C. & 1h. Amendment to Investment Policy0
CITY OF
CHANIIASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
MEMORANDUM
TO: Mayor & City Council Members
FROM: Greg Sticha, Finance Director
DATE: June 27, 2011
SUBJ: Approve Amendments to the City's Investment Policy
� 4-- 1 -k
PROPOSED MOTION
"Staff recommends that the City Council approve the amended Investment
Policy as attached."
Approval of this item requires a simple majority vote of city council members
present.
BACKGROUND
During the past few years, interest rates have been in a continual downward
trend. In an effort to keep the city's portfolio safe, yet allow it the opportunity
to obtain additional yield, staff talked to our investment providers and several
local municipalities to see what areas could be improved to obtain yield without
adding additional risk.
After discussions with both groups, it was determined that the length of
investments currently allowed could be extended from 5 years to 7 years,
provided that no more than 10% of the portfolio be in this range. The city's
investment advisors and staff both feel that adding two additional years to the
policy would not add additional risk to the portfolio and potentially a higher
yield could be achieved. Many municipalities allow maximum maturities of
more than five years, with some even allowing up to ten years and beyond. The
city's auditing firm, HLB Tautges Redpath was also consulted and they had no
issues with the proposed change.
Listed below is the proposed revision to the maximum maturity section of the
Senior Center investment policy:
Phone: 952.227.1125
Fax: 952.227.1110 Maximum Maturities
Web Site
www.ci.chanhassen.mn.us To the extent possible, the City shall attempt to match its investments
with anticipated cash flow requirements. The City will not directly
invest in securities maturing more than seven (7) years from the date of
Chanhassen is a Community for Life - Providing for Today and Planning far Tomorrow
Mayor & City Council
June 27, 2011
Page 2
purchase with the majority (90 %) of the portfolio maturing within five
(5) years, or in accordance with state and local statutes and ordinances.
No more than 10% of the portfolio can have maturity dates between five
(5) and seven (7) years of the date of purchase. The City shall adopt
weighted average maturity limitations (which often range from 90 days
to 3 years), consistent with the investment objectives.
Reserve funds and other funds with longer -term investment horizons
may be invested in securities exceeding seven (7) years if the maturity of
such investments is made to coincide as nearly as practicable with the
expected use of funds. The intent to invest in securities with longer
maturities shall be disclosed in writing to the legislative body. (See the
GFOA Recommended Practice on "Maturities of Investments in a
Portfolio" in Appendix 3.)
Because of inherent difficulties in accurately forecasting cash flow
requirements, a portion of the portfolio should be continuously invested
in readily available funds such as LGIPs, money market funds, or
overnight repurchase agreements to ensure that appropriate liquidity is
maintained to meet ongoing obligations.
RECOMMENDATION
Staff recommends that the City Council adopt the amended investment policy as
attached.
ATTACHMENT
1. Amended Investment Policy.
f\gregs \investments \6 -27 amend investment policy memo.docx
City of Chanhassen Investment Policy
The purpose of this investment policy is to aid the City of Chanhassen in the appropriate management of
its investments. The City of Chanhassen should use this policy as a guide to fit its needs and to comply
with state and local laws, regulations, and other policies concerning the investment of public funds.
I. Scope
This policy applies to the investment of all funds, except for cash in certain restricted funds. The City will
consolidate cash balances from all funds to maximize investment earnings. Investment income will be
allocated to the various funds based on their respective participation and in accordance with generally
accepted accounting principles.
II. General Objectives
The primary objectives, in priority order, of investment activities shall be safety, liquidity, and yield:
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. The objective will be to
mitigate credit risk and interest rate risk.
The City will minimize credit risk, the risk of loss due to the failure of the security issuer or backer, by:
• Limiting investments to the safest types of securities
• Pre - qualifying the financial institutions, broker /dealers, intermediaries, and advisers with which
the City will do business
• Diversifying the investment portfolio so that potential losses on individual securities will be
minimized.
The City will minimize the risk that the market value of securities in the portfolio will fall due to changes in
general interest rates, by:
• Structuring the investment portfolio so that securities mature to meet cash requirements for
ongoing operations, thereby avoiding the need to sell securities on the open market prior to
maturity
• Investing operating funds primarily in shorter -term securities, money market mutual funds, or
similar investment pools.
Liquidity
The 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 (static liquidity). Furthermore, since all possible
cash demands cannot be anticipated, the portfolio should consist largely of securities with active
secondary or resale markets (dynamic liquidity). A portion of the portfolio also may be placed in money
market mutual funds or local government investment pools that offer same -day liquidity for short-term
funds.
Yield
The investment portfolio shall be designed with the objective of attaining a market rate of return
throughout budgetary and economic cycles, taking into account the investment risk constraints and
liquidity needs. Return on investment is of secondary importance compared to the safety and liquidity
objectives described above. The core of investments is limited to relatively low risk securities in
anticipation of earning a fair return relative to the risk being assumed. Securities shall not be sold prior to
maturity with the following exceptions:
• A security with declining credit may be sold early to minimize loss of principal.
• A security swap would improve the quality, yield, or target duration in the portfolio.
• Liquidity needs of the portfolio require that the security be sold.
III. Standards of Care
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 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 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.
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. 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 transactions with the
same individual with which business is conducted on behalf of the City.
Delegation of Authority
Authority to manage the investment program is granted to City Manager and derived from Minnesota
Statutes 412.141. Responsibility for the operation of the investment program is hereby delegated to the
Finance Director, who shall act in accordance with established written procedures and internal controls
for the operation of the investment program consistent with this investment policy. Procedures should
include references to: safekeeping, delivery vs. payment, investment accounting, repurchase
agreements, wire transfer agreements, and collateral /depository agreements. No person may engage in
an investment transaction except as provided under the terms of this policy and the procedures
established by the investment officer. The investment officer shall be responsible for all transactions
undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
IV. Safekeeping and Custody
Investments may be held in safekeeping with:
A. Any Federal Reserve Bank,
B. Any bank authorized under the laws of the United States or any state to exercise corporate trust
powers, including but not limited to the bank from which the investment is purchased,
C. A primary reporting dealer in United States government securities to the Federal Reserve Bank of
New York, or
D. A securities broker - dealer having its principal executive office in Minnesota, licensed pursuant to
Chapter 80A, or an affiliate of it, regulated by the securities and exchange commission and
maintaining a combined capital and surplus of $40,000,000 or more, exclusive of subordinated
debt.
The City's ownership of all securities in which the fund is invested should be evidenced by written
acknowledgments identifying the securities by:
A. The Names of issuers,
B. The Maturity dates,
C. The Interest rates,
D. Any Serial Numbers or other distinguishing marks.
The City may not invest in securities that are both uninsured and not registered in the name of the city
and are held by either:
A. The counterparty or
B. The counterparty's trust department or agent, but not in the name of the City.
Authorized Financial Dealers and Institutions
A list will be maintained of financial institutions authorized to provide investment services. In addition, a
list also will be maintained of approved security broker /dealers selected by creditworthiness (e.g., a
minimum capital requirement of $10,000,000 and at least five years of operation). These may include
"primary' dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule
15C3 -1 (uniform net capital rule).
All financial institutions and broker /dealers who desire to become qualified for investment transactions
must supply the following as appropriate:
• Audited financial statements
• Proof of National Association of Securities Dealers (NASD) certification
• Proof of state registration
• Certification of having read and understood and agreeing to comply with the City's investment
policy.
An annual review of the financial condition and registration of qualified financial institutions and
broker /dealers will be conducted by the investment officer. (See the GFOA Recommended Practice on
"Governmental Relationships with Securities Dealers," in Appendix 3.)
Internal Controls
The Finance Director is responsible for establishing and maintaining an internal control structure
designed to ensure that the assets of the City are protected from loss, theft or misuse. 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.
Accordingly, the investment officer shall establish a process for an annual independent review by an
external auditor to assure compliance with policies and procedures. The internal controls shall address
the following points:
■ Control of collusion
• Separation of transaction authority from accounting and record keeping
• Custodial safekeeping
• Avoidance of physical delivery securities
• Clear delegation of authority to subordinate staff members
• Written confirmation of transactions for investments and wire transfers
• Development of a wire transfer agreement with the lead bank and third -party custodian
Delivery vs. Payment
All trades where applicable will be executed by delivery vs. payment (DVP) to ensure that securities are
deposited in an eligible financial institution prior to the release of funds. A third -party custodian as
evidenced by safekeeping receipts will hold securities.
V. Suitable and Authorized Investments
AUTHORIZED INVESTMENTS
Investment instruments authorized and permitted by this policy are as follows:
A. Obligations of the United States or its agencies under a repurchase agreement if the margin
agreement under the repurchase agreement is 101 percent and with any of the following institutions:
1) a bank qualified as depository of public funds,
2) any national or state bank in the United States which is a member of the Federal Reserve System
and whose combined capital and surplus equals or exceeds $10,000,000,
3) a primary reporting dealer in the United States government securities to the Federal Reserve
Bank of New York,
4) a securities broker -- dealer having its principal executive office in Minnesota, licensed pursuant to
Chapter 80A, or an affiliate of it, regulated by the Securities and Exchange commission and
maintaining a combined capital and surplus of $40,000,000 or more, exclusive of subordinated
debt.
B. Governmental bonds, notes, bills, mortgages and other securities, which are direct obligations or are
guaranteed or insured issues of the United States, its agencies, its instrumentalities, or organizations
created by an act of Congress, excluding mortgage- backed securities defined as "high risk" (as
defined below) or in certificates of deposit secured by letters of credit issued by federal Home Loan
Banks.
High risk mortgage- backed securities are as follows:
1) interest -only or principal -only mortgage- backed securities,
2) any mortgage derivative security that:
a) has an expected average life greater than ten years,
b) has an expected average life that:
i) will extend by more than four years as the result of an immediate and sustained parallel
shift in the yield curve of plus 300 basis points: or
ii) will shorten by more than six years as the result of an immediate and sustained parallel
shift in the yield curve of minus 300 basis points: or
c) will have an estimated change in price of more than 17 percent as the result of an immediate
and sustained parallel shift in the yield curve of plus or minus 300 basis points.
C. Shares of an investment company registered under the Federal Investment company Act of 1940,
whose shares are registered under the Federal Securities Act of 1933, and whose only investments
are in:
1) securities described in "B" above, (with the exception that "high- risk" mortgage- backed securities
are permissible investments for an investment company),
2) general obligation tax - exempt securities rated A or better by a national bond rating service, and
3) repurchase or reverse repurchase agreements fully collateralized by securities described above if
the agreements are only entered into with an entity which is:
a) a primary reporting dealer to the Federal Reserve Bank of New York, or
b) one of the 100 largest U.S. commercial banks.
D. State and local government obligation as follows:
1) an obligation of the State of Minnesota or any of its municipalities,
2) obligation of other state and local governments:
a) that have taxing power, and
b) are rated "A" or better by a national bond rating service.
3) general obligations of the Minnesota Housing Finance Agency that are rated "A" or better by a
national agency.
4) General obligations of housing finance agencies of other states, provided:
a) they include a moral obligation of the state, and
b) they are rated "A" or better by a national bond rating service,
c) general of revenue obligation of any agency or authority of the State of Minnesota other than
those found in 3 or 4 above (Housing finance Agency) that are rated "AA" or better by a
national bond rating service.
E. Bankers acceptances of United States Corporation or their Canadian subsidiaries that is rated "Al" by
Moody's Investors Service and /or P1 by Standard and Poor's Corporation and matures in 270 days or
less.
F. Commercial paper issued by United States corporations or their Canadian subsidiaries that is rated
"A1" by Moody's Investors Service and /or "P1" by Standard and Poor's Corporation and matures in
270 days or less
G. Certificates of deposit at state and federally chartered banks and savings and loan associations. All
investments made under this subsection shall be limited to the amount of Federal Deposit Insurance
Corporation or shall be secured in the manner set forth in Minnesota statute 118.005. The certificate
of deposit should be in the form of a discounted security maturing in the amount not to exceed the
insurance coverage or in the amount so that at any time the face amount together with any accrued
interest does not exceed the insurance coverage.
H. The Finance Director will not purchase securities that are considered highly sensitive. A highly
sensitive investment is a debt instrument with contract terms that make the investment's fair value
highly sensitive to interest rate changes. Examples include range notes and index amortizing notes,
step -up notes and bonds, variable -rate investments with coupon multipliers, and coupons that vary
inversely with a benchmark index.
I. The Finance Director will not purchase securities that could expose the City to foreign currency risk.
CONCENTRATION OF CREDIT RISK
The City will limit investments to avoid over concentration in securities from a specific issuer or business
sector. At the time of purchase, no more than 5% of the overall portfolio may be invested in the securities
of a single issuer, except for the securities of the U.S. Government, external investment pools, and U.S
Government Sponsored Enterprises (or "Agencies ").
Collateral ization
In accordance with state law and the GFOA Recommended Practices on the Collateral ization of Public
Deposits, collateral ization of 110% of the total value of deposits will be required of all banks listed as
authorized depositories. (See GFOA Recommended Practices, Appendix 3.)
VI. Investment Parameters
Diversification
The investments shall be diversified by:
• limiting investments to avoid over concentration in securities from a specific issuer or business
sector (excluding U.S. Treasury securities),
• limiting investment in securities that have higher credit risks,
• investing in securities with varying maturities, and
• continuously investing a portion of the portfolio in readily available funds such as local
government investment pools (LGIPs), money market funds or overnight repurchase agreements
to ensure that appropriate liquidity is maintained in order to meet ongoing obligations. (See the
GFOA Recommended Practice on "Diversification of Investments in a Portfolio" in Appendix 3.)
Maximum Maturities
To the extent possible, the City shall attempt to match its investments with anticipated cash flow
requirements. The City will not directly invest in securities maturing more than seven (7) years from the
date of purchase with the majority (90 %) of the portfolio maturing within five (5) years, or in accordance
with state and local statutes and ordinances. No more than 10% of the portfolio can have maturity dates
between five (5) and seven (7) years of the date of purchase. The City shall adopt weighted average
maturity limitations (which often range from 90 days to 3 years), consistent with the investment objectives.
Reserve funds and other funds with longer -term investment horizons may be invested in securities
exceeding seven (7) years if the maturity of such investments is made to coincide as nearly as practicable
with the expected use of funds. The intent to invest in securities with longer maturities shall be disclosed
in writing to the legislative body. (See the GFOA Recommended Practice on "Maturities of Investments in
a Portfolio" in Appendix 3.)
Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio
should be continuously invested in readily available funds such as LGIPs, money market funds, or
overnight repurchase agreements to ensure that appropriate liquidity is maintained to meet ongoing
obligations.
VII. Reporting
Methods
The investment officer shall prepare an investment report at least quarterly, including a management
summary that provides an analysis of the status of the current investment portfolio and transactions made
over the last quarter. This management summary will be prepared in a manner which will allow the City to
ascertain whether investment activities during the reporting period have conformed to the investment
policy. The report shall be provided to the City Manager, the City Council, and any pool participants. The
report will include the following:
o Listing of individual securities held at the end of the reporting period.
o Realized and unrealized gains or losses resulting from appreciation or depreciation by listing the
cost and market value of securities over one -year duration that are not intended to be held until
maturity (in accordance with Governmental Accounting Standards Board (GASB) requirements).
o Listing of investment by maturity date.
o Percentage of the total portfolio that each type of investment represents.
Performance Standards
The investment portfolio will be managed in accordance with the parameters specified within this policy
The portfolio should obtain a market average rate of return during a market/economic environment of
stable interest rates. A series of appropriate benchmarks shall be established against which portfolio
performance shall be compared on a regular basis.
Marking to Market
The market value of the portfolio shall be calculated at least quarterly and a statement of the market value
of the portfolio shall be issued at least quarterly. This will ensure that review of the investment portfolio, in
terms of value and price volatility, has been performed consistent with the GFOA Recommended Practice
on "Mark -to- Market Practices for State and Local Government Investment Portfolios and Investment
Pools." (See GFOA Recommended Practices, Appendix 3.) In defining market value, considerations
should be given to the GASB Statement 31 pronouncement.
VIII. Policy Considerations
Exemption
Any investment currently held 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.
Amendments
This policy shall be reviewed by the Finance Director on an annual basis. Any changes must be approved
by the City Manager and City Council.
Cash Receipts
Payment Method Listing
User: jabel
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Batch: (All)
Date Range: 06/06/11
Station: CH1540
Operator: (All)
Commit Status: Uncommitted receipts only
Void Status: Valid receipts only
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Receipt No Date Payment Method Operator Station Amount Change
0158540
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jabel
CH1540
500.00
0.00
Cash Total:
500.00
0.00
0158404
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CH1540
25.00
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0158414
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CH1540
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CH1540
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0158416
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CH1540
480.11
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0158417
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CH1540
320.00
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0158418
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CH1540
72.12
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0158419
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CH1540
99.02
0.00
0158420
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CH1540
35.22
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0158421
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CH1540
52.78
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0158422
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CH1540
133.70
0.00
0158423
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CH1540
70.12
0.00
0158424
06/06/2011
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jabel
CH1540
107.02
0.00
0158425
06/06/2011
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jabel
CH1540
155.22
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0158426
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jabel
CH1540
139.48
0.00
0158427
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CH1540
87.68
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0158428
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176.61
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0158429
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CH1540
122.58
0.00
0158430
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CH1540
87.46
0.00
0158431
06/06/2011
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jabel
CH1540
189.15
0.00
0158432
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CH1540
64.34
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0158433
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60.56
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0158434
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139.48
0.00
0158435
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CH1540
87.46
0.00
0158436
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CH1540
110.58
0.00
0158437
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CH1540
97.82
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0158438
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70.12
0.00
0158439
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CH1540
233.71
0.00
0158440
06/06/2011
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CH1540
99.02
0.00
0158441
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CH1540
64.34
0.00
0158442
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58.56
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0158443
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38.99
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58.56
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87.46
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0158446
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39.22
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0158447
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93.24
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122.14
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CR - Pay Method Listing (06/06/2011 - 4:09 PM)
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Receipt No Date Payment Method Operator Station
Amount Change
0158450
06/06/2011
Check
jabel
CH1540
125.00
0158451
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CH1540
38.22
0158452
06/06/2011
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CH1540
40.22
0158453
06/06/2011
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CH1540
104.80
0158454
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CH1540
38.22
0158455
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CH1540
60.56
0158456
06/06/2011
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CH1540
38.22
0158457
06/06/2011
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CH1540
38.22
0158458
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CH1540
68.34
0158459
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CH1540
164.07
0158460
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CH1540
38.22
0158461
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CH1540
106.80
0158462
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CH1540
32.46
0158463
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CH1540
195.42
0158464
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CH1540
75.90
0158465
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CH1540
37.22
0158466
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CH1540
115.34
0158467
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CH1540
43.22
0158468
06/06/2011
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CH1540
81.68
0158469
06/06/2011
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CH1540
93.24
0158470
06/06/2011
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jabel
CH1540
125.45
0158471
06/06/2011
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CH1540
82.56
0158472
06/06/2011
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CH1540
43.22
0158473
06/06/2011
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jabel
CH1540
70.12
0158474
06/06/2011
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jabel
CH1540
35.22
0158475
06/06/2011
Check
jabel
CH1540
110.58
0158476
06/06/2011
Check
jabel
CH1540
110.58
0158477
06/06/2011
Check
jabel
CH1540
58.56
0158478
06/06/2011
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jabel
CH1540
52.78
0158479
06/06/2011
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CH1540
40.22
0158480
06/06/2011
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jabel
CH1540
104.80
0158481
06/06/2011
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jabel
CH1540
75.90
0158482
06/06/2011
Check
jabel
CH1540
40.22
0158483
06/06/2011
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jabel
CH1540
49.00
0158484
06/06/2011
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jabel
CH1540
64.34
0158485
06/06/2011
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jabel
CH1540
40.22
0158486
06/06/2011
Check
jabel
CH1540
81.68
0158487
06/06/2011
Check
jabel
CH1540
81.68
0158488
06/06/2011
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jabel
CH1540
157.80
0158489
06/06/2011
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jabel
CH1540
8.76
0158490
06/06/2011
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jabel
CH1540
8.76
0158491
06/06/2011
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jabel
CH1540
39.22
0158492
06/06/2011
Check
jabel
CH1540
117.51
0158494
06/06/2011
Check
jabel
CH1540
8.76
0158495
06/06/2011
Check
jabel
CH1540
177.72
0158496
06/06/2011
Check
jabel
CH1540
8.76
0158497
06/06/2011
Check
jabel
CH1540
114.84
0158498
06/06/2011
Check
jabel
CH1540
8.76
0158499
06/06/2011
Check
jabel
CH1540
8.76
0158500
06/06/2011
Check
jabel
CH1540
39.22
0158501
06/06/2011
Check
jabel
CH1540
75.65
0158502
06/06/2011
Check
jabel
CH1540
125.58
0158503
06/06/2011
Check
jabel
CH1540
47.00
0158504
06/06/2011
Check
jabel
CH1540
143.88
0158505
06/06/2011
Check
jabel
CH1540
8.76
0158506
06/06/2011
Check
jabel
CH1540
39.22
0158507
06/06/2011
Check
jabel
CH1540
15.10
0158508
06/06/2011
Check
jabel
CH1540
59.28
0158509
06/06/2011
Check
jabel
CH1540
8.76
0158510
06/06/2011
Check
jabel
CH1540
3.61
0158511
06/06/2011
Check
jabel
CH1540
8.76
CR - Pay Method Listing (06/06/2011 - 4:09 PM) Page
Receipt No
Date
Payment Method
Operator
Station
Amount
Change
0158512
06/06/2011
Check
jabel
CH1540
8.76
0.00
0158513
06/06/2011
Check
jabel
CH1540
8.76
0.00
0158514
06/06/2011
Check
jabel
CH1540
81.68
0.00
0158515
06/06/2011
Check
jabel
CH1540
95.03
0.00
0158516
06/06/2011
Check
jabel
CH1540
1,209.93
0.00
0158517
06/06/2011
Check
jabel
CH1540
47.00
0.00
0158518
06/06/2011
Check
jabel
CH1540
104.80
0.00
0158519
06/06/2011
Check
jabel
CH1540
191.64
0.00
0158520
06/06/2011
Check
jabel
CH1540
71.69
0.00
0158521
06/06/2011
Check
jabel
CH1540
8.76
0.00
0158522
06/06/2011
Check
jabel
CH1540
75.90
0.00
0158523
06/06/2011
Check
jabel
CH1540
104.80
0.00
0158524
06/06/2011
Check
jabel
CH1540
95.24
0.00
0158525
06/06/2011
Check
jabel
CH1540
70.12
0.00
0158526
06/06/2011
Check
jabel
CH1540
97.24
0.00
0158527
06/06/2011
Check
jabel
CH1540
110.58
0.00
0158528
06/06/2011
Check
jabel
CH1540
51.00
0.00
0158529
06/06/2011
Check
jabel
CH1540
93.24
0.00
0158530
06/06/2011
Check
jabel
CH1540
70.34
0.00
0158531
06/06/2011
Check
jabel
CH1540
35.46
0.00
0158532
06/06/2011
Check
jabel
CH1540
93.24
0.00
0158533
06/06/2011
Check
jabel
CH1540
41.22
0.00
0158534
06/06/2011
Check
jabel
CH1540
87.46
0.00
0158535
06/06/2011
Check
jabel
CH1540
40.22
0.00
0158536
06/06/2011
Check
jabel
CH1540
37.28
0.00
0158537
06/06/2011
Check
jabel
CH1540
5.74
0.00
0158538
06/06/2011
Check
jabel
CH1540
12.94
0.00
0158539
06/06/2011
Check
jabel
CH1540
62.56
0.00
0158543
06/06/2011
Check
jabel
CH1540
415.05
0.00
0158544
06/06/2011
Check
jabel
CH1540
72.45
0.00
0158545
06/06/2011
Check
jabel
CH1540
87.25
0.00
0158546
06/06/2011
Check
jabel
CH1540
176.65
0.00
0158547
06/06/2011
Check
jabel
CH1540
30.45
0.00
0158555
06/06/2011
Check
jabel
CH1540
117.05
0.00
0158556
06/06/2011
Check
jabel
CH1540
280.98
0.00
0158557
06/06/2011
Check
jabel
CH1540
56.45
0.00
0158558
06/06/2011
Check
jabel
CH1540
176.65
0.00
0158559
06/06/2011
Check
jabel
CH1540
221.35
0.00
0158562
06/06/2011
Check
jabel
CH1540
30.50
0.00
0158563
06/06/2011
Check
jabel
CH1540
30.45
0.00
0158564
06/06/2011
Check
jabel
CH1540
122.50
0.00
0158565
06/06/2011
Check
jabel
CH1540
30.10
0.00
0158566
06/06/2011
Check
jabel
CH1540
206.45
0.00
0158567
06/06/2011
Check
jabel
CH1540
56.00
0.00
0158568
06/06/2011
Check
jabel
CH1540
426.40
0.00
0158571
06/06/2011
Check
jabel
CH1540
50.00
0.00
Check Total:
14,246.88
0.00
0158548
06/06/2011
Credit Cd
jabel
CH1540
146.85
0.00
0158549
06/06/2011
Credit Cd
jabel
CH1540
146.85
0.00
0158550
06/06/2011
Credit Cd
jabel
CH1540
131.95
0.00
0158551
06/06/2011
Credit Cd
jabel
CH1540
131.95
0.00
0158552
06/06/2011
Credit Cd
jabel
CH1540
161.75
0.00
0158553
06/06/2011
Credit Cd
jabel
CH1540
176.65
0.00
0158554
06/06/2011
Credit Cd
jabel
CH1540
146.85
0.00
0158560
06/06/2011
Credit Cd
jabel
CH1540
102.15
0.00
0158561
06/06/2011
Credit Cd
jabel
CH1540
87.25
0.00
0158569
06/06/2011
Credit Cd
jabel
CH1540
142.98
0.00
0158570
06/06/2011
Credit Cd
jabel
CH1540
50.00
0.00
CR - Pay Method Listing (06/06/2011 - 4:09 PM) Page
Receipt No Date Payment Method Operator Station
Amount Change
Credit Cd Total: . 1,425.23
Report Total: 16,172.11
0.00
0.00
CR - Pay Method Listing (06/06/2011 - 4:09 PM) Page 4