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A. Second Quarter 2011 Revenue & Expense Analysis
Engineering Phone: 952.227.g At this point in the year, staff is projecting that total expenses will be slightly CITY OF MEMORANDUM CHMNSFN TO: Mayor and City Council 7700 Market Boulevard PO Box Boulevard FROM: Greg Sticha, Finance Director Chanhassen, MN 55317 the year, this budget will have actual expenditures closer to budgeted amounts. Fax: 952.227.1110 DATE: August 8, 2011 Administration Phone: 952.227.1100 SUBJ: Second Quarter 2011 Revenue & Expense Analysis Fax: 952.227.1110 Fax: 952.227.1110 BACKGROUND Building Inspections As can be seen from the attached report, the city is well on its way to meet Phone: 952.227.1180 As part of our key financial strategies, staff has prepared a second quarter revenue Fax: 952.227.1190 and expense analysis for review. Engineering Phone: 952.227.g At this point in the year, staff is projecting that total expenses will be slightly Fax: 952.227.1170 under budget, which is similar to the past several years. One item of note is that the general liability insurance in the city hall maintenance budget has not yet been Finance allocated to other departments or funds. Once this allocation is made at the end of Phone: 952.227.1140 the year, this budget will have actual expenditures closer to budgeted amounts. Fax: 952.227.1110 Additionally, staff is tracking fuel costs as they have risen beyond what was Park & Recreation estimated last fall. Phone: 952.227.1120 Fax: 952.227.1110 On the revenue side, staff monitors building permit revenue throughout the year. As can be seen from the attached report, the city is well on its way to meet Recreation Center budgeted revenues for all permits. If the second half of the year is similar to the 2310 Coulter Boulevard first half, revenue could exceed projections. Staff is not aware of any other Phone: 952.227.1400 revenue line items that will fall short of budget expectations. Fax: 952.227.1404 Planning & Also attached is an analysis of the city's investment portfolio prepared by Wells Natural Resources Fargo. Staff will review both documents with the council at the work session and Phone: 952.227.1130 will be happy to answer any questions at that time. Fax: 952.227.1110 ATTACHMENTS Public Works 7901 Park Place Phone: 952.227.13 1. First Quarter 2011 Budget vs. Actual Revenue & Expense Reports Fax: 952.227.1310 2. Wells Fargo Investment Analysis Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site www.ci.chanhassen.mn.us f:\gregs \counci1\201 1\2nd qtr 2011 revenue analysis.docx Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow General Ledger Expense - Budget vs Actual Period 01 - 06 Fiscal Year 2011 - 2011 Description City Council Administration Finance Legal Property Assessment Management Information Systems City Hall Maintenance Elections Library Building General Government Police /Carver Co Contract Fire Prevention & Admin Code Enforcement Animal Control Law Enforcement Engineering Street Maintenance Street Lighting & Signals City Garage Public Works Planning Commission Planning Administration Senior Facility Commission Community Development Park Commission Park Administration Recreation Center Lake Ann Park Park Maintenance Senior Citizens Center Recreation Programs Self- Supporting Programs Recreation Sports Park & Recreation Grand Total 2011 2011 2011 Budget Actual Dollars Unspent 108,300.00 41,015.77 67,284.23 466,000.00 202,452.84 263,547.16 281,600.00 148,972.11 132,627.89 142,000.00 71,691.47 70,308.53 112,100.00 8,592.67 103,507.33 254, 600.00 109, 644.43 144, 955.57 408,400.00 406,414.07 1,985.93 28,200.00 50.87 28,149.13 127,300.00 53,443.98 73,856.02 $ 1,928,500.00 $ 1,042,278.21 $ 886,221.79 2011 % Unspent 62.13 56.56 47.10 49.51 92.33 56.93 0.49 99.82 58.02 45.95% 1,654,900.00 786,696.70 868,203.30 52.46 745,800.00 228,867.02 516,932.98 69.31 608,300.00 273,730.86 334,569.14 55.00 74,200.00 28,841.26 45,358.74 61.13 $ 3,083,200.00 $ 1,318,135.84 $ 1,765,064.16 57.25% 573,000.00 245,719.16 327,280.84 57.12 823,400.00 368,253.46 455,146.54 55.28 345, 400.00 164, 721.49 180, 678.51 52.31 503,000.00 258,767.57 244,232.43 48.56 $ 2,244,800.00 $ 1,037,461.68 $ 1,207,338.32 53.78% 4,200.00 1,638.06 2,561.94 61.00 418,400.00 181,691.82 236,708.18 56.57 32,300.00 14,438.52 17,861.48 55.30 $ 454,900.00 $ 197,768.40 $ 257,131.60 56.52% 2,200.00 1,130.47 1,069.53 48.62 137,300.00 75,172.48 62,127.52 45.25 353,900.00 151,058.21 202,841.79 57.32 62,100.00 11,249.51 50,850.49 81.88 898,300.00 390,094.12 508,205.88 56.57 69,000.00 26,251.59 42,748.41 61.95 282,000.00 94,831.17 187,168.83 66.37 82,000.00 27,166.95 54,833.05 66.87 19,400.00 12,057.50 7,342.50 37.85 $ 1,906,200.00 $ 789,012.00 $ 1,117,188.00 58.61% $ 9,617,600.00 $ 4,384,656.13 $ 5,232,943.87 54.41% General Ledger Revenue - Budget vs Actual Period 01 - 06 Fiscal Year 2011 - 2011 Account Description General Property Tax 3010 Current Property Tax 3002 Allowance for Delinquent Taxes 3011 Delinquent Property Tax 3041 Homestead & Ag Credit 3090 Other Property Taxes 3500 Local Government Aid 3213 Total General Property Tax Licenses 2011 Budget 7,508,200.00 (300,000.00) 130, 000.00 2011 2011 Actual $ Uncollected 2011 % Uncollected 3,670,079.32 3,838,120.68 51.12 (300,000.00) 100.00 130, 000.00 100.00 $ 7,338,200.00 $ 3,670,079.32 $ 3,668,120.68 49.99% 3203 Dog Kennel 800.00 500.00 300.00 3205 Dog or Cat - 50.00 (50.00) 3213 Solicitor 700.00 1,000.00 (300.00) 3226 Liquor On /Off Sale 90,000.00 90,232.00 (232.00) 3230 Rental Housing Licenses 34,000.00 11,900.00 22,100.00 3284 Rubbish 3,000.00 1,500.00 1,500.00 Total Licenses $ 128,500.00 $ 105,182.00 $ 23,318.00 Permits 3301 Building 380,000.00 264,981.81 115,018.19 3302 Plan Check 180,000.00 132,720.02 47,279.98 3305 Heating & A/C 80,000.00 44,817.94 35,182.06 3306 Plumbing 65,000.00 38,274.94 26,725.06 3307 Trenching 25,000.00 22,620.40 2,379.60 3308 Gun 1,400.00 320.00 1,080.00 3309 Sprinkler 15,000.00 3,779.53 11,220.47 3311 Sign 7,500.00 1,875.00 5,625.00 3320 Stable 300.00 180.00 120.00 3331 Firework's Application Fee - 300.00 (300.00) 3390 Misc Permits 2,000.00 1,750.00 250.00 Total Permits $ 756,200.00 $ 511,619.64 $ 244,580.36 Fines & Penalties 3140 S/A Penalties & Interest - - - 3401 Traffic & Ordinance Violation 125,000.00 52,334.20 72,665.80 3402 Vehicle Lockouts 2,500.00 800.00 1,700.00 3404 Dog /Cat Impound 4,000.00 1,970.29 2,029.71 3405 Other Fines & Penalties - - - Total Fines & Penalties $ 131,500.00 7_55,104.49 $ 76,395.51 Intergovernmental Revenue 3503 School District Reimbursement 45,000.00 - 45,000.00 3509 Other Shared Taxes 130,000.00 - 130,000.00 3510 Grants -State 90,000.00 - 90,000.00 3520 Grants - County - 10,000.00 (10,000.00) 3533 Other Grants - 1,000.00 (1,000.00) Total Intergovernmental Revenue $ 265,000.00 $ 11,000.00 $ 254,000.00 37.50 (42.86) (0.26) 65.00 50.00 18.15% 30.27 26.27 43.98 41.12 9.52 77.14 74.80 75.00 40.00 12.50 32.34% 58.13 68.00 50.74 58.10% 100.00 100.00 100.00 95.85% Page 1 of 2 Account Description Charges for Current Services 3601 Sale of Documents 3602 Use & Variance Permits 3603 Rezoning Fees 3604 Assessment Searches 3605 Plat Recording Fees 3607 Election Filing Fees 3613 Misc - General Government 3614 Admin Charge -2% Const 3615 Admin Charge -5% Street Re -Const 3617 Engineering General 3619 Investment Management Fee 3629 Misc - Public Safety 3630 Recreation Program Fees 3631 Recreation Center 3633 Park Equipment Rental 3634 Park Facility Usage Fee 3635 Watercraft Rental 3636 Self- Supporting Programs 3637 Senior Programs 3638 Food Concessions 3639 Misc -Park & Rec 3641 Youth Sport Donation 3642 Recreation Sports 3649 Misc - Public Works 3651 Merchandise Sales 3670 Internment Fee Total Current Services Other Revenue 3801 Interest Earnings 3802 Equipment Rental & Sale 3803 Building Rental 3804 Land Sale 3807 Donations 3808 Ins Recoveries & Reimbursements 3816 SAC Retainer 3818 Sur -Tax Retainer 3820 Misc Other Revenue 3829 Interest/Penalties-Other 3901 Contributed Assets 3903 Refunds /Reimbursements 3910 Misc Revenue 3980 Cash Over /Short 120.00 Total Other Revenue Grand Total General Ledger Revenue - Budget vs Actual Period 01 - 06 Fiscal Year 2011 - 2011 2011 Budget 1,000.00 10, 000.00 2,000.00 500.00 3,000.00 5,000.00 20,000.00 50,000.00 75, 000.00 10,000.00 40, 000.00 230,000.00 300.00 14, 000.00 4,500.00 97,000.00 30,000.00 12,000.00 1,200.00 2011 2011 Actual $ Uncollected 948.03 2,079.18 60.00 322.65 888.52 19,338.00 45.00 5,628.04 26,490.40 100,148.46 18.71 9,491.48 1,844.44 45,936.36 15,196.66 2,128.75 982.42 51.97 7,920.82 2,000.00 440.00 2,677.35 4,111.48 662.00 50, 000.00 (45.00) 75,000.00 4,371.96 13, 509.60 129,851.54 281.29 4,508.52 2,655.56 51,063.64 14, 803.34 9,871.25 217.58 31,000.00 13, 530.43 17,469.57 5,000.00 600.00 4,400.00 1,500.00 565.36 934.64 - 100.00 (100.00) $ 643,000.00 $ 246,342.89 $ 396,657.11 2011 % Uncollected 5.20 79.21 100.00 88.00 89.25 82.23 3.31 100.00 100.00 43.72 33.77 (20.09) 93.76 32.20 59.01 52.64 49.34 82.26 18.13 56.35 88.00 62.31 61.69% 100,000.00 - 100,000.00 100.00 180,000.00 98,364.20 81,635.80 45.35 5,000.00 2,720.00 2,280.00 45.60 - 1,200.00 (1,200.00) - 25,200.00 24,425.00 775.00 3.08 5,000.00 1,406.20 3,593.80 71.88 1,000.00 356.88 643.12 64.31 1,000.00 120.00 880.00 88.00 38,000.00 7,406.50 30,593.50 80.51 - (0.49) 0.49 - $ 355,200.00 $ 135,998.29 $ 219,201.71 61.71% $ 9,617,600.00 $ 4,735,326.63 $ 4,882,273.37 50.76% Page 2 of 2 Fixed Income Sales Portfolio Analytics Analysis for: CITY OF CHANHASSEN Presented by: J. CURTIS June 30, 2011 This account summary was prepared by Wells Fargo Securities Portfolio Analytic Services and is not a substitute for your monthly statement or trade confirmation. Prices and yields are current as of the date of this summary and are subject to change and availability; past performance is no guarantee of future results. Municipal leases are shown at their par value. Any rating provided for a municipal lease investment is a rating associated with the lessee, and does not constitute a rating of the lease investment itself. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, a member of NYSE, FINRA and SIPC, Wells Fargo Institutional Securities, LLC, a member of FINRA and SIPC, and Wells Fargo Bank, National Association. Wells Fargo Securities, LLC carries and provides clearing services for Wells Fargo Institutional Securities, LLC customer accounts. Investments: NOT FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO SUMMARY REPORT CITY OF CHANHASSEN Total Par Value($000): $24,427 Avg. Market Yield: 1.19 Total Market Value($000)(w /accrd): $24,932 Avg. Book Yield: 1.84 Total Market Value($000)(w /o accrd): $24,837 Avg. Coupon: 2.13 Unrealized G/L ($000): $244 Avg. Price: 101.68 3 Month Cash Flow Projection($000): $8,537 Number of Bonds: 39 Annual Income($000): $467 Avg. Effective Duration: 1.91 %Portfolio Callable: 16.04 Avg. Convexity: -0.08 %Portfolio Floating Rate: 0.00 Avg. Life (Years): 1.93 Current Yield Curve 6.00 4.00 2.00 0.00 6 mo 1 yr 2yr 3yr 5yr 7yr 1 Oyr 20yr 30yr Sector Distribution 45 -- -- 40 - - 35 - - -- 30 -- 25 20 - 15 — 10 - - 5 0 - - AGY MUNI CD MFND 2 Coupon Distribution DISTRIBUTION CHARTS CITY OF CHANHASSEN Agency Distribution FHLMC, 4.19 FFCB, 6.01 FNMA, 10.00 FHLB, 20.63 Call Distribution Priced to Call, 16.04% NC /Not Priced To Call, 83.96% Duration Distribution a M " 50 45 40 35 30 J O F 25 a 20 - 0 15 10 5 0 <0.00 0.00-0.99 1.00-2.99 3.00-3.99 4.00-6.99 6.00-7.99 8.00+ 3 6e............1 04.-.&- n:.a�:�...a:.... PORTFOLIO HISTORY 'All avera es market weighted Date Total Par Unrealized Effective Convexity Avg. Life Market YTW Benchmark Avg. Book Avg. Coupon Avg. Avg. Mdy's *issues $228 Value($000) GIL($000) Duration $234 Yrs -0.01 Tsy Yid Yield 0.62 Price Rating $282 Jun -11 Mar -11 Dec -10 Sep -10 Jun -10 Apr -10 Mar -10 Jan -10 Sep-09 Jun -09 Mar -09 Dec -08 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 $5,000 $0 $24,427 $244 1.91 -0.08 $21,503 $60 1.82 -0.13 $25,326 $160 1.77 -0.14 $20,742 $228 1.34 -0.05 $24,387 $234 0.79 -0.01 $21,083 $233 0.62 0.00 $24,083 $282 0.98 -0.19 $33,510 $320 0.85 -0.07 $28,573 $557 0.72 0.01 $35,177 $638 0.80 -0.01 $36,027 $621 1.00 0.00 $42,745 $762 1.07 -0.03 1.93 1.19 0.18 1.84 1.18 0.26 1.68 1.24 0.29 1.30 0.71 0.26 0.77 0.69 0.32 0.64 0.34 0.45 1.16 0.86 0.40 1.07 1.03 0.34 0.74 0.76 0.40 0.81 1.07 0.51 1.03 1.78 0.64 1.08 1.70 0.49 Portfolio Par Value($000) 1.84 2.13 101.68 Aaa 39 1.67 2.18 100.84 Aaa 36 1.44 1.92 100.83 Aaa 43 1.77 2.21 101.58 AGY 33 2.52 3.09 101.71 AGY 42 2.54 3.23 101.68 AGY 41 2.59 3.23 101.79 AGY 44 2.79 3.26 101.51 AGY 79 3.32 3.85 102.53 AGY 78 3.05 3.48 102.38 AGY 88 3.27 3.68 102.38 AGY 97 3.12 3.54 102.44 AGY 107 4 0 0 0 0 0 0 M 0 0 Co r Q 4 4 4 D dl n Q -�j m - W d M � D INVESTMENT SECTOR REPORT CITY OF CHANHASSEN Par MDY S&P Coupon Call Acq Acq Worst Mkt Book Eff Gain /Loss Sector $000 Cusip Issuer Rating Rating % Maturity Date Price Date Date Price Mkt Val %Pord YTW Yld Dur Conv $000 1,000 313384JW FHLB DISC NT AGY AGY 0.000 08/01/11 N/A 99.996 06/17/11 08/01/11 99.998 1,000 4.01 0.02 0.03 0.09 0.00 0.01 1,000 3137EAAR FEDERAL HOME LN MTG CORP AGY AGY 4.750 03/05/12 N/A 104.64 11/19/08 03/05/12 103.02 1,045 4.19 0.31 3.25 0.67 0.00 20.20 950 31331XG3 FEDERAL FARM CR BKS AGY AGY 5.450 06/21/12 N/A 103.83 11/09/07 06/21/12 104.97 998 4.00 0.34 4.52 0.96 0.01 38.88 1,000 3133XUK9 FEDERAL HOME LOAN BANKS AGY AGY 2.000 09/14/12 N/A 102.34 06/24/10 09/14/12 101.96 1,026 4.11 0.37 0.93 1.19 0.01 6.87 500 31331J4W FEDERAL FARM CR BKS AGY AGY 0.620 12/13/12 12113/11 100.00 12/13/10 12/13/11 100.15 501 2.01 0.28 0.62 0.87 -0.34 0.77 1,000 3133XUPZ FEDERAL HOME LOAN BANKS AGY AGY 2.625 09/13/13 N/A 103.84 06/24/10 09/13/13 104.40 1,052 4.22 0.61 1.40 2.14 0.03 17.57 1,000 3133XSP9 FEDERAL HOME LOAN BANKS AGY AGY 3.125 12/13/13 N/A 105.09 12/02/09 12/13/13 105.85 1,060 4.25 0.71 1.81 2.38 0.03 27.10 1,000 3136FM3R FEDERAL NATL MTG ASSN AGY AGY 1.750 08/18/14 08/18/11 100.05 08/18/10 08/18/11 100.17 1,008 4.04 0.45 1.70 0.87 -0.72 1.68 1,000 313370KG FEDERAL HOME LOAN BANKS AGY AGY 1.000 08/25/15 08/25/11 100.00 08/25/10 08/25/11 100.15 1,005 4.03 0.01 1.00 0.33 -0.17 1.52 1,500 3136FRWR FEDERAL NATL MTG ASSN AGY AGY 1.500 12/30/16 12/30/11 100.00 06/30/11 12/30/13 99.03 1,485 5.96 1.90 1.50 3.05 -1.14 -14.59 AGY 9,950 2.310 2.37 101.90 10,181 40.83 0.58 1.71 1.37 -0.26 100.00 255 305229DK FAIRMONT MINN INDPT SCH BAB Aa2 N/A 1.650 02/01/13 N/A 100.00 08/12/10 02/01/13 101.12 262 1.05 0.94 1.65 1.55 0.02 2.85 265 305229DL FAIRMONT MINN INDPT SCH BAB Aa2 N/A 2.000 02/01/14 N/A 100.00 08/12/10 02101/14 101.51 274 1.10 1.40 2.00 2.49 0.04 4.00 550 51043PAA LAKE PARK- AUDUBON MINN INDP N/A AAA 2.000 02/01/14 N/A 100.00 07/22/10 02/01/14 101.51 563 2.26 1.40 2.00 2.51 0.04 8.30 480 081617PT BEND ORE FULL FAITH CREDIT Aa3 N/A 2.100 11101/14 N/A 100.00 11/30/10 11/01/14 100.99 486 1.95 1.79 2.10 3.23 0.06 4.77 275 305229DM FAIRMONT MINN INDPT SCH BAB Aa2 N/A 2.650 02/01/15 N/A 100.00 08/12/10 02/01/15 102.59 289 1.16 1.90 2.65 3.37 0.07 7.13 1,300 51043PAB LAKE PARK - AUDUBON MINN INDP N/A AAA 2.750 02/01/15 N/A 100.00 07/22/10 02/01/15 102.95 1,353 5.43 1.90 2.75 3.41 0.07 38.32 615 081617PU BEND ORE FULL FAITH CREDIT Aa3 N/A 2.600 11/01/15 N/A 100.00 11/30/10 11/01/15 101.29 626 2.51 2.28 2.60 4.12 0.10 7.96 510 951427X4 WEST BEND WIS TAXABLE G O R Aa2 N/A 2.875 03/01/16 N/A 103.45 10/19/10 03/01/16 103.17 531 2.13 2.16 2.19 4.39 0.11 0.74 625 081617PV BEND ORE FULL FAITH CREDIT Aa3 N/A 3.100 11/01/16 N/A 100.00 11/30/10 11/01/16 101.72 639 2.56 2.75 3.10 4.97 0.14 10.74 1,800 942860MX WAUKEGAN ILL GO BDS 2009A Aa3 N/A 4.650 12/30/17 N/A 103.41 06/17/11 12/30/17 105.10 1,892 7.59 3.76 4.05 5.75 0.19 30.56 MUNI 6,675 3.106 4.48 102.88 6,913 27.73 2.44 2.90 4.14 0.11 115.38 249 060623T2 BANK BARODA NEW YORK N Y N/A N/A 0.250 09/12/11 N/A 100.00 06/10/11 09/12/11 99.96 249 1.00 0.44 0.25 0.20 0.00 -0.09 249 062782VV BANK INDIA NEW YORK N Y N/A N/A 0.200 09/14/11 N/A 100.00 06/14/11 09/14/11 99.95 249 1.00 0.44 0.20 0.21 0.00 -0.12 249 78658OPW SAFRA NATL BK NEW YORK NY N/A N/A 0.150 09/15/11 N/A 100.00 06/15/11 09/15/11 99.94 249 1.00 0.43 0.15 0.21 0.00 -0.14 249 06425P2N BANK OF CHINA NEW YORK CITY N/A N/A 0.250 09/15/11 N/A 100.00 06/15/11 09/15/11 99.96 249 1.00 0.44 0.25 0.21 0.00 -0.10 249 58403BUX MEDALLION BK UTAH N/A N/A 0.150 09/19/11 N/A 100.00 06/17/11 09/19/11 99.94 249 1.00 0.44 0.15 0.22 0.00 -0.15 249 98233PWL WRIGHT EXPRESS FINL SVCS COR N/A N/A 0.150 09/20/11 N/A 100.00 06/20/11 09/20/11 99.94 249 1.00 0.43 0.15 0.22 0.00 -0.15 245 05568PUE BMW BK NORTH AMER UTAH N/A N/A 1.700 12/12/11 N/A 100.00 12/11/09 12/12/11 100.52 246 0.99 0.54 1.70 0.45 0.00 1.28 170 060243CW BANGOR SVGS BK ME N/A N/A 2.200 12/10/12 N/A 100.00 12/09/09 12/10/12 101.87 173 0.70 0.89 2.20 1.43 0.01 3.18 245 02580VF4 AMERICAN EXPRESS BK FSB UTAH N/A N/A 2.350 12/10/12 N/A 100.00 12/09/09 12/10/12 102.09 250 1.00 0.89 2.35 1.43 0.01 5.11 245 02586T4Z AMERICAN EXPRESS CENTURION B N/A N/A 2.350 12/10/12 N/A 100.00 12/09/09 12/10/12 102.09 250 1.00 0.89 2.35 1.43 0.01 5.11 249 59012YD4 MERRICK BK CORP STH JORDAN U N/A N/A 0.600 12/17/12 N/A 100.00 12/15/10 12/17/12 100.21 250 1.00 0.46 0.60 1.46 0.01 0.51 249 06541PAY BANK UNION UNION CITY OKLA N/A N/A 0.650 12121/12 N/A 100.00 12/22/10 12/21/12 100.20 250 1.00 0.51 0.65 1.47 0.01 0.50 245 87164DAC SYNOVUS BK COLUMBUS GA N/A N/A 1.450 02/25/14 N/A 100.00 08/25/10 02/25/14 101.45 250 1.00 0.90 1.45 2.60 0.04 3.55 245 36159SRA GE MONEY BK DRAPER UTAH N/A N/A 1.900 08/20/14 N/A 100.00 08/20110 08/20/14 101.08 249 1.00 1.55 1.90 3.04 0.05 2.65 245 14042E3R CAPITAL ONE NATL ASSN VA N/A N/A 1.750 08/25/14 N/A 100.00 08/25/10 08/25/14 101.50 250 1.00 1.27 1.75 3.06 0.05 3.66 245 140420MY CAPITAL ONE BK USA NATL ASSN N/A N/A 1.750 08/25/14 N/A 100.00 08/25/10 08/25/14 101.50 250 1.00 1.27 1.75 3.06 0.05 3.66 CD 3,877 1.088 1.32 100.73 3,913 15.69 0.73 1.09 1.29 0.02 28.44 1,026 0003CHAN WF CHAN N/A N/A 0.040 07/01/11 N/A 100.00 06/30/11 07/01/11 100.00 1,026 4.12 0.04 0.04 0.00 0.00 0.00 0.33 0002CHAN 4M CHAN N/A N/A 0.020 07/01/11 N/A 100.00 06/30/11 07/01/11 100.00 0.33 0.00 0.02 0.02 0.00 0.00 0.00 5 Total: 24,427 2.130 2.42 101.68 24,932 100.00 1.19 1.84 1.91 -0.08 243.83 Par MDY S &P Coupon Call Acq Acq Worst Mkt Book Eff Gain /Loss Sector $000 Cusi Issuer Rating Rating I % Maturity Date Price Date Date I Price Mkt Val % Port YTW Yld Dur Conv I $000 2,899 0001CHAN M &I CHAN N/A N/A 1.400 07/01/11 N/A 100.00 06/30/11 07/01/11 100.00 2,899 11.63 1.42 1.42 0.00 0.00 0.00 MFND 3,925 1.044 0.00 100.00 3,925 15.74 1.06 1.06 0.00 0.00 0.00 Total: 24,427 2.130 2.42 101.68 24,932 100.00 1.19 1.84 1.91 -0.08 243.83 PORTFOLIO SIMULATION - MARKET /'ITV nC P`LJA \t"AG`G`C�1 -300 ----- - - - - -- Returns( %) ----- - - - - -- Avg Eff 4.127 Mkt Value $ Mkt Value % Mkt Value 0.820 Yield Change (bp) I Total Income Price I I Life Dur Convexity 1 [$000] 1 Chant I Change 0.937 -300 4.710 0.742 -250 4.127 0.781 -200 3.557 0.820 -150 2.999 0.859 -100 2.452 0.898 -50 1.917 0.937 0 1.440 1.023 50 1.032 1.214 100 0.559 1.370 150 0.079 1.525 200 -0.397 1.680 250 -0.867 1.835 300 -1.329 1.990 Horizon Months 12 $118,902 3.968 1.28 1.218 0.025 $26,106,268 $815,259 3.22% 3.347 1.27 1.201 0.024 $25,960,962 $669,953 2.65% 2.737 1.25 1.184 0.024 $25,818,751 $527,741 2.09% 2.140 1.24 1.167 0.023 $25,679,556 $388,547 1.54% 1.554 1.23 1.151 0.023 $25,543,301 $252,291 1.00% 0.980 1.21 1.135 0.022 $25,409,912 $118,902 0.47% 0.418 1.20 1.119 0.022 $25,291,010 $0 0.00 % -0.182 1.19 1.139 0.023 $25,189,211 - $101,798 - 0.40% -0.811 1.36 1.223 0.013 $25,071,395 - $219,615 - 0.87% -1.446 1.38 1.269 0.025 $24,951,701 - $339,309 - 1.34% -2.077 1.37 1.264 0.045 $24,832,892 - $458,117 - 1.81% -2.702 1.35 1.251 0.063 $24,715,750 - $575,260 - 2.27% -3.319 1.34 1.237 0.083 $24,600,625 - $690,384 - 2.73% Reinvestment Rate 0.098 Aged Simulation Base Currency USD $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 - $200,000 - $400,000 - $600,000 - $800,000 $ Mkt Value Change - -50 0 150 200 250 300 7 CALLABLE /PUTTABLE HOLDINGS REPORT CITY OF CHANHASSEN Par YTW I Bk I Eff I Prc Identifier Issuer Coupon Maturity Value Date Price YTW Yld Dur Conv Flag 3136FM3R FEDERAL NATL MTG ASSN 1.750 08/18/14 1,000,000 08/18/11 100.17 0.45 1.70 0.83 -0.68 Priced to Call 313370KG FEDERAL HOME LOAN BANKS 1.000 08/25/15 1,000,000 08/25/11 100.15 0.01 1.00 0.35 -0.20 Priced to Call 31331 J4 FEDERAL FARM CR BKS 0.620 12/13/12 500,000 12/13/11 100.15 0.28 0.62 0.86 -0.33 Priced to Call 3136FRWR FEDERAL NATL MTG ASSN 1.500 12/30/16 1,500,000 12/30/13 99.03 1.90 1.50 2.95 -1.08 Priced to Call 1.328 4.06 4,000,000 99.74 0.86 1.32 1.50 -0.66 8 MONTHLY CASH FLOW CALENDAR CITY OF CHANHASSEN Assumes flat rate Period Run -Off Date Int CF Maturity CF Call CF Put CF Sink CF Int CF- MBS /ABS Princ CF- MBS /ABS Princ CF cashflow YTw Run -Off Bk Yid Jul -11 372 3,925,316 0 0 0 0 0 3,925,316 3,925,688 0.00 1.06 Aug -11 62,107 1,000,000 2,000,000 0 0 0 0 3,000,000 3,062,107 0.14 0.91 Sep-11 55,196 1,494,000 0 0 0 0 0 1,494,000 1,549,196 0.44 0.19 Oct -11 259 0 0 0 0 0 0 0 259 0.00 0.00 Nov -11 22,984 0 0 0 0 0 0 0 22,984 0.00 0.00 Dec -11 106,181 245,000 500,000 0 0 0 0 745,000 851,181 0.45 0.98 Jan -12 259 0 0 0 0 0 0 0 259 0.00 0.00 Feb-12 40,426 0 0 0 0 0 0 0 40,426 0.00 0.00 Mar -12 54,540 1,000,000 0 0 0 0 0 1,000,000 1,054,540 0.21 3.25 Apr -12 259 0 0 0 0 0 0 0 259 0.00 0.00 May -12 22,984 0 0 0 0 0 0 0 22,984 0.00 0.00 Jun -12 103,259 950,000 1,500,000 0 0 0 0 2,450,000 2,553,259 0.73 2.67 Jul -12 259 0 0 0 0 0 0 0 259 0.00 0.00 Aug -12 40,426 0 0 0 0 0 0 0 40,426 0.00 0.00 Sep -12 30,761 1,000,000 0 0 0 0 0 1,000,000 1,030,761 0.20 0.93 Oct -12 259 0 0 0 0 0 0 0 259 0.00 0.00 Nov -12 22,984 0 0 0 0 0 0 0 22,984 0.00 0.00 Dec-12 65,463 1,158,000 0 0 0 0 0 1,158,000 1,223,463 0.72 1.59 Jan -13 0 0 0 0 0 0 0 0 0 0.00 0.00 Feb-13 40,186 255,000 0 0 0 0 0 255,000 295,186 0.65 1.65 Mar -13 20,457 0 0 0 0 0 0 0 20,457 0.00 0.00 Apr -13 0 0 0 0 0 0 0 0 0 0.00 0.00 May -13 22,724 0 0 0 0 0 0 0 22,724 0.00 0.00 Jun -13 57,476 0 0 0 0 0 0 0 57,476 0.00 0.00 Jul -13 0 0 0 0 0 0 0 0 0 0.00 0.00 Aug -13 38,063 0 0 0 0 0 0 0 38,063 0.00 0.00 Sep-13 20,504 1,000,000 0 0 0 0 0 1,000,000 1,020,504 0.16 1.40 Oct -13 0 0 0 0 0 0 0 0 0 0.00 0.00 Nov -13 22,724 0 0 0 0 0 0 0 22,724 0.00 0.00 Dec -13 57,525 1,000,000 0 0 0 0 0 1,000,000 1,057,525 0.16 1.81 Jan -14 0 0 0 0 0 0 0 0 0 0.00 0.00 Feb-14 38,128 1,060,000 0 0 0 0 0 1,060,000 1,098,128 0.82 1.87 Mar -14 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Apr -14 0 0 0 0 0 0 0 0 0 0.00 0.00 May -14 22,724 0 0 0 0 0 0 0 22,724 0.00 0.00 Jun -14 41,850 0 0 0 0 0 0 0 41,850 0.00 0.00 Jul -14 0 0 0 0 0 0 0 0 0 0.00 0.00 Aug -14 28,151 735,000 0 0 0 0 0 735,000 763,151 1.36 1.80 Sep-14 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Oct -14 0 0 0 0 0 0 0 0 0 0.00 0.00 Nov -14 22,762 480,000 0 0 0 0 0 480,000 502,762 0.87 2.10 Deo14 41,850 0 0 0 0 0 0 0 41,850 0.00 0.00 Jan -15 0 0 0 0 0 0 0 0 0 0.00 0.00 Feb-15 21,643 1,575,000 0 0 0 0 0 1,575,000 1,596,643 1.75 2.73 Mar -15 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Apr -15 0 0 0 0 0 0 0 0 0 0.00 0.00 May -15 17,684 0 0 0 0 0 0 0 17,684 0.00 0.00 Jun -15 41,850 0 0 0 0 0 0 0 41,850 0.00 0.00 Jul -15 0 0 0 0 0 0 0 0 0 0.00 0.00 Aug -15 0 0 0 0 0 0 0 0 0 0.00 0.00 Sep-15 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Oct -15 0 0 0 0 0 0 0 0 0 0.00 0.00 Nov -15 17,732 615,000 0 0 0 0 0 615,000 632,732 1.88 2.60 Dec-15 41,850 0 0 0 0 0 0 0 41,850 0.00 0.00 Jan -16 0 0 0 0 0 0 0 0 0 0.00 0.00 Feb-16 0 0 0 0 0 0 9 0 0 0 0.00 0.00 Mar -16 7,371 510,000 0 0 0 0 0 510,000 517,371 0.67 2.19 Date Int CF Maturity CF Call CF Put CF Sink CF Int CF- MBS /ABS Princ Apr -16 0 0 0 0 0 0 May -16 9,688 0 0 0 0 0 Jun -16 41,850 0 0 0 0 0 Jul -16 0 0 0 0 0 0 Aug -16 0 0 0 0 0 0 Sep-16 0 0 0 0 0 0 Oct -16 0 0 0 0 0 0 Nov -16 9,737 625,000 0 0 0 0 Dec -16 41,850 0 0 0 0 0 Jan -17 0 0 0 0 0 0 Feb-17 0 0 0 0 0 0 Mar -17 0 0 0 0 0 0 Apr -17 0 0 0 0 0 0 May -17 0 0 0 0 0 0 Jun -17 41,850 0 0 0 0 0 Jul -17 0 0 0 0 0 0 Aug -17 0 0 0 0 0 0 Sep-17 0 0 0 0 0 0 Oct -17 0 0 0 0 0 0 Nov -17 0 0 0 0 0 0 Dec -17 41,850 1,800,000 0 0 0 0 TOTAL $1,468,385 $20,427,316 $4,000,000 $0 $0 $0 25,000,000 - - - - - - $20,427, 20,000,000 - 0 15,000,000 w - - 3 0 10,000,000 - - x N Q 5,000,000 - - U $1,468,385 0I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0 316 ■ Int CF ■Maturity CF w Call CF $24,427,316 $25,895,701 Run -Off Period Princ CF Cashflow 0 0 0 9,688 0 41,850 0 0 0 0 0 0 0 0 625,000 634,737 0 41,850 0 0 0 0 0 0 0 0 0 0 0 41,850 0 0 0 0 0 0 0 0 0 0 1,800,000 1,841,850 $24,427,316 $25,895,701 Run -Off YTW Run-Off Bk Yld 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 3.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.59 4.05 10 PORTFOLIO ALERTS REPORT CITY OF CHANHASSEN Rating Actions :Watchlist /Outlook/Upgrades/ Downgrades /ReinstatedMithdrawn /Confirmed /Initial Ratings -� Identifier Issuer Coupon Maturity I Currcy I Moodys From Moodys To Moodys Date I S &P From S &P To S &P Date I Fitch From Fitch To Fitch Date I Sector /State No Alerts this Report * WATCHLIST: UPG /POS = Possible Upgrade; DNG /NEG Possible Downgrade; UNC /DEV /EVO = Uncertain (Possible Upgrade or Downgrade) Report Shows rating changes, called bonds, call announcements and pre - refundings occurring since 03/31/2011. IiF