $43,377.48Intergovernmental Taxes$2,322,500.00 $560,750.57 $7,197.00Other Taxes$106,000.00 $37,740.52($3,746.75)Franchise & Utility Tax$7,205,000.00 $2,593,130.17($385,485.67)Property Taxes$5,466,399.00 $5,435,311.98 $97,906.41Intergovernmental$2,925.00 $118,099.88 $115,174.88Charges for Services$2,875,130.04 $2,170,085.61($21,752.89)Fees, Licenses, & Permits$902,520.00 $510,207.14 $133,420.99Fines & Forfeitures$766,600.00 $215,479.39($198,522.02)Contributions/Donations$342,209.56 $135,396.80 $13,984.24Other Operating Revenues$102,000.00 $103,030.31 $55,788.33Interest Income$160,002.04 $39,614.90 $2,953.25Other Non Operating Revenue$55,000.00 $18,187.75($812.25)Operating Transfers In$26,000.00$10,637.99$1,225.17Totals$32,206,370.84 $16,783,247.40($139,291.83) FY2020 Revenue Model Report (Detail)Remaining For the Period Ending April 30, 2020 YTD Actual Estimated Revenues Actual & Estimated Projected Over/Verification  Description Budget As of 5/8/20 As of 5/8/20 TOTAL (Under) Budget of Formulas Sales Tax and Use Tax 10‐100‐400010 Sales Tax $11,874,085.20 $4,828,867.83 $7,081,888.29 $11,910,756.12 $36,670.92 $36,670.92 10‐100‐400020 Sales Tax Interest $0.00 $6,706.56 $0.00 $6,706.56 $6,706.56 $6,706.56 $11,874,085.20 $4,835,574.39 $7,081,888.29 $11,917,462.68 $43,377.48 $43,377.48 Intergovernmental Taxes 10‐100‐401030 Motor Vehicle Sales Tax $591,500.00 $188,812.28 $403,020.45 $591,832.73 $332.73 $332.73 10‐100‐403010 Gasoline Tax $1,161,000.00 $371,938.29 $795,925.98 $1,167,864.27 $6,864.27 $6,864.27 10‐100‐430080 Road & Bridge Tax $570,000.00 $0.00 $570,000.00 $570,000.00 $0.00 $0.00 $2,322,500.00 $560,750.57 $1,768,946.43 $2,329,697.00 $7,197.00 $7,197.00 Other Taxes 10‐100‐403020 Cig Tax $106,000.00 $37,740.52 $64,512.73 $102,253.25 ($3,746.75)($3,746.75) $106,000.00 $37,740.52 $64,512.73 $102,253.25 ($3,746.75)($3,746.75) Franchise & Utility Tax 10‐100‐410020 Electric Utility Lic Tax $4,100,000.00 $1,383,676.96 $2,657,260.38 $4,040,937.34 ($59,062.66)($59,062.66) 10‐100‐410021 Electric Utility‐AUDIT $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐410030 Gas Utility License Tax $950,000.00 $520,360.40 $325,396.76 $845,757.16 ($104,242.84)($104,242.84) 10‐100‐410052 Telephone/Cell Utility $1,800,000.00 $608,759.67 $1,019,203.60 $1,627,963.27 ($172,036.73)($172,036.73) 10‐100‐410053 Telephone/Cell Audit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐410060 Cable Franchise Fee $355,000.00 $80,333.14 $224,523.43 $304,856.57 ($50,143.43)($50,143.43) $7,205,000.00 $2,593,130.17 $4,226,384.16 $6,819,514.33 ($385,485.67)($385,485.67) Property Taxes 10‐100‐420010 Current Property Tax $4,790,000.00 $4,815,229.19 $58,734.60 $4,873,963.79 $83,963.79 $83,963.79 10‐100‐420020 Del Property Tax $45,000.00 $27,334.00 $19,984.17 $47,318.17 $2,318.17 $2,318.17 10‐100‐420040 Fin Institution Tax $33,000.00 $29,796.21 $0.00 $29,796.21 ($3,203.79)($3,203.79) 10‐100‐420050 Prop Tax Int & Penalties $29,000.00 $13,564.69 $16,227.25 $29,791.94 $791.94 $791.94 10‐100‐420055 Surtax Receipts ‐ County Reimb $54,399.00 $54,399.28 $0.00 $54,399.28 $0.28 $0.28 10‐100‐420060 Surtax Receipts $467,000.00 $468,311.27 $3,858.42 $472,169.69 $5,169.69 $5,169.69 10‐100‐420080 Special Tax Rev $48,000.00 $26,677.34 $30,189.00 $56,866.34 $8,866.34 $8,866.34 $5,466,399.00 $5,435,311.98 $128,993.43 $5,564,305.41 $97,906.41 $97,906.41 Intergovernmental 10‐100‐430010 Federal  Grant $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐430040 Local  Grant $2,925.00 $2,925.00 $0.00 $2,925.00 $0.00 $0.00 10‐100‐430060 Drug Forfeiture $0.00 $68,077.50 $0.00 $68,077.50 $68,077.50 $68,077.50 10‐100‐480020 NSP Rehab Sales $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐480025 HUD Program Income $0.00 $47,097.38 $0.00 $47,097.38 $47,097.38 $47,097.38 $2,925.00 $118,099.88 $0.00 $118,099.88 $115,174.88 $115,174.88 Charges for Services 10‐100‐440010 Admin Charge Backs $1,555,757.00 $1,555,757.00 $0.00 $1,555,757.00 $0.00 $0.00 10‐100‐440050 Emt Reimbursement $25,000.00 $25,000.00 $0.00 $25,000.00 $0.00 $0.00 10‐100‐440210 Street Cuts $27,000.00 $18,369.00 $12,750.34 $31,119.34 $4,119.34 $4,119.34 10‐100‐440910 Fuel Charge ‐ backs $12,000.00 $4,052.12 $6,560.49 $10,612.61 ($1,387.39)($1,387.39) 10‐100‐440920 Parts Charge backs $244,000.00 $102,630.73 $128,598.92 $231,229.65 ($12,770.35)($12,770.35) 10‐100‐440930 Labor Charge backs $275,000.00 $100,786.72 $155,351.04 $256,137.76 ($18,862.24)($18,862.24) 10‐100‐481020 Cole Cty Animal Rescue $112,229.12 $56,114.58 $56,114.56 $112,229.14 $0.02 $0.02 10‐100‐481030 Rent City Hall/Annex $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐481040 Rent Other $12,000.00 $400.00 $12,000.00 $12,400.00 $400.00 $400.00 10‐100‐481045 Rent‐tower Sites $156,000.00 $69,753.17 $94,846.59 $164,599.76 $8,599.76 $8,599.76 10‐100‐481065 Parking Spot Maintenance $25,000.00 $25,000.00 $0.00 $25,000.00 $0.00 $0.00 10‐100‐481075 Cole Cty 911 Reimb $389,991.81 $194,482.82 $195,460.92 $389,943.74 ($48.07)($48.07) 10‐100‐481080 Sale Of Maps/GIS Data $0.00 $10.00 $0.00 $10.00 $10.00 $10.00 10‐100‐481085 Cole Cty GIS Joint Coop $16,850.00 $7,500.00 $9,350.00 $16,850.00 $0.00 $0.00 10‐100‐481100 Sale Of Grave Sites $4,500.00 $417.00 $2,258.69 $2,675.69 ($1,824.31)($1,824.31) 10‐100‐481105 TIF Administration Fee $19,802.11 $9,802.12 $10,000.00 $19,802.12 $0.01 $0.01 10‐100‐481110 Long & Short $0.00 $10.35 $0.00 $10.35 $10.35 $10.35 $2,875,130.04 $2,170,085.61 $683,291.54 $2,853,377.15 ($21,752.89)($21,752.89) Fees, Licenses, & Permits 10‐100‐450010 Liquor Licenses $68,000.00 $40,909.17 $18,376.15 $59,285.32 ($8,714.68)($8,714.68) 10‐100‐450020 Business Licenses $215,000.00 $120,689.52 $118,249.95 $238,939.47 $23,939.47 $23,939.47 10‐100‐450021 Home Occupation Permit $2,000.00 $605.00 $905.79 $1,510.79 ($489.21)($489.21) 10‐100‐450040 Abandoned Bldg. Regist. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐450041 Abandoned Bldg. Admin Fee $8,000.00 $11,332.00 $4,666.67 $15,998.67 $7,998.67 $7,998.67 10‐100‐450045 Building Construct. Fees $260,000.00 $199,376.26 $170,710.01 $370,086.27 $110,086.27 $110,086.27 10‐100‐450050 Electrical Certificates $22,000.00 $18,318.00 $3,390.83 $21,708.83 ($291.17)($291.17) 10‐100‐450060 Electrical Permits $4,000.00 $4,556.07 $2,385.65 $6,941.72 $2,941.72 $2,941.72 10‐100‐450070 Plumbing Licenses $12,000.00 $10,338.00 $2,104.54 $12,442.54 $442.54 $442.54 10‐100‐450080 Plumbing Permits $5,800.00 $4,547.50 $3,373.70 $7,921.20 $2,121.20 $2,121.20 FY2020 Revenue Model Report (Detail)Remaining For the Period Ending April 30, 2020 YTD Actual Estimated Revenues Actual & Estimated Projected Over/Verification  Description Budget As of 5/8/20 As of 5/8/20 TOTAL (Under) Budget of Formulas 10‐100‐450090 Other Lic & Permits $2,000.00 $716.00 $1,416.42 $2,132.42 $132.42 $132.42 10‐100‐450091 Day Care Inspection Fees $7,300.00 $2,775.00 $3,172.22 $5,947.22 ($1,352.78)($1,352.78) 10‐100‐450092 Food Inspection Fees $87,550.00 $6,187.86 $80,205.73 $86,393.59 ($1,156.41)($1,156.41) 10‐100‐450100 Curb Cut Permits $850.00 $1,365.00 $756.46 $2,121.46 $1,271.46 $1,271.46 10‐100‐450110 Board Of Adj Fees $3,770.00 $400.00 $1,704.43 $2,104.43 ($1,665.57)($1,665.57) 10‐100‐450120 Sign Permits $6,300.00 $3,732.00 $3,442.52 $7,174.52 $874.52 $874.52 10‐100‐450130 Demolition Permits $1,600.00 $4,900.00 $1,213.75 $6,113.75 $4,513.75 $4,513.75 10‐100‐450150 Acc Rep Fees‐police $11,500.00 $3,760.60 $5,855.64 $9,616.24 ($1,883.76)($1,883.76) 10‐100‐450160 Accrpt/blastg P‐fire $1,050.00 $171.26 $764.51 $935.77 ($114.23)($114.23) 10‐100‐450170 Animal Redemption Fees $108,000.00 $39,492.10 $64,335.58 $103,827.68 ($4,172.32)($4,172.32) 10‐100‐450180 Animal Vaccinations Fees $5,200.00 $2,075.00 $2,587.23 $4,662.23 ($537.77)($537.77) 10‐100‐450185 Animal Cremation Fees $45,000.00 $23,828.00 $22,787.46 $46,615.46 $1,615.46 $1,615.46 10‐100‐450186 Animal Boarding Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐450190 Taxi Permits $0.00 $27.00 $0.00 $27.00 $27.00 $27.00 10‐100‐450230 Vacating Right Of Way $800.00 $816.00 $400.82 $1,216.82 $416.82 $416.82 10‐100‐450250 Rezoning Request $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐450255 Planning & Zoning Review Fees $23,000.00 $8,444.80 $12,382.90 $20,827.70 ($2,172.30)($2,172.30) 10‐100‐450260 Non‐refundable Plans/spec $1,800.00 $845.00 $544.88 $1,389.88 ($410.12)($410.12) $902,520.00 $510,207.14 $525,733.85 $1,035,940.99 $133,420.99 $133,420.99 Fines & Forfeitures 10‐100‐460010 Court Cost $69,000.00 $18,088.87 $32,830.75 $50,919.62 ($18,080.38)($18,080.38) 10‐100‐460015 Court Restitutions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐460018 Inmate Security Fund $11,500.00 $3,027.93 $5,473.56 $8,501.49 ($2,998.51)($2,998.51) 10‐100‐460020 Jail Cost Recovery $1,500.00 $160.57 $613.51 $774.08 ($725.92)($725.92) 10‐100‐460025 Alcohol Offense Cost Rec $4,200.00 $2,390.71 $1,874.08 $4,264.79 $64.79 $64.79 10‐100‐460030 Pol Fines‐traffic $630,000.00 $185,313.99 $298,851.44 $484,165.43 ($145,834.57)($145,834.57) 10‐100‐460090 Parking Fines $54,000.00 $8,782.50 $15,332.38 $24,114.88 ($29,885.12)($29,885.12) 10‐100‐460100 Bankcard Charges ($3,600.00)($2,285.18)($2,377.14)($4,662.32)($1,062.32)($1,062.32) $766,600.00 $215,479.39 $352,598.59 $568,077.98 ($198,522.02)($198,522.02) Contributions/Donations 10‐100‐480055 JC Fire Museum $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐480070 Community Projects Donations $9,615.56 $15,153.05 $0.00 $15,153.05 $5,537.49 $5,537.49 10‐100‐480080 Dare Donations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐480090 Police K‐9 Donations $1,000.00 $1,000.00 $0.00 $1,000.00 $0.00 $0.00 10‐100‐480165 Animal S Donations $0.00 $10,076.11 $0.00 $10,076.11 $10,076.11 $10,076.11 10‐100‐481055 Street Repair‐Solid Waste Cntr $331,594.00 $109,167.64 $220,797.00 $329,964.64 ($1,629.36)($1,629.36) 10‐100‐481095 Cemetery Donations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $342,209.56 $135,396.80 $220,797.00 $356,193.80 $13,984.24 $13,984.24 Other Operating Revenues 10‐100‐480010 Citizen Participation $0.00 $322.57 $0.00 $322.57 $322.57 $322.57 10‐100‐480011 Police Evidence Funds $0.00 $29,284.88 $0.00 $29,284.88 $29,284.88 $29,284.88 10‐100‐481070 Miscellaneous $53,000.00 $52,467.62 $19,177.92 $71,645.54 $18,645.54 $18,645.54 10‐100‐481072 TIF Prof Svcs Deposit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10‐100‐481074 Revenue Share ‐ Purchasing Card $19,000.00 $6,367.28 $11,645.01 $18,012.29 ($987.71)($987.71) 10‐100‐481077 Insurance Claims $20,000.00 $14,587.96 $13,935.09 $28,523.05 $8,523.05 $8,523.05 10‐100‐481078 Cafeteria Refunds $10,000.00 $0.00 $10,000.00 $10,000.00 $0.00 $0.00 $102,000.00 $103,030.31 $54,758.02 $157,788.33 $55,788.33 $55,788.33 Interest Income 10‐100‐470010 Interest $160,002.04 $39,614.90 $123,340.39 $162,955.29 $2,953.25 $2,953.25 $160,002.04 $39,614.90 $123,340.39 $162,955.29 $2,953.25 $2,953.25 Other Non Operating Revenue 10‐100‐485050 Sale Of Assets $55,000.00 $18,187.75 $36,000.00 $54,187.75 ($812.25)($812.25) $55,000.00 $18,187.75 $36,000.00 $54,187.75 ($812.25)($812.25) Operating Transfers In 10‐100‐490240 Trsfr From Lodging Tax $26,000.00 $10,637.99 $16,587.18 $27,225.17 $1,225.17 $1,225.17 10‐100‐490630 Transfer from Self Funded Hlth Ins $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26,000.00 $10,637.99 $16,587.18 $27,225.17 $1,225.17 $1,225.17 $32,206,370.84 $16,783,247.40 $15,283,831.61 $32,067,079.01 ($139,291.83)($139,291.83) CITY OF JEFFERSON FISCAL YEAR 2020 ESTIMATED FUND BALANCE FYE2019 UNASSIGNED FUND BALANCE (Unaudited) 7,181,863.13$        Reappropriations from FY2019 to FY2020 Unused intern funding used to fund FY20 intern program (21,000.00)$            Purchase of snow plow (85,091.28)$            Structural Survey (15,000.00)$            Neighborhood Stabilization Program (47,097.38)$            LCRA Reimbursement (179,343.05)$          New Fire Station 2 ‐ remaining funds (351,677.07)$          Future Fire Stations (34,172.50)$            Pipe Lining 2019 (110,000.00)$          Downtown Streetscape (800.00)$                  Ongoing Infrastructure/Facility Needs (279,500.47)$          Building Permit Process Review (5,000.00)$               (1,128,681.75)$       2020 Adjustments/Supplementals FY2020 Supplemental Appropriations: Demolition for 200/202 E. High St (300,000.00)$          Update Software and Port Authority grant match (112,685.00)$          SWAT vests  (15,000.00)$            Animal Shelter kennel door flaps (13,314.50)$            (440,999.50)$          FYE2020 ESTIMATED Unassigned Fund Balance 5,612,181.88$        FYE2020 ESTIMATED Fund Balance % of Adopted Budget 17.11% 17% of FY2020 Adopted Budget ($32,930,481) = $5,598,182 Tax Period Due Date to City Total Lodging Tax JCCVB (3/7) JCCVB/Tourism Fund (4/7)** May-11 6/20/11 91,258.41 38,328.53 51,104.71 Jun-11 7/20/11 101,479.82 42,621.54 56,828.68 Jul-11 8/20/11 88,392.47 37,124.82 49,499.80 Aug-11 9/20/11 73,144.02 30,720.48 40,960.66 Sep-11 10/20/11 103,618.61 43,519.80 58,026.44 Oct-11 11/20/11 105,531.99 44,323.44 59,097.91 Nov-11 12/20/11 66,556.88 27,953.89 37,271.85 Dec-11 1/20/12 52,204.97 21,926.07 29,234.80 Jan-12 2/20/12 65,645.72 27,571.20 36,761.61 566.37 Interest Received Feb-12 3/20/12 85,143.89 35,760.45 47,680.56 383.96 4/2012 Interest Received Mar-12 4/20/12 81,904.23 34,399.77 45,866.38 636.05 5/2012 Interest Received (8.11) 5/2012 Service Charge Apr-12 5/20/12 103,406.71 43,430.82 57,907.76 685.97 6/2012 Interest Received (7.25) 6/2012 Service Charge May-12 6/20/12 89,713.24 37,679.58 50,239.40 785.01 7/2012 Interest Received (7.25) 7/2012 Service Charge Jun-12 7/20/12 86,753.72 36,436.56 48,582.08 832.99 8/2012 Interest Received (7.25) 8/2012 Service Charge Jul-12 8/20/12 89,904.69 37,759.97 50,346.63 Aug-12 9/20/12 76,708.71 32,217.66 42,956.88 887.55 9/2012 Interest Received (7.25) 9/2012 Service Charge 987.59 10/2012 Interest Received (7.50) 10/2012 Service Charge Sep-12 10/20/12 109,335.16 45,920.77 61,227.69 1,011.18 11/2012 Interest Received (7.00) 11/2012 Service Charge Oct-12 11/20/12 109,059.34 45,804.92 61,073.23 45,804.92 JCCVB 3/7 Check Deposited in Error 1,166.54 12/2012 Interest Received (7.50) 12/2012 Service Charge Nov-12 12/20/12 69,756.75 29,297.84 39,063.77 (45,804.92) Correction of Deposit Error 1,185.18 1/2013 Interest Received (7.33) 1/2013 Service Charge Dec-12 1/20/13 55,126.67 23,153.20 30,870.94 1,108.23 2/2013 Interest Received (7.35) 2/2013 Service Charge Jan-13 2/20/13 84,295.92 35,404.29 47,205.71 1,271.02 3/2013 Interest Received (8.28) 3/2013 Service Charge Feb-13 3/20/13 84,199.16 35,363.65 47,151.53 1,297.26 4/2013 Interest Received (8.28) 4/2013 Service Charge Mar-13 4/20/13 98,008.06 41,163.39 54,884.51 1,413.79 5/2013 Interest Received (7.37) 5/2013 Service Charge Apr-13 5/20/13 100,022.48 42,009.44 56,012.59 Tax Period Due Date to City Total Lodging Tax JCCVB (3/7) JCCVB/Tourism Fund (4/7)** 1,450.30 6/2013 Interest Received (8.56) 6/2013 Service Charge (10,000.00) Ck #50 - C H Johnson Consulting May-13 6/20/13 97,602.44 40,993.02 54,657.37 1,570.41 7/2013 Interest Received (8.45) 7/2013 Service Charge (1,187.09) Ck #1001 - C H Johnson Consulting Jun-13 7/20/13 92,796.57 38,974.56 51,966.08 1,620.41 8/2013 Interest Received (8.45) 8/2013 Service Charge (33.25) Ck #1002 - City of Jefferson - RFP Ad (15,000.00) Ck #1003 - C H Johnson Consulting (10,000.00) Ck #1004 - C H Johnson Consulting Jul-13 8/20/13 93,352.06 39,207.87 52,277.15 1,606.48 9/2013 Interest Received (8.79) 9/2013 Service Charge (5,000.00) Ck #1005 - C H Johnson Consulting Aug-13 9/20/13 89,778.97 37,707.17 50,276.22 1,726.08 10/2013 Interest Received (8.45) 10/2013 Service Charge (3,000.00) Ck #1006 - C H Johnson Consulting Sep-13 10/20/13 108,879.17 45,729.25 60,972.34 1,728.36 11/2013 Interest Received (8.45) 11/2013 Service Charge Oct-13 11/20/13 120,248.83 50,504.51 67,339.34 1,864.47 12/2013 Interest Received (8.28) 12/2013 Service Charge Nov-13 12/20/13 84,253.54 35,386.49 47,181.98 1,918.75 1/2014 Interest Received (8.28) 1/2014 Service Charge Dec-13 1/20/14 63,745.74 26,773.21 35,697.61 1,807.90 2/2014 Interest Received (8.28) 2/2014 Service Charge Jan-14 2/20/14 92,051.62 38,661.68 51,548.91 (1,562.61) Ck #1007 - C H Johnson Consulting 2,078.72 3/2014 Interest Received (8.45) 3/2014 Service Charge Feb-14 3/20/14 80,825.68 33,946.79 45,262.38 2,052.68 4/2014 Interest Received (8.28) 4/2014 Service Charge Mar-14 4/30/14 106,553.94 44,752.65 59,670.21 2,198.76 5/2014 Interest Received (8.29) 5/2014 Service Charge Apr-14 5/20/14 104,278.69 43,797.05 58,396.07 2,203.13 6/2014 Interest Received (8.29) 6/2014 Service Charge May-14 6/20/14 116,059.44 48,744.96 64,993.29 2,391.04 7/2014 Interest Received (8.29) 7/2014 Service Charge Jun-14 7/20/14 104,333.69 43,820.15 58,426.87 2,457.38 8/2014 Interest Received (8.29) 8/2014 Service Charge Jul-14 8/20/14 98,901.39 41,538.58 55,384.78 2,459.73 9/2014 Interest Received Tax Period Due Date to City Total Lodging Tax JCCVB (3/7) JCCVB/Tourism Fund (4/7)** (8.29) 9/2014 Service Charge Aug-14 9/20/14 75,962.88 31,904.41 42,539.21 2,593.43 10/2014 Interest Received (8.29) 10/2014 Service Charge Sep-14 10/20/14 112,370.02 47,195.41 62,927.21 2,586.87 11/2014 Interest Received (8.29) 11/2014 Service Charge Oct-14 11/20/14 116,992.89 49,137.01 65,516.02 2,736.57 12/2014 Interest Received (14.65) 12/2014 Service Charge Nov-14 12/20/14 72,761.33 30,559.76 40,746.34 2,798.53 1/2015 Interest Received (8.29) 1/2015 Service Charge Dec-14 1/20/15 60,394.73 25,365.79 33,821.05 2,575.56 2/2015 Interest Received (8.29) 2/2015 Service Charge Jan-15 2/20/15 85,741.83 36,011.57 48,015.42 2,935.34 3/2015 Interest Received (8.29) 3/2015 Service Charge Feb-15 3/20/15 84,317.61 35,413.40 47,217.86 2,911.14 4/2015 Interest Received (10.54) 4/2015 Service Charge Mar-15 4/20/15 114,789.97 48,211.79 64,282.38 3,049.41 5/2015 Interest Received (8.29) 5/2015 Service Charge Apr-15 5/20/15 102,479.43 43,041.36 57,388.48 3,046.67 6/2015 Interest Received (8.29) 6/2015 Service Charge May-15 6/20/15 116,174.48 48,793.28 65,057.71 3,217.49 7/2015 Interest Received (8.29) 7/2015 Service Charge Jun-15 7/31/15 97,379.11 40,899.23 54,532.30 3,287.90 8/2015 Interest Received (10.67) 8/2015 Service Charge Jul-15 8/20/15 102,541.78 43,067.55 57,423.40 3,307.41 9/2015 Interest Received (8.58) 9/2015 Service Charge Aug-15 9/20/15 81,248.87 34,124.53 45,499.37 3,476.74 10/2015 Interest Received (8.29) 10/2015 Service Charge Sep-15 10/20/15 102,709.81 43,138.12 57,517.49 3,421.47 11/2015 Interest Received (8.00) 11/2015 Service Charge Oct-15 12/1/15 107,837.70 45,291.83 60,389.11 3,605.14 12/2015 Interest Received (8.29) 12/2015 Service Charge Nov-15 12/31/15 67,119.58 28,190.22 37,586.96 Sep-15 1,908.92 801.75 1,069.00 late pays 3,666.35 1/2016 Interest Received (8.29) 1/2016 Service Charge Dec-15 1/31/16 66,959.22 28,122.88 37,497.16 3,478.72 2/2016 Interest Received (8.49) 2/2016 Service Charge Jan-16 2/20/16 83,239.99 34,960.80 46,614.39 Tax Period Due Date to City Total Lodging Tax JCCVB (3/7) JCCVB/Tourism Fund (4/7)** 3,786.20 3/2016 Interest Received (8.28) 3/2016 Service Charge Feb-16 3/20/16 97,559.96 40,975.18 54,633.58 3,718.19 4/2016 Interest Received (8.27) 4/2016 Service Charge Mar-16 4/29/16 101,134.20 42,476.36 56,635.16 3,914.86 5/2016 Interest Received (8.26) 5/2016 Service Charge Apr-16 5/20/16 140,992.87 59,217.01 78,956.01 3,905.43 6/2016 Interest Received May-16 6/20/16 112,152.91 47,104.22 62,805.63 3,985.42 7/2016 Interest Received Jun-16 7/31/16 106,704.37 44,815.83 59,754.44 4,207.43 8/2016 Interest Received Jul-16 8/20/16 96,811.40 40,660.79 54,214.38 4,136.69 9/2016 Interest Received Aug-16 9/20/16 88,674.86 37,243.44 49,657.92 4,350.78 10/2016 Interest Received Sep-16 10/31/16 100,606.10 42,254.56 56,339.42 4,292.30 11/2016 Interest Received Oct-16 11/20/16 120,471.15 50,597.88 67,463.85 4,531.06 12/2016 Interest Received Nov-16 12/20/16 88,755.07 37,277.13 49,702.83 4,602.85 1/2017 Interest Received Dec-16 1/31/17 65,709.30 27,597.91 36,797.21 4,207.06 2/2017 Interest Received Jan-17 2/20/17 95,905.35 40,280.25 53,706.99 4,726.10 3/2017 Interest Received Feb-17 3/31/17 95,135.98 39,957.11 53,276.15 4,651.72 4/2017 Interest Received Mar-17 4/30/17 111,370.63 46,775.67 62,367.55 4,885.76 5/2017 Interest Received Apr-17 5/30/17 109,652.93 46,054.23 61,405.64 4,807.94 6/2017 Interest Received May-17 6/30/17 123,148.39 51,722.32 68,963.10 5,089.00 7/2017 Interest Received Jun-17 7/31/17 120,310.25 50,530.30 67,373.74 5,141.00 8/2017 Interest Received Jul-17 8/20/17 101,096.32 42,460.45 56,613.94 5,081.97 9/2017 Interest Received Aug-17 9/30/17 99,136.13 41,637.18 55,516.23 5,325.63 10/2017 Interest Received Sep-17 10/31/17 112,835.87 47,391.06 63,188.09 5,243.98 11/2017 Interest Received Oct-17 11/20/17 118,132.32 49,615.57 66,154.10 5,519.00 12/2017 Interest Received Nov-17 12/20/17 84,414.19 35,453.96 47,271.95 5,565.66 1/2018 interest Received Dec-17 1/31/18 64,644.90 27,150.86 36,201.14 5,076.25 2/2018 interest Received Jan-18 2/20/18 90,463.34 37,994.60 50,659.47 5,710.59 3/2018 interest Received Feb-18 3/31/18 72,376.53 30,398.14 40,530.86 5,580.76 4/2018 interest Received Tax Period Due Date to City Total Lodging Tax JCCVB (3/7) JCCVB/Tourism Fund (4/7)** Mar-18 4/30/18 128,168.74 53,830.87 71,774.50 5,862.91 5/2018 interest Received Apr-18 5/30/18 115,538.43 48,526.14 64,701.52 5,744.27 6/2018 interest Received May-18 6/20/18 127,840.04 53,692.82 71,590.42 6,020.86 7/2018 interest Received Jun-18 7/31/18 108,499.02 45,569.59 60,759.45 6,145.34 8/2018 interest Received Jul-18 8/20/18 99,948.25 41,978.26 55,971.02 5,929.16 9/2018 interest Received Aug-18 9/20/18 92,260.57 38,749.44 51,665.92 6,303.93 10/2018 interest Received Sep-18 10/31/18 102,804.82 43,178.02 57,570.70 6,160.57 11/2018 interest Received Oct-18 11/20/18 130,250.45 54,705.19 72,940.25 6,496.60 12/2018 interest Received Nov-18 12/20/18 87,460.75 36,733.51 48,978.02 6,531.01 1/2019 interest Received (3,908.75) CK# 1008 Dec-18 1/31/19 70,508.84 29,613.71 39,484.95 5,949.48 2/2019 interest Received (2,623.75) CK# 1009 Jan-19 2/20/19 88,590.00 37,207.80 49,610.40 6,683.16 3/2019 interest Received Feb-19 3/31/19 99,690.19 41,869.88 55,826.51 6,537.39 4/2019 interest Received Mar-19 4/30/19 121,611.98 51,077.03 68,102.71 6,844.11 5/2019 interest Received (50.75) CK# 1011 (4,867.50) CK# 1012 Apr-19 5/30/19 131,434.04 55,202.30 73,603.06 6,731.55 6/2019 interest Received 200.00 6/26/19 bank deposit May-19 6/20/19 134,504.89 56,492.05 75,322.74 7,065.89 7/2019 interest Received Jun-19 7/31/19 120,530.50 50,622.81 67,497.08 7,131.88 8/2019 interest Received Jul-19 8/20/19 117,844.99 49,494.90 65,993.19 7,014.55 9/2019 interest Received (2,136.63) CK# 1012 Aug-19 9/20/19 114,393.96 48,045.46 64,060.62 7,349.16 10/2019 interest Received Sep-19 10/31/19 125,692.73 52,790.95 70,387.93 7,179.27 11/2019 interest Received (737.50) CK# 1014 Oct-19 11/20/19 136,035.67 57,134.98 76,179.98 7,549.02 12/2019 interest Received Nov-19 12/20/19 98,690.15 41,449.86 55,266.49 7,603.34 1/2020 interest Received Dec-19 1/31/20 85,935.20 36,092.79 48,123.71 7,157.65 2/2020 interest Received (10,000.00) CK# 1015 (10,000.00) CK# 1016 (2,810.43) CK# 1017 Tax Period Due Date to City Total Lodging Tax JCCVB (3/7) JCCVB/Tourism Fund (4/7)** Jan-20 2/20/20 100,143.20 42,060.15 56,080.19 7,723.92 3/2020 interest Received Feb-20 3/31/20 111,144.21 46,680.58 62,240.76 7,575.08 4/2020 interest Received Mar-20 4/30/20 80,913.29 33,983.58 45,311.44 Total 10,426,393.77 4,379,085.39 6,137,035.20 average monthly amount for 4 cent lockbox fund 54,062.78$ **Effective for 25 years starting in 2011 2020 Occupancy 2019 Occupancy 2018 Occupancy 2017 Occupancy 2016 Occupancy 2015 Occupancy 2014 Occupancy January 47.30%49.40%48.10%48.70%51.30%45.90%49.20% February 55.50%58.00%53.40%56.80%58.60%51.20%56.00% March 41.60%58.00%57.60%62.20%59.80%59.80%59.30% April 63.10%61.70%62.40%67.20%58.10%63.70% May 60.90%64.60%63.80%64.90%63.10%64.70% June 60.50%63.20%70.40%64.00%59.70%63.70% July 58.80%60.30%65.90%58.20%60.80%59.70% August 59.00%56.80%61.50%56.50%52.60%54.20% September 63.40%59.90%64.50%62.60%63.30%61.20% October 63.80%65.60%66.50%62.90%60.70%67.60% November 50.30%54.80%51.50%50.60%51.30%48.90% December 44.90%46.00%40.80%42.10%45.10%38.30% COMPARATIVE OCCUPANCY RATE Tab 2 - Multi-Segment Currency: USD - US Dollar Missouri Hotel & Lodging Association For the month of: March 2020 Percent Change from March 2019 Percent Change from YTD 2019 2020 2019 2020 2019 2020 2019 Occ ADR RevPAR Room Rev Room Avail Room Sold 2020 2019 2020 2019 2020 2019 Occ ADR RevPAR Room Rev Room Avail Room Sold Census Sample Census Sample United States 39.4 68.2 110.66 132.57 43.54 90.46 -42.3 -16.5 -51.9 -50.9 2.0 -41.2 51.8 61.6 123.76 128.90 64.14 79.46 -15.9 -4.0 -19.3 -17.6 2.0 -14.2 55929 35193 5353716 4073457 West North Central 34.2 55.6 85.30 95.22 29.15 52.99 -38.6 -10.4 -45.0 -43.8 2.2 -37.2 42.2 49.3 91.13 93.03 38.46 45.85 -14.4 -2.0 -16.1 -14.3 2.1 -12.5 4673 2937 373291 281599 Missouri 35.3 60.4 88.19 99.54 31.13 60.13 -41.6 -11.4 -48.2 -47.6 1.3 -40.8 43.1 51.0 93.65 95.91 40.33 48.90 -15.5 -2.3 -17.5 -16.4 1.3 -14.4 1141 699 105792 77566 Kansas City, MO-KS 36.0 62.9 90.55 106.75 32.63 67.12 -42.7 -15.2 -51.4 -49.6 3.7 -40.6 46.7 56.4 97.09 102.44 45.34 57.77 -17.2 -5.2 -21.5 -18.2 4.2 -13.7 318 266 35012 31381 St Louis, MO-IL 35.9 67.2 91.36 104.37 32.80 70.17 -46.6 -12.5 -53.3 -52.8 0.9 -46.1 47.0 56.4 98.84 100.57 46.44 56.77 -16.8 -1.7 -18.2 -17.7 0.6 -16.3 344 258 39741 33506 Columbia, MO+39.1 57.7 81.78 86.24 31.99 49.79 -32.2 -5.2 -35.8 -35.8 -0.1 -32.3 44.9 52.2 85.58 85.92 38.45 44.83 -13.9 -0.4 -14.2 -14.4 -0.1 -14.0 40 31 4084 3376 Jefferson City, MO+41.6 56.7 86.56 89.39 35.97 50.67 -26.7 -3.2 -29.0 -29.1 -0.1 -26.7 47.8 53.9 90.99 88.63 43.50 47.81 -11.4 2.7 -9.0 -6.0 3.3 -8.5 15 13 1392 1270 Springfield, MO 42.0 70.5 78.86 89.87 33.16 63.35 -40.3 -12.3 -47.7 -45.7 3.7 -38.1 46.1 56.3 81.17 83.39 37.38 46.97 -18.2 -2.7 -20.4 -16.9 4.4 -14.7 73 52 6594 5045 Branson, MO 22.4 48.7 102.80 99.78 23.00 48.60 -54.1 3.0 -52.7 -51.6 2.4 -53.0 22.9 34.9 100.03 94.76 22.90 33.11 -34.5 5.6 -30.8 -29.5 2.0 -33.2 144 36 13960 4884 Lake of the Ozarks+26.8 45.5 90.18 93.72 24.20 42.63 -41.0 -3.8 -43.2 -43.2 0.0 -41.0 30.2 34.4 90.57 91.41 27.38 31.48 -12.2 -0.9 -13.0 -13.0 0.0 -12.2 32 11 2534 1304 Joplin, MO 42.8 60.5 74.55 80.73 31.87 48.80 -29.3 -7.6 -34.7 -32.1 4.0 -26.5 45.9 51.4 76.90 80.03 35.27 41.12 -10.7 -3.9 -14.2 -10.8 4.0 -7.2 34 25 2575 2221 Saint Joseph, MO+55.8 61.4 88.48 91.46 49.38 56.12 -9.1 -3.3 -12.0 -24.8 -14.6 -22.3 60.8 53.6 89.87 88.52 54.65 47.45 13.4 1.5 15.2 -1.6 -14.6 -3.1 11 9 992 838 Independence, MO+40.2 54.9 71.97 77.95 28.95 42.78 -26.7 -7.7 -32.3 -32.3 0.0 -26.7 45.2 50.2 76.85 78.38 34.75 39.39 -10.0 -2.0 -11.8 -11.8 0.0 -10.0 21 14 1631 1352 A blank row indicates insufficient data. ADRRevPARADR Current Month - March 2020 vs March 2019 Occ % This STR Report is a publication of STR, LLC and STR Global, Ltd., CoStar Group companies, and is intended solely for use by paid subscribers. The information in the STR Report is provided on an “as is” and “as available” basis and should not be construed as investment, tax, accounting or legal advice. Reproduction or distribution of this STR Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to this STR Report, please contact us immediately. Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc. Year to Date - March 2020 vs March 2019 Occ %RevPAR Rooms Participation Properties Tab 3 - Help Glossary: Frequently Asked Questions (FAQ): North America:International: 735 East Main Street, Hendersonville, TN 37075 USA Blue Fin Building, 110 Southwark Street, London SE1 0TA T : +1 615 824 8664 T : +44 (0) 20 7922 1930 industryinfo@str.com Asia Pacific: Thong Teck Building, 15 Scotts Road #08-12, 228 218 Singapore T: +64 6800 7850 apinfo@str.com For all STR definitions, please visit www.str.com/resources/glossary For the latest in industry news, visit HotelNewsNow.com. To learn more about the Hotel Data Conference, visit HotelDataConference.com. For all STR FAQs, please click here or visit www.str.com/resources/faq Please visit our website at www.str.com, or if you need additional assistance please reach out to our Customer Support team. destininfo@str.com Late April 2020 Finance Department Finance provides Dept. Directors budget working documentsEarly May 2020 Finance Department Revenue discussion between Finance Director and City AdministratorMay 15, 2020 Dept. Directors Dept. Directors submit budget working document and pink sheet summaries to FinanceMay 29, 2020 Finance Department Finance submits compiled budget working documents & pink sheet summaries to City AdministratorMay 18 ‐ June 1, 2020 Dept. Directors Departments prepare performance measure information based on data as of 4/30/19June 1 ‐ 15, 2020 City Administrator City Administrator develops budget ‐ meets with Department DirectorsJune 15 ‐ June 19, 2020 C.A./Dept. Directors City Administrator shares budget with departments makes any final changesJune 19 ‐ 30, 2020 Finance Department Finance creates City Administrator budget for presentation to the MayorJune 30 ‐ July 9, 2020 Mayor Mayor reviews C.A. budget and meets with C.A. to develop "Mayor" budgetJuly 10 ‐ July 24, 2020 Finance Department Finance prepares the Mayor's Budget document for presentation to budget committeeMonday July 27, 2020  Budget Committee Mayor presents budget to budget committee.  Budget Highlights.Thursday July 30, 2020 Budget Committee Discussion of revenues.  Five Year Financial Plan.Monday August 3, 2020 Council MeetingBudget bill introduced.  Property tax bill introduced.  GRUT bill introduced.Thursday August 6, 2020 Budget Committee Departments make presentations to budget committee (Administration, Fire, Public Works)Monday August 10, 2020 Budget Committee Departments make presentations to budget committee (Police, PW, Airport, WW, Transit, & Parking)Thursday August 13, 2020 Budget Committee Departments make presentations to budget committee (PPS, Parks and miscellaneous funds)Monday August 17, 2020 Council MeetingPublic Hearing and vote on Property Tax Levy and Gross Receipts Utility Tax (GRUT) bills  Public Hearing on Budget Bill then Budget Bill to the informal calendarThursday August 20, 2020 Budget Committee Committee discussion on budget. Monday August 24, 2020 Budget Committee Committee discussion on budget. Thursday August 27, 2020 Budget Committee Committee discussion on budget.  If committee finalizes a budget it can be voted on at 9/8 mtg.Monday August 31, 2020 Budget Committee Committee discussion on budget.  If committee finalizes a budget it can be voted on at 9/8 mtg.Thursday September 3, 2020 Budget Committee Committee discussion on budget.  If committee finalizes a budget it can be voted on at 9/8 mtg.Tuesday September 8, 2020 Council Meeting Budget bill vote if committee has passed the budget onto the CouncilThursday September 10, 2020 Budget Committee Committee discussion on budget.   If committee finalizes a budget it can be voted on at 9/21 mtg.Monday September 14, 2020 Budget Committee Committee discussion on budget.   If committee finalizes a budget it can be voted on at 9/21 mtg.Thursday September 17, 2020 Budget Committee Committee discussion on budget.   If committee finalizes a budget it can be voted on at 9/21 mtg.Monday September 21, 2020 Council Meeting Budget bill vote if committee has passed the budget onto the CouncilThursday September 24, 2020 Budget Committee * See Note BelowMonday October 19, 2020 Council Meeting Final Scheduled Council Meeting before October 31 Budget Approval DeadlineBudget committee meetings will be 5:30 to 7:00 in council chambers.*Committee can continue the Monday/Thursday schedule until the budget is approved at committee and forwarded to the council as a whole for vote.Proposed FY2021 Budget Calendar 1    City of Jefferson, Missouri  INVESTMENT POLICY    The City of Jefferson, Missouri, as an organization established to serve and protect the interest of its  citizens, has as one of its many responsibilities, the proper management of money entrusted to its care.   The stipulations of the policy are designed to allow good management of those funds by investment so  they will work for the good of the citizens, while keeping in mind that maintenance of the principal is  more critical and a higher priority than any consequential gain that might be made.  With the language  and resulting controls established herein, both objectives should be addressed in the best possible  fashion.    This investment policy for the City shall be reviewed by the Council on a periodic basis after its adoption.   Any changes must be approved by the Council.    I. Policy  It is the policy of the City to invest public funds in a manner which will provide maximum  security of capital, meet daily cash flow demands, and earn a market rate of return on  investment for like maturities and securities instruments, while conforming to all applicable  statutes governing the investment of public funds.  II. Scope  A. Funds included in the investment policy are accounted for in the City’s Comprehensive  Annual Financial Report and include:  1. General Fund  2. Special Revenue Funds  3. Debt Service Funds  4. Capital Projects Funds  5. Enterprise Funds  6. Internal Service Funds  7. Trust and Agency Funds    Exceptions to the above include:  2    a) Investments in employees’ Deferred Compensation plans  b)  Public not‐for‐profit corporations created by the City under Chapter  355, or other sections of the revised statutes of Missouri, as amended, for the  purposes of issuing tax –exempt debt instruments.  Permitted investments are  identified within the issuance documents and agreements for specific issues and  approved by the corporation Board of Directors.  c)  Investments of Bonds Proceeds.  The agents of our trust agreements for  debt issues will, with the advice and consent of the Finance Director, invest such  funds as are available in reserve accounts entrusted in their care per the  applicable debt indenture.    B. Pooling of Funds  Except for cash in certain restricted and special funds, the City of Jefferson will  consolidate cash and reserve balances from all funds to maximize investment earnings  and to increase efficiencies with regard to investment pricing, safekeeping and  administration.      Investment income will be allocated to the various funds based on their respective  participation and in accordance with generally accepted accounting principles.  III. Diversification  The City’s Investments will be diversified to minimize the risk of loss resulting from over  concentration of assets is (1) a specific investment type, (2) a specific issuer,  or (3) a specific  maturity.  The following guidelines represent limits established for diversification by instrument:  Diversification of      Percent of Portfolio  Investment Type and Issuer      Minimum – Maximum    U.S. Treasury Obligations      0% ‐ 100%  U.S . Government Agency Securities and             Instrumentalities of Government     0% ‐ 80%  Certificates of Deposit (CDs)      0% ‐ 50%  Repurchase Agreements, Demand Deposit Accounts (DDAs),               or Negotiable Order of Withdrawal (NOW) Accounts      0% ‐ 100%  Full faith and credit obligations of the State or any          Missouri local government entity     0% ‐ 25%    IV. Delegation of Authority  Authority to manage the Investment program is granted to the Director of Finance.  3    V. Standards of Care  A.  Prudence  The standard of prudence to be used by investment officials shall be the “uniform prudent  investor act” standard and shall be applied in the context of managing an overall portfolio.   Investment officers acting in accordance with written procedures and this investment policy and  exercising due diligence shall be relieved of personal responsibility for an individual security’s  credit risk or market price changes, provided deviations from expectations are reported in a  timely fashion and the liquidity and the sale of securities are carried out in accordance with the  terms of this policy.  Investments shall be made with judgement and care, under circumstances then prevailing,  which persons of prudence, discretion and intelligence exercise in the management of their own  affairs, not for speculation, but for investment, considering the probable safety of their capital  as well as the probable income to be derived.  The “prudent person” concept discourages speculative transactions.  It attaches primary  significance to the preservation of capital, and secondary importance to the generation of  income and capital gains.  The “prudent person” is expected to be a reasonably well informed  person, not a professional investor or market maker, who is obligated to act responsibly.  B.  Ethics and Conflicts of Interest  Officers and employees involved in the investment process shall refrain from personal business  activity that could conflict with the proper execution and management of the investment  program, or that could impair their ability to make impartial decisions.  Employees and  investment officials shall disclose any material interests in financial institutions with which they  conduct business, in accordance with applicable laws.  They shall further disclose any personal  financial/investment positions that could be related to the performance of the investment  portfolio.   VI. Investments, Safekeeping and Custody  A. Permissible Investment Types  The following investments will be permitted by this policy:  1. U.S. Treasury Obligations  2. U.S. Government Agency Securities and instrumentalities of Government  sponsored enterprises  3. Repurchase Agreements  4. Collateralized DDA or NOW  Accounts  5. Certificates of Deposit (CDs)  6. Any full faith and credit obligations of the United States Government  7. Any full faith and credit obligations of the State of Missouri  8. Any full faith and credit obligations of a Missouri local government unit  9. Missouri  local government investment pools  4      B. Credit Ratings  Except for bonds of the City of Jefferson, any bonds accepted for investment or pledged  as collateral shall have a credit rating of “A” or better by a nationally recognized ratings  agency.  VII. Reporting  The Finance Director shall prepare an investment report at least annually, including a succinct  management summary that provides a clear picture of the status of the current investment  portfolio.  This management summary will be prepared in a manner which will demonstrate that  investment activities during the reported period have conformed to the investment policy.  The  report will include the following:  A. A listing of individual securities held at the end of the reporting period, summarized by  maturity date and investment category.  B. Percentage of the total portfolio which each type of investment represents.  C. The fair value of the portfolio.  Fair values for investments are determined by the closing  market prices as reported by the custodian.      Al BILL NO. 96-93 SPONSORED BY COUNCILMAN ORDINANCE NO. AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, ENACTING AN INVESTMENT BANKING POLICY. BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS FOLLOWS: Section 1. The document entitled Investment Policy dated October 22, 1996, and attached he as Exhibit A,is hereby adopted as the official investment policy for the City of Jefferson. Section 2. This ordinance shall be in full force and effect from and after the date of lits passage and approval. i Passed: 6 — " Approved: 0 x - Presiding Officer Mayor ATTEST: APPRO D AS FORM: Cit Clerk ity Counse orYt i I t I f 1 i t r.i.' i z I• 1 r rt 1 f + Y r}t 4 Ii ft 2 r EW418ff A City of Jefferson, Missouri INVESTMENT POLICY Investment Policy Summary The City of Jefferson,Missouri,as an organization established to serve and protect the interest of its citizens,has as one of its many responsibilities,the proper management of money entrusted to its care. The stipulations of this policy are designed to allow good management of those funds by investment so they will work for the good of the citizens,while keeping in mind that maintenance of the principal is more critical and a higher priority than any consequential gain that might be made. With the language and resulting controls established herein,both objectives should be addressed in the best possible fashion.i This investment policy for the City shall be reviewed by the Council on a periodic basis after its adoption.Any changes must be approved by the Council. I. Policy It is the policy of the City to invest public funds in a manner which will provide maximum security of capital,meet daily cash flow demands and earn a market rate of return on investment for like maturities and securities instruments;while i conforming to all applicable statutes governing the investment of public funds. II. Scope Funds included in the investment policy are accounted for in the City's Comprehensive Annual Financial Report and include: 1) General Fund 2) Special Revenue Funds 3) Debt Service Funds 4) Capital Projects Funds 5) Enterprise Funds 6) Internal Service Funds 7) Trust&Agency Funds Exceptions to the above include: r 1 r L' f a; 1f T ll i l' a) Investments in employees'Deferred Compensation plans b) Public not-for-profit corporations created by the City under Chapter 355,or other sections of the revised statutes of Missouri 1986, as amended, for the purposes of issuing tax-exempt debt instruments. Permitted investments are identified within the issuance documents and agreements for specific issues and approved by the corporation Board of Directors. c) Investments of Bond Proceeds. The agents of our trust agreements for debt issues will,with the advice and consent of the Finance Director, invest such j funds as are available in reserve accounts entrusted in their care per the u i applicable debt indenture. III. Diversification The City's investments will be diversified to minimize the risk of loss resulting from over concentration of assets in(1) a specific investment type,(2) a specific issuer or(3) a specific maturity. The following guidelines represent limits established for diversification by instrument: Diversification of Percent of Portfolio Investments'yp.e_and"Issuer minimum—maximum i U.S Treasury Obligations 5%-100% U.S.Government Agency Securities and Instrumentalities of Government 0%-80% Certificates of Deposit(CD's) 0%-50% Repurchase Agreements 5%- 100% Full faith and credit obligations of the State or any Missouri local governmental entity 0%-25% w i . IV. Delegation of Authority Authority to manage the investment program is granted to the Director of Finance. V. Standards of Care 1. Prudence The standard of prudence to be used by investment officials shall be the prudent person"standard and shall be applied in the context of managing an overall portfolio.Investment officers acting in accordance with writtenL 2 l 4. I 1.t 111 Y z, 1 procedures and this investment policy while exercising due diligence shall not be held personally responsible for an individual security's credit risk or market price changes,provided deviations from expectations are reported in a timely fashion, and appropriate action is taken to control adverse developments. Investments shall be made with judgment and care,under circumstances then I+ prevailing,which persons of prudence,discretion and intelligence exercise in the management of their own affairs, not for speculation,but for investment, considering the probable safety of their capital as well as the probable income r5 to be derived. The"prudent person"concept discourages speculative transactions. It attaches primary significance to the preservation of capital,and secondary importance to the generation of income and capital gains. The "prudent person" is expected to be a reasonably well informed person,not a professional investor or market-maker,who is obligated to act responsibly. VI. Investments,Safekeeping and Custody 1. Permissible Investment Types The following investments will be permitted by this policy: A. U.S.Treasury obligations B. U.S.Government Agency Securities and instrumentalities of Government sponsored corporations C. Repurchase agreements(Repo's) D. Certificates of deposit(CD's) E. Any full faith and credit obligations of the United States Government iF. Any full faith and credit obligations of the State of Missouri G. Any full faith and credit obligations of a Missouri local government unit1H. Missouri local government investment pools 2. Credit Ratings Except for bonds of the City of Jefferson,any bonds accepted for investment or pledged as collateral shall have a nationally recognized investment grade A"or better)credit rating. VII. Reporting 11 ; 3 Y'F' f S y* a Y Methods Ir ' The Finance Director shall prepare an investment report at least quarterly, including a succinct management summary that provides a clear picture of the ti status of the current investment portfolio and transactions made over the stated period. This management summary will be prepared in a manner which will demonstrate that investment activities during the reporting period have conformed to the investment policy.The report will include the following: 1 A. An listing of individual securities held at the end of the reporting period, summarized by maturity date and investment category with applicable percentage to total investments. j B. Unrealized gains or losses resulting from appreciation or depreciation by listing the cost and market value of securities(i.e.,marking to market). C. Average weighted yield to maturity of the portfolio as compared to an r applicable benchmark. A O 1 t r. i R s t t r s 4 ti 1 t f i t. s`Y i 'r 7 raw'.x.lr..r....w.w.nww.. r.._ w.r.,y p'Cp{. Y 7 t r A 1 OIL- MM"M I City of Jefferson, Missouri j ,INVESTMENT POLICY Table of Contents Page-Number Investment Policy Summary 1 I. Policy 1 E II. Scope 1 III. Objectives 1. Legality 2 2. Safety 2 3. Liquidity 2 4. Yield 2 5. Diversification 3 IV. Delegation of Authority 4 V. Standards of Care 1. Prudence 4 2. Ethics and Conflicts of Interest 4 3. Internal Controls 5 VI. Investments, Safekeeping and Custody 1. Qualified Institutions 5 2. Permissible Investment Types 6 3. Collateral ization 6 4. Delivery vs.Payment 7 5. Credit Ratings 7 f. VII. Reporting 1. Methods 7 2. Performance Standards g VIII. Transition Exemption g Glossary q Exhibits 1. Banking Institution Selection Criteria 13 2. Securities Dealers Selector Criteria 14 3. Missourisouri S tare Statues 15 4. Jefferson City Charter-Article VII,Section 7.1.7 16 1 Jefferson City Code-Article X,Section 2.354 1 5. Example Reports i i a1t t 4 v+.rnrrr...— wvr. ...._ - . r .... M1T.ron N++,w.....M 777: Investment Policy Summary The City of Jefferson,Missouri,as an organization established to serve and protect the interest of its citizens,has as one of its many responsibilities,the proper management of money entrusted to its care. The stipulations of this policy are designed to allow good management of those funds by investment so they will work for the good of the citizens,while keeping in mind that maintenance of the principal is more critical and a higher priority than any consequential gain that might be made. With the language and resulting controls established herein, both J objectives should be addressed in the best possible fashion. This investment policy for the City shall be adopted by resolution of the City Council and reviewed by the Council Finance Committee on a periodic basis. Except as otherwise provided,any changes must be approved by the City Council. i I. Policy It is the policy of the City to invest public funds in a manner which will provide maximum security of capital,meet daily cash flow demands and earn a market rate of return on investment for like maturities and securities instruments;while J conforming to all applicable statutes governing the investment of public funds. II. Scope ti Funds included in the investment policy are accounted for in the City's j Comprehensive Annual Financial Report and include: 1) General Fund 2) Special Revenue Funds 3) Debt Service Funds 4) Capital Projects Funds 5) Enterprise Funds 6) Internal Service Funds 7) Trust&Agency Funds Exceptions to the above include: a) Investments in employees'Deferred Compensation plans b) Public not-for-profit corporations created by the City under Chapter 355, or r' other sections of the revised statutes of Missouri 1986,as amended,for the purposes of issuing tax-exempt debt instruments. Permitted investments are S i 4 r1(' t identified within the issuance documents and agreements for specific issues and approved by the corporation Board of Directors.ic) Investments of Bond Proceeds. The agents of our trust agreements for debt I issues will, with the advice and consent of the Finance Director, invest such fluids as are available in reserve accounts entrusted in their care per the applicable debt indenture. II1. Objectives The primary objectives, in priority order,of the City of Jefferson's investment activities shall be, 1. Legality The City shall only invest in "Permissible Investment"securities (see section VI)and will insure that all legal requirements regarding investing and collatcralizing of public funds are met. 2. Safety Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. Therefore,diversification is requited in order that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. The objective will be to mitigate credit and interest rate risks. Under no circumstances will the City invest it:derivatives,or will the City allow the use as collateral any investments wbicb includes derivatives. 3. Liquidity The City's investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.This is accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. To control risks of liquidity,at all times the City of Jefferson,Missouri should maintain a minimum of 10% of the total portfolio in highly marketable U.S.Treasury Bills or overnight repurchase agreements. 4. Yield The City's investment portfolio shall be designed with the objective of 2 Ct S V.......... .................-a-..._... S.'.rl l t 4 f.r?. s.. r t i attaining a market average rate of return throughout budgetary and economic cycles,taking into account investment type, risk,maturity and location constraints,and liquidity needs.Return on investment is of least importance compared to the safety and liquidity objectives described above.The core of investments are limited to relatively low risk securities in anticipation of earning a market average return relative to the risk being assumed. Securities shall not be sold prior to maturity with the following exceptions: A. a declining credit security could be sold early to minimize loss of principal; B. a security swap would improve the quality,yield,or target duration in the portfolio;or C. liquidity needs of the portfolio require that the security be sold. 5. Diversification jThe City's investments will be diversified to minimize the risk of loss i resulting from over concentration of assets in(1) a specific investment type, (2) j a specific issuer or(3) a specific maturity. The following guidelines represent i limits established for diversification by instrument: Diversification of Percent of Portfolio Investment—Type_and.Issuer minimum=maximum i U.S Treasury Obligations 5%-100% y'U.S.Government Agency Securities and Instrumentalities of Government 0%-80% Certificates of Deposit(CD's) 0%-50% Repurchase Agreements 5%-100% Full faith and credit obligations of the State or any Missouri local governmental entity 0%-25% Diversification_of.Maturities To the extent possible,the City will attempt to match its investments with anticipated cash flow requirements,taking into account large(payroll,bond) payments,major routine expenditures,capital expenditures as well as considering significant anticipated revenue(property tax,utility tax,sales tax). Generally,the City should purchase investments with maturities of less than I ` two(2)years however,it may invest up to 75%of the lessor of targeted or actual unreserved fund balances of all included investment funds in maturities of up to five(5)years. i S t.xtwcyxtA(i5kttit,• i J IV. Delegation of Authority Authority to manage the investment program is granted to the Director of Finance. At the discretion of the Director,certain staff members of the Finance Department may assist with various investment activities.Procedures include the use of safekeeping agreements,investment accounting,repurchase agreements,wire transfer agreements,collateral/depository agreements and banking services contracts.No person may engage in an investment transaction,except as provided under the terms of this policy and the procedures established by the Director of Finance.The Director of Finance shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. V. Standards of Care 1. Prudence The standard of prudence to be used by investment officials shall be the prudent person" standard and shall be applied in the context of managing an overall portfolio.Investment officers acting in accordance with written procedures and this investment policy while exercising due diligence shall not be held personally responsible for an individual security's credit risk or market price changes,provided deviations from expectations are reported in a timely fashion,and appropriate action is taken to control adverse developments. Investments shall be made with judgment and care,under circumstances then prevailing,which persons of prudence,discretion and intelligence exercise in the management of their own affairs,not for speculation,but for investment, considering the probable safety of their capital as well as the probable income to be derived. The"prudent person"concept discourages speculative transactions. It attaches b. primary significance to the preservation of capital,and secondary importancetothegenerationofincomeandcapitalgains. The"prudent person" is expected to be a reasonably well informed person,not a professional investor or market-maker,who is obligated to act responsibly. 2. Ethics and Conflicts of Interest Officers and employees involved in the investment process shall refrain from personal business activity that could create an appearance of impropriety or 4 r n w could conflict with the proper execution and management of the investment i program,or which could impair their ability to make impartial decisions. Employees and investment officials shall disclose to the Director of Finance r any material interests in financial institutions with which they conduct business.They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall refrain from undertaking personal investment r transactions with the same individual with whom business is conducted on behalf of the City. 3. Internal Controls The Director of Finance is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss,theft,misuse,employee error,misrepresentation by third parties or in anticipated changes in financial markets. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived, and(2) the valuation of costs and benefits requires estimates and judgments by management. The security portfolio is subject to an annual review by the City's independent auditor. This review will provide internal control by assuring compliance with established policies and procedures. VI. Investments,Safekeeping and Custody 1. Qualified Institutions A. Investment transactions will be made through the City's Banking Services provider or other financial institutions or securities dealers that have been approved by the Director of Finance in accordance with the criteria listed in Exhibit I&II. B. The City shall maintain a listing of financial institutions which are approved as depositories for investment purposes. Banks shall provide their most recent Consolidated Report of Conditions("call" report) at the request of the City. At a minimum,the City shall conduct an annual evaluation of each bank's creditworthiness to determine whether it should be on the"Qualified i Institution" listing. Securities dealers not affiliated with a bank shall be required to have an office located in Jefferson City,Missouri and be fully licensed and registered NASD Broker/Dealers. r i C. The City shall follow a"competitive bid" process in awarding Certificates of Deposit. Bids will be requested for instruments in$100,000 units which meet maturity requirements. The City will award the bid based on the highest rate of return within the maturity required and within the parameters of these policies. Bid awards may be split among bidders to obtain an overall greater rate of return. Records will be kept of the bids offered,the bids accepted and a brief explanation of the decision which was made regarding the investment. All bids must be approved by the Director of Finance before a purchase can be made. The minimum acceptable bid rate must exceed the comparable rate available on U.S.Treasury securities for the same maturity. 2. Permissible Investment Types The following investments will be permitted by this policy: A. U.S.Treasury obligations B. U.S. Government Agency Securities and instrumentalities of Government sponsored corporations C. Repurchase agreements(Repo's) D. Certificates of deposit(CD's) E. Any full faith and credit obligations of the United States Government F. Any full faith and credit obligations of the State of Missouri G. Any full faith and credit obligations of a Missouri local government unit H. Missouri local government investment pools 3. Collateralization 7. A. In accordance with Missouri state law(Sections 110.010 and 110.020 RSMo),collateralization will be required on all funds deposited including certificates of deposit. B. The securities which may be accepted as collateral,at the discretion of the Director of Finance are outlined below: 1. Bills,notes, bonds or other direct obligations guaranteed as to payment of principal and interest by the government of the United States or any agency or instrumentality thereof. 2. Bonds of the State of Missouri. 3. Bonds of any city in this state having a population of not less than twenty-five thousand(25,000)which are payable from an unlimited tax. 4. Bonds of any county in this state issued and sold pursuant to an election therefore and which are payable from an unlimited tax. efRlp f f 1 1 5. The approved registered bonds of any school district situated in any city in this state with a population of not less than twenty-five thousand(25,000) and payable from an unlimited tax. 6. Any revenue bonds issued by the City of Jefferson,Missouri. i C. Collateral shali have a market value at all times equal to one hundred(100) percent of the amount of the City investment less any amounts insured by the Federal Deposit Insurance Corporation,or other governmental agency performing similar functions.I jD. Collateral will be held by the City,a Federal Reserve Bank or other j banking institution or depository as trustee,with whom the City has a current Custodial Agreement. A clearly marked evidence of ownership safekeeping receipt)must be supplied to the City. Execution and return of the receipt by the City is required for any transfer,substitution or i release of pledged securities. 4. Delivery vs.Payment All trades where applicable will be executed by delivery vs.Payment(DVP). This ensures that securities are deposited in the eligible financial institution prior to the release of funds.Securities will be held in the City's name by a third party trust custodian designated by the Director of Finance and evidenced by safekeeping receipts. 5. Credit Ratings i Except for bonds of the City of Jefferson,any bonds accepted for investment or pledged as collateral shall have a nationally recognized investment grade A"or better) credit rating. VII. Reporting 1. Methods The Finance Director shall prepare an investment report at least quarterly, including a succinct management summary that provides a clear picture of the status of the current investment portfolio and transactions made over the j stated period. This management summary will be prepared in a manner which will demonstrate that investment activities during the reporting period have conformed to the investment policy.The report will include the 5, following: iz mom f r a I ` M brww IY•' A. An listing of individual securities held at the end of the reporting period, summarized by maturity date and investment category with applicable tr percentage to total investments.I resultin from appreciation or depreciation byUnrealizedgainsorlosses listing the cost and market value of securities(i.e., marking to market). C. Average weighted yield to maturity of the portfolio as compared to an applicable benchmark. 2. Performance Standards The City's investment strategy will be based on passive portfolio management in accordance with the parameters specified within this policy.Passive management is designed to obtain a market average rate of return during a market/economic environment of stable interest rates,taking into account the City's investment location and risk constraints,and cash flow needs;while limiting the amount spent on investment personnel and training. t For management purposes,and for City Council review,the total rate of j i return will be calculated for the portfolio and compared to appropriate security market indexes as established by the Finance Director. VIII. Transition Exemption Any investment held on the effective date of this policy that does not meet the guidelines of this policy shall be exempted from the requirements of this policy. At maturity or liquidation,such monies shall be reinvested only as provided by this policy. t l F LI 1 ' r 8 iol mj I J ; t 4 r GLOSSARY AGENCIES: Federal agency securities. BID: The bid offered for securities. BROKER: A broker brings buyers and sellers together for a commission paid by the initiator of the transaction or by both sides;he does not position.In the money market, brokers are active in markets in which banks buy and sell money and in inter-dealer markets. COLLATERAL: Securities,evidence of deposit or other property which a borrower pledges to secure repayment of a loan.Also refers to securities pledged by a bank to secure deposits of public monies, COMPREHENSIVE ANNUAL FINANCIAL REPORT(CAFR): The official annual report for the City of Jefferson,Missouri. It includes combined statements and basic financial statements for each individual fund and account group prepared in conformity with Generally Accepted Accounting Principles(GAAP).It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material,and a detailed Statistical Section. CERTIFICATE OF DEPOSIT(CD): A time deposit with a specific maturity and interest rate evidenced by a certificate.Large-denomination CD's (over$100,000) are typically negotiable. COUPON: (a) The annual rate of interest that a bond's issuer, promises to pay the bondholder on the bond's face value. (b)A certificate attached to a bond evidencing interest due on a payment date. DEALER: A dealer,as opposed to a broker,acts as a principal in all transactions,buying and selling for his own account. DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: I delivery versus payment and delivery versus receipt(also called"free").Delivery versus payment is delivery of securities with an exchange of money for the securities.Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities. DISCOUNT:The difference between the cost price of a security and its value at maturity when quoted at lower than face value.A security selling below original offering price shortly after sale also is considered to be at a discount.I i 9 1 a 1 i I t— I DISCOUNT SECURITIES: Non-interest bearing money market instruments that are t issued at a discount and redeemed at maturity for full face value,e.g.U.S.Treasury Bills. DIVERSIFICATION: Dividing investment funds among a variety of securities offering independent returns. FEDERAL CREDIT AGENCIES: Agencies of the Federal government set up to supply credit to various classes of institutions and individuals,e.g.,S&L's small business firms, students,farmers,farm cooperatives,and exporters.i FEDERAL FUNDS RATE: The rate of interest at which banks lend excess funds to other banks. This rate is set by the Federal Reserve through open market operations. FEDERAL RESERVE SYSTEM: The central banking system of the United States created by Congress and consisting of a seven-member Board of Governors in Washington,D.C., 12 Regional Banks and about 5,700 commercial banks that are members of the system. , FEDERAL,DEPOSIT INSURANCE CORPORATION(FDIC): A federal agency that insures bank deposits for public funds,currently up to$100,000 per time deposit and 100,000 per demand deposit. LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market,a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes. MARKET VALUE: The price at which a security is trading and could presumably be purchased or sold. MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. MONEY MARKET: The market in which short-term debt instruments(bills,commercial paper,bankers' acceptances, etc.)are issued and traded. OPEN MARKET OPERATIONS: Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the Federal Reserve Open Market Committee,in order to influence the volume of money and credit in the economy. Purchases inject reserves into the bank system and stimulate growth of money and credit;sales have the opposite effect. Open market operations are the Federal Reserve's most important and flexible monetary policy tool. PORTFOLIO: Collection of securities held by an investor. 10 4 1 t 1 PRUDENT PERSON RULE: An investment standard in which a trustee may invest in a security if it is one which would be bought by a prudent person of discretion and intelligence i who is seeking a reasonable rate of return and preservation of capital. PRIMARY DEALER: A group of government securities dealers that submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission(SEC) registered securities broker-dealers,banks and a few unregulated firms. QUALIFIED PUBLIC DEPOSITORIES: A financial institution which does not claim exemption from the payment of any sales or compensating use or ad valorem taxes under the laws of this state,which has segregated for the benefit of the City eligible collateral having a value of not less than its maximum liability and which has been approved by the City to hold public deposits. RATE OF RETURN: The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity on a bond or the current income return. REPURCHASE AGREEMENT(REPO): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price and interest rate on a fixed date. The security"buyer" in effect lends the"seller" money for the period of the agreement, and the terms of the agreement are structured to compensate the "buyer"for this. Dealers use repos extensively to finance their position. Exception: When the Federal Reserve is said to be doing a repo,it is lending money and increasing bank reserves. SAFEKEEPING: A service to customers rendered by financial and other institutions whereby securities and valuables of various types are held in trust in the institutions vault for protection,usually under a custodial or safekeeping agreement. SECONDARY MARKET: A market made for the purchase and sale of outstanding debt issues following their initial distribution. SEC RULE 15C3-1: See uniform net capital rule. SECURITIES&EXCHANGE COMMISSION: Agency created by Congress to protect investors in securities transactions by administering securities legislation. SWAP: The exchange of securities,usually initiated by a dealer,for a realized profit greater than if the security was held to maturity. Wo f TREASURY BILLS: A non-interest bearing discount security issued by the U.S.Treasury to finance the national debt. Most bills are issued to mature in three months,six months,or one year. TREASURY BONDS: Long term U.S. Treasury securities having initial maturities of more than ten years. 1 TREASURY NOTES: Intermediate term coupon bearing U.S. Treasury securities having initial maturities from two to ten years. YIELD: The rate of annual income return on an investment,expressed as a percentage. (a) I INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in purchase price,with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember broker-dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1;also called net capital rule and net capital j ratio. Indebtedness covers all money owed by a firm,including margin loans and commitments to purchase securities. Liquid capital includes cash and assets easily converted I' into cash. t. f f t 12 f jt r'7'.XtDtttn* TM'•'q r i J lb Exhibit 1 4 j City of Jefferson,Missouri BANKING INSTITUTION SELECTION CRITERIA To receive any City of Jefferson,Missouri monies,all financial institutions must satisfy thefollowingcriteriaunlessotherwisepermittedinspecialprograms,i.e.Linkeddepositsorcitywidetimedeposits: 1. Jefferson City,Missouri location. 2. Federal or State Chartered banking institution. 3. Community Reinvestment Act evaluation rating:j a) "satisfactory"or better for exams conducted on or after July 1, 1990.b) "2"oi-better for exams conducted prior to July 1, 1990. 4. A Sheshunoff rating of 10 or more in at least one of the previous four(4)t consecutive quarters. 5. Provide evidence(affidavit)that there are no delinquent or outstanding axes,fees,fines or charges due to the City of Jefferson or the State of Missouri. j 6. Execute the current depository trust agreement with the City. The Banking Institution Selection Criteria may be revised by the Director of Finance. NEW— J. F S l t i b r z R f Exhibit 2 k 1F City of Jefferson,Missouri SECURITY DEALERS SELECTION CRITERIA To be selected as a qualified Security Dealer authorized to conduct City of Jefferson, F Missouri security transactions,the following criteria must be satisfied: kI 1. Jefferson,Missouri location. 2. Primary dealer as designed by the Federal Reserve Bank.Provide proof,copy of registration,etc. 3. Fully licensed and registered NASD Broker/Dealers. 4. Clearance for City of Jefferson,Missouri occupational license,business personal property tax,and other applicable taxes. Provide evidence that these have been paid. 5. Submit for review the following: a) Provide a current audited financial statement. b) Provide proof of State of Missouri registration. c) Provide certification of having read City of Jefferson,Missouri investment policy. d) Provide three (3) references of current governmental entity investment clients. The Security Dealer Selection Criteria may be revised by the Director of Finance. t ' 14 S 7 i lj. 1 EXHIBIT 3 i Missouri REVISED STATUTES 1994 CHAPTER 110 SECTION 110.010- 110.020. PAGE 1406 DEPOSITARIES, GENERALLY RSMo.8183 &8184 j 110.010.Deposits of public funds to be secured. The public funds of every county,township,city,town,village,school district of every character,road district,sewer district,fire protection district,water supply district,drainage or levee district,state hospital, state schools for the mentally deficient,Missouri School for the Deaf,Missouri School for the Blind, Missouri Training School for Boys,training school for girls,Missouri Veterans' Home,Missouri State Chest Hospital,state university,Missouri state teachers' colleges, Lincoln University,which are deposited in any banking institution acting as a legal depositary of the funds under the statutes of Missouri requiring the letting and deposit of the same and the furnishing of security therefor,shall be secured by the deposit of securities of the character prescribed by section 30.270,RSMo,for the security of funds deposited by the state treasurer. 2.The securities shall,at the option of the depositary banking institution, be delivered either to the fiscal officer or the governing body of the municipal corporation or other depositor of the funds,or by depositing the securities with another banking institution or safe depositary as trustee satisfactory to both parties to the depositary agreement.The trustee may be a bank owned or controlled by the same bank holding company as the depositary banking institution. I 3.The rights and duties of the several parties to the depositary contract shall be the same as those of the state and the depositary banking institution respectively under Section 30.270,RSMo.If a depositary banking institution deposits the bonds or securities with a trustee as above provided,and the municipal corporation or other depositor of funds gives notice in writing to the trustee that there has been a breach of the depositary contract and makes demand in writing on the trustee for the securities,or any part thereof,then the trustee shall forthwith surrender to the municipal corporation or other depositor of funds a sufficient amount of the securities to fully protect the depositor from loss and the trustee shall thereby be discharged of all further responsibility in respect to the securities so surrendered. r. RSMo 1939,§8183;A.L. 1955 p.735,A.L. 1959 S.B.77,A.L. 1961 p.463,A.L. 1971 i! H.B.581,A.L. 1988 H.B. 1204) ws Missouri REVISED STATUTES 1994 CHAPTER 110 SECTION 110.010- 110.020. PAGE 1406 DEPOSITARIES,GENERALLY RSMo. 8183 &8184 110.020. Securities deposited,amount of. The value of the securities deposited and maintained by a legal depositary under section 110.010 shall at all times be not less than 100 percent of the actual amount of the funds on deposit with the depositary,less i1theamount, if any,insured by the Federal Deposit Insurance Corporation. RSMo 1939,§ 8184;A.L. 1959 S.B.77,A.L. 1973 S.B.66) r Y I j I t f t •f I l r n i j I i. Y { y rt f t 1 t 1 t h f tc v 16 r ,i r v cz i s 1 • r,t C L+ . t.f t I t i t EXHIBIT 4 JEFFERSON CITY-CHARTER ARTICLE VII SECTION 7.1 ESTABLISHING FINANCIAL PROCEDURES 7. Fiscal Officer. The fiscal affairs of the city shall be the responsibility of the finance department. The head of the finance department shall be designated the fiscal officer of the city. Qualifications,duties and powers of the fiscal officer shall be set by ordinance. JEFFERSON CITY-CODE ARTICLE X,SECTION 2.354 FINANCE DEPARTMENT,FUNCTIONS OF THE DIRECTOR A. Be responsible for the administration of the fiscal affairs of the city. E. Maximize the investment of all city funds ney of the city which may come into his hands,I. He shall receive and safely keep all mo and shall disburse the same only upon proper requests. y b t 5, i r s 1 t