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Agenda Item Details
Meeting Jul 18, 2017 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00
p. M.
Category 5. CONSENT AGENDA
Subject 5.1 Monthly Financial Report - June 2017
Type Action (Consent)
Preferred Date Jul 18, 2017
Absolute Date Jul 18, 2017
Fiscal Impact No
Budgeted No
Recommended Accept monthly financial report for June 2017.
Action
Information
The monthly financial report contains the Cash Position Report and Fund Financials for the month ended
June 30, 2017.
Alternatives
1. Accept the monthly financial report for June 2017.
2. Action at discretion of Village Board.
Staff Recommendation
Staff recommends the Village Board accept the monthly financial report for June 2017.
Combined Fire a s ire ir" s Report 6 1'7.lpd-f (696 IIK IIS) 06 June IBoard Reports for Upload ®Ipd -f (3 92 IIKIIS )
All items under Consent Agenda are considered routine by the Village Board and will be enacted by one
motion. There will be no separate discussion of those items unless a Board member or member from the
audience so requests, in which the item will be removed from the Consent Agenda and considered in its
sequence on the agenda.
http://www.boarddocs.com/il/vomp/Board.nsf/Public 7/17/2017
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FINANCE COMMISSION
FROM: FINANCE DIRECTOR
DATE: JULY 12, 2017
SUBJECT: MONTHLY FINANCIAL REPORT — JUNE 2017
fil
Attached hereto are the cash position and investment statements of the Village for the month ended June
30, 2017. These statements provide a snapshot of the Village's cash position as of the month end date
noted and are intended to supplement the budget revenue and expenditure summary and listing of bills you
receive. The first statement presents the Village's cash position broken down by governmental and
enterprise funds and trust and agency funds. The second statement presents the Village's cash position
by fund type. The third statement presents the list of investments again broken down by governmental and
enterprise funds and trust and agency funds. It is important to note that although we have included the trust
and agency funds in the cash position report, these are not funds accessible for Village operations. They
are restricted for pension and escrow funding only. Please read the summary that follows for further detail
on the cash position of the Village.
Cash and Investment Position Report — All Funds (page 4)
This report provides a detail summary of cash and investments for the Village broken out by governmental
and enterprise funds and trust and agency funds. Governmental funds include the General Fund, Special
Revenue Funds, Debt Service Funds, Capital Project Funds and Internal Service Funds. The Enterprise
Funds consist of the Water/Sewer Fund and two (2) Parking Funds.
Trust funds include the Village's two public safety pensions (Police and Firefighters') while the agency funds
include the Escrow Deposit and Flexcomp Escrow Funds. The Escrow Deposit Fund accounts for
refundable deposits held by the Village to ensure completion of public improvements. The Flexcomp
Escrow Fund accounts for employee payroll deductions pursuant to a Section 125 flexible compensation
plan.
Governmental and Enterprise Funds - Cash and cash equivalents at May 31 was $40.2 million. During
June, cash receipts totaled $5,316,203 and investment income was $23,315. Inflows from interfund activity
totaled $36,629. Reductions in cash and cash equivalents during June totaled $7,526,981. Of this amount,
payments to vendors were $5,307,188 and employee payroll expenses were $2,206,135. Other reductions
to cash totaled $13,658. Cash and cash equivalents at June 30 were $38.0 million.
Investments in the Governmental and Enterprise Funds at May 31 were $1.5 million. There was no
investment activity during the month of June. CD's accounted for in the Governmental and Enterprise Funds
reside in multiple Funds investing surplus funds above what is needed for cash flow purposes. Total
investments at June 30 remains at $1.5 million.
Total cash and investments for Governmental and Enterprise Funds at May 31 were $41,649,393. Cash
and investments at June 30 totaled $39,498,558. This is a decrease of $2,150,835 for the month.
Monthly Financial Report — June 2017
July 12, 2017
Page 2
Trust and Agency Funds - Cash and cash equivalents at May 31 was $3.8 million. During June, cash
receipts totaled $294,808. Investment income for the month was $124,410. There was also a net increase
in cash due to investment activities of $273,042 while outflows due to Interfund activity totaled $36,629.
Reductions in cash and cash equivalents during June totaled $914,422. Of this amount, payments to
vendors were $159,900, employee payroll and related expenses were $726,693 and payments related to
the flexible spending program totaled $25,121. Other disbursements totaled $2,708. Cash and cash
equivalents at June 30 were $3.6 million.
Total investments at June 30 were $125,944,467, an increase of $391,156 from May 31. There were
interest income of $664,198 and a net transfer to cash of $273,042 that accounted for the change.
Total cash and investments for Trust and Agency Funds at May 31 were $129,399,310. Cash and
investments at June 30 totaled $129,531,676. This is an increase of $132,366.
Summary of Cash Activity by Fund Type (page 5)
This report provides a breakdown of the cash activity for the month broken down by fund type. This
breakdown is useful in identifying where the activity (receipts and disbursements) is occurring. There are
times during the year when activity in certain funds such as the capital improvement and special revenue
funds is higher than normal. This will distort the financial picture of some of the other components of the
governmental funds such as the General Fund which tends to be more level and predictable in terms of
spending and receipt of revenue. Each month the report will provide detail explanation on activity of the
General Fund, the Village's primary operating fund. Detail on the activity of the General Fund is highlighted
below.
General Fund — Cash and cash equivalents at May 31 totaled $14,744,460. During June, cash receipts
totaled $3,107,652, and investment income was $10,062. Significant cash receipts included the state and
home rule sales tax and income taxes.
Sales tax revenues for the month totaled $1,471,796. Of this amount, $1,364,244 was generated from
the 1% state portion while $107,552 was generated from the .25% home rule portion. Sales taxes
received in June were for March sales as there is a three-month lag in getting this distribution from the
state.
Income tax revenues for the month totaled $543,740. Income taxes received in June were for March.
The lag in getting this distribution from the state ranges from 60-120 days.
Disbursements from the General Fund for June included payments to vendors of $1,769,347, payments for
employee wages and benefits of $1,949,284 and other disbursements of $13,658. There was also a net
decrease in cash from Interfund transfers totaling $773,486.
Cash and cash equivalents at June 30 were $13,356,399, a decrease of $1,388,061 from May 31. In
addition, investments in the General Fund consisting of certificates of deposit totaling $854,800 bring total
cash and investments at June 30 to $14,211,199.
Statement of Investments (page 6)
This report provides a breakdown of investments by trust and agency funds and governmental and
enterprise funds. The report also provides a fund -by -fund breakdown of the investments.
Government and Enterprise Funds - Investments for the governmental and agency funds are made up
of Certificates of Deposit. At June 30, there was a total of $1.5 million invested in CD's. These CD's are
investing surplus monies available from the governmental and enterprise funds. A detail list of holdings is
included with this report.
H:WCCT\Treasurer's Report\2017\Monthly Cash Position Report - June 2017.docx
Monthly Financial Report — June 2017
July 12, 2017
Page 3
Trust and Agency Funds — The investments for the trust and agency funds are made up of certificates of
deposits, fixed income investments and equity mutual funds. CD's (if any) held in the Escrow Deposit Fund
will generally have maturities of between 30 and 120 days. Most of the reserves for this fund are invested
in the more liquid money market account due to the nature of the deposit. At June 30, there was a total of
$125.9 million invested in a combination of fixed income and equity instruments. A detail list of holdings is
included with this report. Escrow refunds are processed two times per month. Investment of the Village's
pension funds is governed by an Investment Policy adopted by each Pension Board.
Investments for the Police and Firefighter Pension Funds consist of various fixed income securities as well
as equity mutual fund accounts. Wells Fargo is the third -party holder of the fixed income securities. The
funds are managed by three investment management firms, Galliard, Segall Bryant and Mesirow Financial.
Segall Bryant holds approximately half of the fixed income investments for the two pension funds while
Galliard and Mesirow manage the balance of fixed income investments for these two funds. Each manager
maintains a small portion of their portfolio in cash to help facilitate liquidity and trading.
Investments in equities consist of mutual funds spread across various sectors (small, mid and large -cap
stocks) as well as investment philosophies (value, core and growth). The funds also invest a small amount
in international stocks. Each year the investment mix is evaluated for optimal diversification to meet pension
fund investment policy goals and objectives. Equity investments held by the Police Pension Fund are
managed by Sawyer Falduto Asset Management. A breakdown of where pension funds are invested is
included with this report.
Conclusion
This cash position report is intended to provide a snapshot of the Village's cash position as of a particular
month end date. Using this report we are able to provide trend information to support cash management
and maximize investment earnings while ensuring availability of funds to meet the Village's commitments.
This report is provided to the Village Board and Finance Commission on a monthly basis. Please do not
hesitate to contact me with any questions.
David O. Erb
Finance Director
H:WCCT\Treasurer's Report\2017\Monthly Cash Position Report - June 2017.docx
VILLAGE OF MOUNT PROSPECT
Preliminary Cash and Investment Position Report - All Funds
For the Month Ended June 30, 2017
GOVERNMENTAL AND ENTERPRISE FUNDS
Balance at May 31, 2017
Cash receipts
Investment income
Transfers from investments to cash
Transfers to investments from cash
Interfund activity
Disbursements:
Accounts payable
Payroll
Other
Balance at June 30, 2017
Cash and Cash
Total Cash and
Equivalents Investments
Investments
$ 40,153,592.66 $ 1,495,800.00
$ 41,649,392.66
5,316,202.93
5,316,202.93
23,314.59 -
23,314.59
36,628.68
36,628.68
(5,307,187.70)
(5,307,187.70)
(2,206,134.56)
(2,206,134.56)
(13,658.38)
(13,658.38)
$ 38,002,758.22 $ 1,495,800.00 $ 39,498,558.22
TRUST AND AGENCY FUNDS *
Disbursements:
Accounts payable
Payroll
Flex spending
Other
Balance at June 30, 2017
(159,900.34)
(726,693.17)
(25,121.14)
(2,707.50)
(159,900.34)
(726,693.17)
(25,121.14)
(2,707.50)
$ 3,587,209.46 $ 125,944,466.55 $ 129,531,676.01
* Assets are restricted in purpose and do not represent discretionary assets of the government.
In
Cash and Cash
Total Cash and
Equivalents
Investments
Investments
Balance at May 31, 2017
$ 3,845,999.89
$ 125,553,310.59
$ 129,399,310.48
Cash receipts
294,808.44
294,808.44
Investment income (loss)
124,409.61
664,198.31
788,607.92
Transfers from investments to cash
2,890,258.08
(2,890,258.08)
-
Transfers to investments from cash
(2,617,215.73)
2,617,215.73
-
Interfund activity
(36,628.68)
(36,628.68)
Disbursements:
Accounts payable
Payroll
Flex spending
Other
Balance at June 30, 2017
(159,900.34)
(726,693.17)
(25,121.14)
(2,707.50)
(159,900.34)
(726,693.17)
(25,121.14)
(2,707.50)
$ 3,587,209.46 $ 125,944,466.55 $ 129,531,676.01
* Assets are restricted in purpose and do not represent discretionary assets of the government.
In
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VILLAGE OF MOUNT PROSPECT
STATEMENT OF INVESTMENTS
As of June 30, 2017
TOTAL TRUST AND AGENCY FUND INVESTMENTS
* Assets are restricted in purpose and do not represent discretionary assets of the government.
C
Market
$ 23,076,753.56
41,909,233.30
64,985,986.86
3,064,879.49
19,784,002.79
38,109, 597.41
60,958,479.69
$ 125,944,466.55
GOVERNMENTAL AND ENTERPRISE FUNDS
Maturity
Maturity
Purchase
Financial
Investment
CUSIP/
Date
Date
Date
Date
Institution
Description
FDIC #
Net Yield
Purch Price
GENERAL FUND (001)
Various
Various
Wells Fargo
Wells Fargo Investments
Various
08/22/17
02/29/16
Ind & Comm Bank of China, NY
Certificate of Deposit
24387
1.150%
142,800.00
08/22/17
02/29/16
Talmer Bank and Trust, MI
Certificate of Deposit
58132
1.050%
142,800.00
08/22/17
02/29/16
Stearns Bank NA, MN
Certificate of Deposit
10988
1.000%
143,000.00
02/28/18
02/29/16
Cit Bank/Onewest Bank, CA
Certificate of Deposit
58978
1.250%
142,000.00
02/28/18
02/29/16
Bank of the West, CA
Certificate of Deposit
3514
1.200%
142,000.00
02/28/18
02/29/16
Midland States Bank, IL
Certificate of Deposit
1040
1.170%
142,200.00
854, 800.00
WATER AND SEWER FUND (050)
08/22/17
02/29/16
Ind & Comm Bank of China, NY
Certificate of Deposit
24387
1.150%
35,000.00
08/22/17
02/29/16
Talmer Bank and Trust, MI
Certificate of Deposit
58132
1.050%
35,000.00
08/22/17
02/29/16
Stearns Bank NA, MN
Certificate of Deposit
10988
1.000%
35,000.00
02/28/18
02/29/16
Cit Bank/Onewest Bank, CA
Certificate of Deposit
58978
1.250%
34,000.00
02/28/18
02/29/16
Bank of the West, CA
Certificate of Deposit
3514
1.200%
34,000.00
02/28/18
02/29/16
Midland States Bank, IL
Certificate of Deposit
1040
1.170%
34,000.00
207,000.00
VEHICLE REPLACEMENT FUND (061)
08/22/17
02/29/16
Ind & Comm Bank of China, NY
Certificate of Deposit
24387
1.150%
69,000.00
08/22/17
02/29/16
Talmer Bank and Trust, MI
Certificate of Deposit
58132
1.050%
69,000.00
08/22/17
02/29/16
Stearns Bank NA, MN
Certificate of Deposit
10988
1.000%
69,000.00
02/28/18
02/29/16
Cit Bank/Onewest Bank, CA
Certificate of Deposit
58978
1.250%
69,000.00
02/28/18
02/29/16
Bank of the West, CA
Certificate of Deposit
3514
1.200%
69,000.00
02/28/18
02/29/16
Midland States Bank, IL
Certificate of Deposit
1040
1.170%
69,000.00
414,000.00
RISK MANAGEMENT FUND (063)
03/06/17
03/06/19
Mount Prospect State Bank
Certificate of Deposit
354058
0.250%
20,000.00
20,000.00
TOTAL GOVERNMENTAL
AND ENTERPRISE FUNDS
$ 1,495,800.00
TOTAL TRUST AND AGENCY FUND INVESTMENTS
* Assets are restricted in purpose and do not represent discretionary assets of the government.
C
Market
$ 23,076,753.56
41,909,233.30
64,985,986.86
3,064,879.49
19,784,002.79
38,109, 597.41
60,958,479.69
$ 125,944,466.55
TRUST AND AGENCY FUNDS
Maturity
Purchase
Financial
Investment
CUSIP/
Interest
Date
Date
Institution
Description
Acct #
Rate %
POLICE PENSION FUND (070)
Various
Various
Wells Fargo
Wells Fargo Investments
Various
Various
Various
Various
Various
Mutual Fund Investments
Various
Various
FIRE PENSION FUND (071)
Various
5/26/2015
Principal Life Insurance Company
Group Annuity Contract
8-10810
Variable
Various
Various
Wells Fargo
Wells Fargo Investments
Various
Various
Various
Various
Various
Mutual Fund Investments
Various
Various
TOTAL TRUST AND AGENCY FUND INVESTMENTS
* Assets are restricted in purpose and do not represent discretionary assets of the government.
C
Market
$ 23,076,753.56
41,909,233.30
64,985,986.86
3,064,879.49
19,784,002.79
38,109, 597.41
60,958,479.69
$ 125,944,466.55
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