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B. Third Quarter 2011 Revenue & Expense Analysis0 CITE OF CHANgASSEN 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 Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site www.ci.chanhassen.mn.us MEMORANDUM TO: Mayor and City Council FROM: Greg Sticha, Finance Director � DATE: October 24, 2011 D SUBJ: Third Quarter 2011 Revenue & Expense Analysis BACKGROUND As part of our key financial strategies, staff has prepared a third quarter revenue and expense analysis for review. At this point in the year, staff is projecting that total expenses will be slightly 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 allocated to other departments or funds. Once this allocation is made at the end of the year, this budget will have actual expenditures closer to budgeted amounts. Additionally, staff is tracking fuel costs as they have risen beyond what was estimated last fall. On the revenue side, staff monitors building permit revenue throughout the year. As can be seen from the attached report, the city is $174,532.35 over budget on permit revenue as of September 30th. Staff is not aware of any other revenue line items that will be significantly varied from the budget by the end of the year. Also attached is an analysis of the city's investment portfolio prepared by Wells Fargo. Staff will review both documents with the council at the work session and will be happy to answer any questions at that time. ATTACHMENTS 1. Third Quarter 2011 Budget vs. Actual Revenue & Expense Reports 2. Wells Fargo Investment Analysis f\gregs \council\201 IOrd qtr 2011 revenue analysis.docx Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow General Ledger Revenue - Budget vs Actual Period 01 - 09 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 Total General Property Tax Licenses 2011 Budget 7,508,200.00 (300,000.00) 130,000.00 2011 2011 Actual $ Uncollected 3,670,079.32 3,838,120.68 - (300,000.00) 130,000.00 2011 % Uncollected 51.12 100.00 100.00 $ 7,338,200.00 $ 3,670,079.32 $ 3,668,120.68 49.99% 3203 Dog Kennel 800.00 550.00 250.00 31.25 3205 Dog or Cat - 50.00 (50.00) - 3213 Solicitor 700.00 1,050.00 (350.00) (50.00) 3226 Liquor On /Off Sale 90,000.00 90,233.00 (233.00) (0.26) 3230 Rental Housing Licenses 34,000.00 24,650.00 9,350.00 27.50 3284 Rubbish 3,000.00 1,800.00 1,200.00 40.00 Total Licenses $ 128,500.00 $ 118,333.00 $ 10,167.00 7.91% Permits 3301 Building 380,000.00 494,200.17 (114,200.17) (30.05) 3302 Plan Check 180,000.00 240,394.47 (60,394.47) (33.55) 3305 Heating & A/C 80,000.00 79,321.21 678.79 0.85 3306 Plumbing 65,000.00 66,567.26 (1,567.26) (2.41) 3307 Trenching 25,000.00 35,468.20 (10,468.20) (41.87) 3308 Gun 1,400.00 940.00 460.00 32.86 3309 Sprinkler 15,000.00 6,784.79 8,215.21 54.77 3311 Sign 7,500.00 3,355.00 4,145.00 55.27 3320 Stable 300.00 200.00 100.00 33.33 3330 Electrical Permit - 131.25 (131.25) - 3331 Firework's Application Fee - 300.00 (300.00) - 3390 Misc Permits 2,000.00 3,070.00 (1,070.00) (53.50) Total Permits $ 756,200.00 $ 930,732.35 $ (174,532.35) - 23.08% Fines & Penalties 3140 S/A Penalties & Interest - - - - 3401 Traffic & Ordinance Violation 125,000.00 57,559.20 67,440.80 53.95 3402 Vehicle Lockouts 2,500.00 1,050.00 1,450.00 58.00 3404 Dog /Cat Impound 4,000.00 2,892.98 1,107.02 27.68 3405 Other Fines & Penalties - - - - Total Fines & Penalties $ 131,500.00 $ 61,502.18 $ 69,997.82 53.23% Intergovernmental Revenue 3503 School District Reimbursement 45,000.00 44,773.50 226.50 0.50 3509 Other Shared Taxes 130,000.00 118,704.50 11,295.50 8.69 3510 Grants -State 90,000.00 - 90,000.00 100.00 3520 Grants - County - 10,000.00 (10,000.00) - 3533 Other Grants - 1,000.00 (1,000.00) - Total Intergovernmental Revenue $ 265,000.00 $ 174,478.00 $ 90,522.00 34.16% Page 1 of 2 Account Descriation 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 13, 653.13 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 75,000.00 Total Other Revenue Grand Total General Ledger Revenue - Budget vs Actual Period 01 - 09 Fiscal Year 2011 - 2011 2011 Budget 2011 2011 Actual $ Uncollected 1,000.00 972.72 27.28 10,000.00 3,404.18 6,595.82 2,000.00 - 2,000.00 500.00 60.00 440.00 3,000.00 472.65 2,527.35 5,000.00 1,384.48 3,615.52 20,000.00 19,338.00 662.00 50, 000.00 - 50, 000.00 - 45.00 (45.00) 75,000.00 - 75,000.00 10, 000.00 8,140.66 1,859.34 40, 000.00 37,113.89 2,886.11 230,000.00 141,022.18 88,977.82 300.00 84.20 215.80 14,000.00 13,729.67 270.33 4,500.00 5,433.20 (933.20) 97,000.00 56,968.10 40,031.90 30, 000.00 16, 346.87 13, 653.13 12,000.00 9,907.29 2,092.71 1,200.00 1,029.20 170.80 31,000.00 23,459.14 7,540.86 5,000.00 600.00 4,400.00 1,500.00 1,428.72 71.28 - 300.00 (300.00) $ 643,000.00 $ 341,240.15 $ 301,759.85 2011 % Uncollected 2.73 65.96 100.00 88.00 84.25 72.31 3.31 100.00 100.00 18.59 7.22 38.70 71.93 1.93 (20.74) 41.27 45.51 17.44 14.23 24.33 88.00 4.75 46.93% 100,000.00 - 100,000.00 100.00 180,000.00 149,218.78 30,781.22 17.10 5,000.00 4,070.00 930.00 18.60 - 2,000.00 (2,000.00) - 25,200.00 24,575.00 625.00 2.48 5,000.00 2,253.60 2,746.40 54.93 1,000.00 544.08 455.92 45.59 1,000.00 165.00 835.00 83.50 38,000.00 27,057.72 10,942.28 28.80 - 0.44 (0.44) - $ 355,200.00 $ 209, 884.62 $ 145, 315.38 40.91% $ 9,617,600.00 $ 5,506,249.62 $ 4,111,350.38 42.75% Page 2 of 2 General Ledger Expense - Budget vs Actual Period 01 - 09 Fiscal Year 2011 - 2011 2011 2011 2011 2011 Description Budget Actual Dollars Unspent % Unspent City Council 108,300.00 56,703.28 51,596.72 47.64 Administration 466,000.00 331,646.79 134,353.21 28.83 Finance 281,600.00 199,491.49 82,108.51 29.16 Legal 142,000.00 93,254.43 48,745.57 34.33 Property Assessment 112,100.00 8,620.92 103,479.08 92.31 Management Information Systems 254,600.00 166,915.44 87,684.56 34.44 City Hall Maintenance 408,400.00 450,442.83 (42,042.83) -10.29 Elections 28,200.00 4,292.83 23,907.17 84.78 Library Building 127,300.00 80,856.64 46,443.36 36.48 General Government $ 1,928,500.00 $ 1,392,224.65 $ 536,275.35 27.81% Police /Carver Co Contract 1,654,900.00 825,537.56 829,362.44 50.12 Fire Prevention & Admin 745,800.00 483,044.47 262,755.53 35.23 Code Enforcement 608,300.00 429,782.03 178,517.97 29.35 Animal Control 74,200.00 48,769.53 25,430.47 34.27 Law Enforcement $ 3,083,200.00 $ 1,787,133.59 $ 1,296,066.41 42.04% Engineering 573,000.00 391,537.51 181,462.49 31.67 Street Maintenance 823,400.00 542,805.90 280,594.10 34.08 Street Lighting & Signals 345,400.00 247,043.43 98,356.57 28.48 City Garage 503,000.00 404,487.96 98,512.04 19.58 Public Works $ 2,244,800.00 $ 1,585,874.80 $ 658,925.20 29.35% Planning Commission 4,200.00 1,931.87 2,268.13 54.00 Planning Administration 418,400.00 285,150.68 133,249.32 31.85 Senior Facility Commission 32,300.00 20,479.82 11,820.18 36.59 Community Development $ 454,900.00 $ 307,562.37 $ 147,337.63 32.39% Park Commission 2,200.00 1,495.43 704.57 32.03 Park Administration 137,300.00 110,139.29 27,160.71 19.78 Recreation Center 353,900.00 210,882.39 143,017.61 40.41 Lake Ann Park 62,100.00 50,823.52 11,276.48 18.16 Park Maintenance 898,300.00 675,602.91 222,697.09 24.79 Senior Citizens Center 69,000.00 40,565.72 28,434.28 41.21 Recreation Programs 282,000.00 232,627.72 49,372.28 17.51 Self- Supporting Programs 82,000.00 51,949.01 30,050.99 36.65 Recreation Sports 19,400.00 13,464.81 5,935.19 30.59 Park & Recreation $ 1,906,200.00 $ 1,387,550.80 $ 518,649.20 27.21% Grand Total $ 9,617,600.00 $ 6,460,346.21 $ 3,157,253.79 32.83% Fixed Income Sales Portfolio Analytics Analysis for: CITY OF CHANHASSEN Presented by: J. CURTIS September 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): $22,070 Avg. Market Yield: 1.09 Total Market Value($000)(w /accrd): $22,833 Avg. Book Yield: 1.96 Total Market Value($000)(w /o accrd): $22,707 Avg. Coupon: 2.45 Unrealized G/L ($000): $369 Avg. Price: 102.89 3 Month Cash Flow Projection($000): $6,390 Number of Bonds: 36 Annual Income($000): $475 Avg. Effective Duration: 2.08 %Portfolio Callable: 13.17 Avg. Convexity: -0.02 %Portfolio Floating Rate: 0.00 Avg. Life (Years): 2.20 Current Yield Curve 4.00 -- - - — 2.00 - -- - - 0.00 - - - - - 6 mo 1 yr 2yr 3yr Syr 7yr 1 Oyr 20yr 30yr Sector Distribution 40 35 30 25 20 15 10 5 0 AGY MUNI CD MMF 2 Cnunnn r)istrihutinn DISTRIBUTION CHARTS CITY OF CHANHA Agency Distribution( %Port) FHLMC, 4.48 FFCB, 6.67 FNMA, 10.98 FHLB, 13.70 i Call Distribution( %Port) Priced to Call, 8.81% NC /Not Priced To Call, 91.19% Municipal State Distribution( %Port) 14.00 80 70 60 12.02 50 40 12.00 30 20 10 0 -- <0.00 0.00-0.99 1.00-2.99 3.00-3.99 4.00-5.99 6.00-7.99 8.00+ 10.36 10.00 8.66 8.00 6.00 4.00 4.06 2.00 0.00 MN OR IL WI Duration Distribution( %Port) 100 90 80 70 60 50 40 30 20 10 0 -- <0.00 0.00-0.99 1.00-2.99 3.00-3.99 4.00-5.99 6.00-7.99 8.00+ 0 - An avera eS m arKet Wel ntea Total Par Date $22,070 Unrealized Effective Convexity Avg. Life Market YTW Benchmark Avg. Book Avg. Coupon Avg. Avg. Mdy's #Issues $21,083 Value($000) G /L($000) Duration $33,510 Yrs $28,573 Tsy Yid Yield Mar -09 price Rating $42,745 Sep -11 $22,070 Jun -11 $24,427 Mar -11 $21,503 Dec -10 $25,326 Sep -10 $20,742 Jun -10 $24,387 Apr -10 $21,083 Mar -10 $24,083 Jan -10 $33,510 Sep -09 $28,573 Jun -09 $35,177 Mar -09 $36,027 Dec -08 $42,745 $369 $244 $60 $160 $228 $234 $233 $282 $320 $557 $638 $621 $762 2.08 -0.02 2.20 1.09 0.250 1.91 -0.08 1.93 1.19 0.180 1.82 -0.13 1.84 1.18 0.260 1.77 -0.14 1.68 1.24 0.290 1.34 -0.05 1.30 0.71 0.260 0.79 -0.01 0.77 0.69 0.320 0.62 0.00 0.64 0.34 0.450 0.98 -0.19 1.16 0.86 0.400 0.85 -0.07 1.07 1.03 0.340 0.72 0.01 0.74 0.76 0.400 0.80 -0.01 0.81 1.07 0.510 1.00 0.00 1.03 1.78 0.640 1.07 -0.03 1.08 1.70 0.490 oo 0 U d p Portfolio Par Value($000) 1.96 2.45 102.89 Aa1 1.84 2.13 101.68 Aaa 1.67 2.18 100.84 Aaa 1.44 1.92 100.83 Aaa 1.77 2.21 101.58 AGY 2.52 3.09 101.71 AGY 2.54 3.23 101.68 AGY 2.59 3.23 101.79 AGY 2.79 3.26 101.51 AGY 3.32 3.85 102.53 N/A 3.05 3.48 102.38 N/A 3.27 3.68 102.38 N/A 3.12 3.54 102.44 AGY 36 39 36 43 33 42 41 44 79 78 88 97 107 $45,000 $40,000 $35,000 $30,000 $25,000 - u $20,000 $15,000 $10,000 $5,000 $o r C. d N INVESTMENT SECTOR REPORT CITY OF CHANHAS Sector Par $000 Cusi Issuer MDY Rating S &P Rating Coupon Maturi Call Acq Acq Worst Date Price Date Date Mkt Price Mkt Val $000 % Port YTW Book Yld Eff Dur Conv Gain /Loss $000 1,000 3137EAAR FEDERAL HOME LN MTG CORP AGY AA+ 4.750 03/05/12 N/A 104.64 11/19/08 03/05/12 101.95 1,023 4.48 0.21 3.25 0.43 0.00 13.19 950 31331XG3 FEDERAL FARM CR BKS AGY AA+ 5.450 06/21/12 N/A 103.83 11/09/07 06/21/12 103.71 999 4.38 0.33 4.52 0.71 0.00 29.05 1,000 3133XUK9 FEDERAL HOME LOAN BANKS AGY AA+ 2.000 09/14/12 N/A 102.34 06/24/10 09/14/12 101.74 1,018 4.46 0.18 0.93 0.95 0.01 7.28 500 31331J4W FEDERAL FARM CR BKS AGY AA+ 0.620 12/13/12 12/13/11 100.00 12/13/10 12/13/11 100.06 501 2.20 0.32 0.62 0.59 -0.36 0.30 1,000 3133XUPZ FEDERAL HOME LOAN BANKS AGY AA+ 2.625 09/13/13 N/A 103.84 06/24/10 09/13/13 104.26 1,044 4.57 0.43 1.40 1.91 0.02 19.08 1,000 3133XSP9 FEDERAL HOME LOAN BANKS AGY AA+ 3.125 12/13/13 N/A 105.09 12/02/09 12/13/13 105.76 1,067 4.67 0.49 1.81 2.13 0.03 29.34 500 3135GOCU FEDERAL NATL MTG ASSN AGY AA+ 0.625 09/12/14 09/12/13 100.00 09/12/11 09/12/14 99.67 498 2.18 0.74 0.63 2.60 -0.18 -1.67 500 3136FRV3 FEDERAL NATL MTG ASSN AGY AA+ 1.050 12/14/15 12/14/12 100.00 09/14/11 12/14/15 99.49 498 2.18 1.17 1.05 3.03 -0.75 -2.55 1,500 3136FRWR FEDERAL NATL MTG ASSN AGY AA+ 1.500 12/30/16 12/30/11 100.00 06/30/11 12/30/11 100.30 1,510 6.61 0.29 1.50 0.75 -0.49 4.55 AGY 7,950 625 081617PV BEND ORE FULL FAITH CREDIT 2.651 2.28 3.100 102.18 8,159 35.73 0.40 1.90 1.30 -0.16 98.56 5 255 305229DK FAIRMONT MINN INDPT SCH BAB Aa2 N/A 1.650 02/01/13 N/A 100.00 08/12/10 02/01/13 101.34 259 1.13 0.64 1.65 1.33 0.01 3.42 550 51043PAA LAKE PARK - AUDUBON MINN INDP N/A AA+ 2.000 02/01/14 N/A 100.00 07/22/10 02/01/14 102.27 564 2.47 1.02 1.71 2.28 0.03 12.46 265 305229DL FAIRMONT MINN INDPT SCH BAB Aa2 N/A 2.000 02/01/14 N/A 100.00 08/12/10 02/01/14 102.27 272 1.19 1.02 2.00 2.28 0.03 6.00 480 081617PT BEND ORE FULL FAITH CREDIT Aa3 N/A 2.100 11/01/14 N/A 100.00 11/30/10 11/01/14 102.10 494 2.16 1.40 2.10 2.96 0.05 10.07 275 305229DM FAIRMONT MINN INDPT SCH BAB Aa2 N/A 2.650 02/01/15 N/A 100.00 08/12/10 02/01/15 103.96 287 1.26 1.43 2.65 3.19 0.06 10.89 1,300 51043PAB LAKE PARK - AUDUBON MINN INDP N/A AA+ 2.750 02/01/15 N/A 100.00 07/22/10 02/01/15 104.29 1,362 5.96 1.43 2.43 3.19 0.06 55.82 500 68607VNS OREGON ST DEPT ADMINISTRATI Aa2 AAA 5.125 04/01/15 N/A 112.26 07/29/11 04/01/15 111.52 570 2.50 1.72 1.67 3.17 0.06 -0.96 615 081617PU BEND ORE FULL FAITH CREDIT Aa3 N/A 2.600 11/01/15 N/A 100.00 11/30/10 11/01/15 103.07 641 2.81 1.82 2.60 3.85 0.09 18.91 510 951427X4 WEST BEND WIS TAXABLE G O R Aa2 N/A 2.875 03/01/16 N/A 103.45 10/19/10 03/01/16 105.50 539 2.36 1.58 1.92 4.17 0.10 7.42 625 081617PV BEND ORE FULL FAITH CREDIT Aa3 N/A 3.100 11/01/16 N/A 100.00 11/30/10 11/01/16 104.30 660 2.89 2.20 3.10 4.69 0.13 26.85 330 675634JM OCONOMOWOC WIS BAB Aa2 N/A 5.100 04/01/17 N/A 116.99 08/16/11 04/01/17 114.64 387 1.69 2.26 1.90 4.81 0.14 -6.62 1,800 942860MX WAUKEGAN ILL GO BDS 2009A Aa3 N/A 4.650 12/30/17 N/A 103.41 06/17/11 12/30/17 108.68 1,977 8.66 3.11 4.05 5.47 0.18 97.35 MUNI 7,505 3.329 4.26 105.79 8,012 35.09 1.94 2.67 3.90 0.10 241.62 245 05568PUE BMW BK NORTH AMER UTAH N/A N/A 1.700 12/12/11 N/A 100.00 12111/09 12/12/11 100.23 247 1.08 0.52 1.70 0.20 0.00 0.57 245 02586T4Z AMERICAN EXPRESS CENTURION B N/A N/A 2.350 12/10/12 N/A 100.00 12/09/09 12/10/12 101.84 251 1.10 0.79 2.35 1.18 0.01 4.52 245 02580VF4 AMERICAN EXPRESS BK FSB UTAH N/A N/A 2.350 12/10/12 N/A 100.00 12/09/09 12/10112 101.84 251 1.10 0.79 2.35 1.18 0.01 4.52 170 060243CW BANGOR SVGS BK ME N/A N/A 2.200 12/10/12 N/A 100.00 12/09/09 12/10/12 101.67 174 0.76 0.79 2.20 1.18 0.01 2.83 249 59012YD4 MERRICK BK CORP STH JORDAN U N/A N/A 0.600 12/17/12 N/A 100.00 12/15/10 12117/12 100.29 250 1.09 0.36 0.60 1.21 0.01 0.73 249 06541 PAY BANK UNION UNION CITY OKLA N/A N/A 0.650 12/21/12 N/A 100.00 12/22/10 12/21/12 100.29 250 1.09 0.41 0.65 1.22 0.01 0.72 245 87164DAC SYNOVUS BK COLUMBUS GA N/A N/A 1.450 02/25/14 N/A 100.00 08/25/10 02/25/14 101.67 249 1.09 0.74 1.45 2.36 0.03 4.10 245 36159SRA GE CAP RETAIL BK DRAPER UTAH N/A N/A 1.900 08/20/14 N/A 100.00 08/20/10 08/20/14 101.39 249 1.09 1.40 1.90 2.80 0.05 3.41 245 14042E3R CAPITAL ONE NATL ASSN VA N/A N/A 1.750 08/25/14 N/A 100.00 08/25/10 08/25/14 101.78 250 1.09 1.12 1.75 2.82 0.05 4.37 245 140420MY CAPITAL ONE BK USA NATL ASSN N/A N/A 1.750 08/25/14 N/A 100.00 08/25/10 08/25/14 101.78 250 1.09 1.12 1.75 2.82 0.05 4.37 247 36160XUC GE CAP FINL INC RETAIL N/A N/A 2.050 08/21/17 N/A 100.00 08/19/11 08/21/17 99.65 247 1.08 2.11 2.05 5.58 0.17 -0.86 CD 2,630 1.687 2.13 101.11 2,668 11.68 0.93 1.69 2.07 0.04 29.28 2,431 0001CHAN M &I CHAN N/A N/A 1.400 10/01/11 N/A 100.00 06/30/11 10/01/11 100.00 2,440 10.69 1.41 1.42 0.00 0.00 0.00 0.28 0004CHAN STERNE N/A N/A 0.010 10/01/11 N/A 100.00 09/30/11 10/01/11 100.00 0.28 0.00 0.01 0.01 0.00 0.00 0.00 5 0002CHAN 4M CHAN N/A N/A 0.020 10/01/11 N/A 100.00 06/30/11 10/01/11 100.00 5 0.02 0.02 0.02 0.00 0.00 0.00 1,549 0003CHAN WF CHAN N/A N/A 0.040 10/01/11 N/A 100.00 06/30/11 10/01/11 100.00 1,549 6.79 0.04 0.04 0.00 0.00 0.00 MMF 3,985 0.870 0.00 100.00 3,994 17.49 0.88 0.88 0.00 0.00 0.00 Total: 22,070 2.445 2.56 102.89 22,833 100.00 1.09 1.96 2.08 -0.02 369.46 5 PORTFOLIO ALERTS REPORT CITY OF CHANHASSEN Actions: W atchlist/OutlooklUpgrades /Downgrades /ReinstatedlW ithdrawn /Confirmed /Initial Issuer From Moodvs To Moodvs Date ) S &P From S &P To S &P Date ) Fitch From DOWNGRADES: 08/08/11 AGY N/A AGY -AGY AA+ 08/08/11 31331 J4 FEDERAL FARM CR BKS 0.620 12/13112 USD AGY N/A AAA 31331XG3 FEDERAL FARM CR BKS 5.450 06/21/12 USD AGY N/A AAA 3133XSP9 FEDERAL HOME LOAN BANKS 3.125 12/13/13 USD AGY N/A AAA 3133XUK9 FEDERAL HOME LOAN BANKS 2.000 09/14/12 USD AGY N/A AAA 3133XUPZ FEDERAL HOME LOAN BANKS 2.625 09/13/13 USD AGY N/A AAA 3136FRWR FEDERAL NATL MTG ASSN 1.500 12/30/16 USD AGY N/A AAA 3137EAAR FEDERAL HOME LN MTG CORP 4.750 03/05/12 USD AGY N/A AAA 51043PAA LAKE PARK - AUDUBON MINN INDP 2.000 02/01/14 USD N/A N/A AAA 51043PAB LAKE PARK- AUDUBON MINN INDP 2.750 02/01/15 USD N/A N/A AAA ' 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 06/30/2011. AA+ 08/08/11 AGY N/A AGY -AGY AA+ 08/08/11 AGY N/A AGY -AGY AA+ 08108111 AGY N/A AGY -AGY AA+ 08/08/11 AGY N/A AGY -AGY AA+ 08/08/11 AGY N/A AGY -AGY AA+ 08/08/11 AGY N/A AGY -AGY AA+ 08/08/11 AGY N/A AGY -AGY AA+ 09/27/11 N/A WA MUNI -GO, MN AA+ 09/27/11 N/A N/A MUNI -GO, MN PORTFOLIO SIMULATION - MARKET CITY OF CHANHASSEN -300 ----- - - - - -- Returns( %) ----- - - - - -- Avg Eff Mkt Value $ Mkt Value $Price Yield Change (bp) Total Income Price Life Dur Convexity [$000] Change T Change -300 5.191 0.745 4.446 1.50 1.422 0.028 $24,018,192 $1,185,336 $1,015,149 -250 4.488 0.770 3.719 1.49 1.403 0.028 $23,857,639 $1,024,783 $849,154 -200 3.799 0.794 3.005 1.47 1.386 0.027 $23,700,342 $867,486 $686,127 -150 3.124 0.818 2.306 1.46 1.368 0.027 $23,546,216 $713,360 $526,526 -100 2.463 0.843 1.620 1.44 1.351 0.026 $23,395,173 $562,317 $369,892 -50 1.814 0.867 0.947 1.43 1.334 0.027 $23,247,015 $414,159 $216,227 0 1.186 0.904 0.282 1.42 1.317 0.031 $23,103,728 $270,872 $64,389 50 0.647 1.040 -0.393 1.40 1.359 0.000 $22,980,639 $147,783 - $89,733 100 0.108 1.177 -1.069 1.48 1.362 0.018 $22,857,442 $24,586 - $244,083 150 -0.432 1.306 -1.738 1.46 1.358 0.025 $22,734,243 - $98,613 - $396,835 200 -0.955 1.436 -2.392 1.46 1.342 0.025 $22,614,770 - $218,086 - $546,162 250 -1.466 1.567 -3.033 1.44 1.326 0.025 $22,498,071 - $334,785 - $692,521 300 -2.317 1.670 -3.987 1.65 1.514 0.029 $22,303,852 - $529,004 - $910,346 Horizon Months 12 Reinvestment Rate 0.057 Aged Simulation Base Currency USD $ Mkt Value Change $1,400,000 $1,200,000 - - -- - - $1,000,000 - $800,000 $600,000 $400,000 $200,000 $0 - $200,000 - 0 ---400- -50 0 D I -5 -$400,000 - $600,000 - $800,000 7 CALLABLE /PUTTABLE HOLDINGS REPORT P`ITV r%c f%UAAIUAQCCAI Par YTW Bk I Eff Prc Identifier Issuer Coupon Maturity Value Date I Price YTW Yld Dur Conv Flaci 31331J4W FEDERAL FARM CR BKS 0.620 12/13/12 500,000 12/13/11 100.06 0.32 0.62 0.58 -0.35 Priced to Call 3136FRWR FEDERAL NATL MTG ASSN 1.500 12/30/16 1,500,000 12/30/11 100.30 0.29 1.50 0.62 -0.37 Priced to Call 3135GOCU FEDERAL NATL MTG ASSN 0.625 09/12/14 500,000 09/12/14 99.67 0.74 0.63 2.59 -0.17 3136FRV3 FEDERAL NATL MTG ASSN 1.050 12/14/15 500,000 12/14/15 99.49 1.17 1.05 2.99 -0.71 1.133 4.02 3,000,000 100.02 0.51 1.13 1.33 -0.39 11 5 YR MONTHLY CASH FLOW CALENDAR CITY OF CHANHASSEN Assumes Flat Rate Period Run -Off I 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 Book Yid Sep-11 0 0 0 0 0 0 0 0 0 1.08 1.98 Oct -11 30,321 3,985,534 0 0 0 0 0 3,985,534 4,015,855 0.00 0.88 Nov -11 22,983 0 0 0 0 0 0 0 22,983 0.00 0.00 Dec-11 106,165 245,000 2,000,000 0 0 0 0 2,245,000 2,351,165 0.33 1.33 Jan -12 259 0 0 0 0 0 0 0 259 0.00 0.00 Feb-12 42,977 0 0 0 0 0 0 0 42,977 0.00 0.00 Mar -12 58,696 1,000,000 0 0 0 0 0 1,000,000 1,058,696 0.17 3.25 Apr -12 21,488 0 0 0 0 0 0 0 21,488 0.00 0.00 May -12 22,983 0 0 0 0 0 0 0 22,983 0.00 0.00 Jun -12 91,264 950,000 0 0 0 0 0 950,000 1,041,264 0.27 4.52 Jul -12 259 0 0 0 0 0 0 0 259 0.00 0.00 Aug -12 42,956 0 0 0 0 0 0 0 42,956 0.00 0.00 Sep-12 34,929 1,000,000 0 0 0 0 0 1,000,000 1,034,929 0.06 0.93 Oct -12 21,488 0 0 0 0 0 0 0 21,488 0.00 0.00 Nov -12 22,983 0 0 0 0 0 0 0 22,983 0.00 0.00 Dec-12 66,764 1,158,000 500,000 0 0 0 0 1,658,000 1,724,764 0.58 1.43 Jan -13 0 0 0 0 0 0 0 0 0 0.00 0.00 Feb-13 42,709 255,000 0 0 0 0 0 255,000 297,709 0.46 1.65 Mar -13 22,020 0 0 0 0 0 0 0 22,020 0.00 0.00 Apr -13 21,228 0 0 0 0 0 0 0 21,228 0.00 0.00 May -13 22,724 0 0 0 0 0 0 0 22,724 0.00 0.00 Jun -13 57,475 0 0 0 0 0 0 0 57,475 0.00 0.00 Jul -13 0 0 0 0 0 0 0 0 0 0.00 0.00 Aug -13 40,593 0 0 0 0 0 0 0 40,593 0.00 0.00 Sep-13 22,061 1,000,000 500,000 0 0 0 0 1,500,000 1,522,061 0.25 1.14 Oct -13 21,228 0 0 0 0 0 0 0 21,228 0.00 0.00 Nov -13 22,724 0 0 0 0 0 0 0 22,724 0.00 0.00 Dec-13 57,504 1,000,000 0 0 0 0 0 1,000,000 1,057,504 0.20 1.81 Jan -14 0 0 0 0 0 0 0 0 0 0.00 0.00 Feb-14 40,631 1,060,000 0 0 0 0 0 1,060,000 1,100,631 0.71 1.72 Mar -14 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Apr -14 21,228 0 0 0 0 0 0 0 21,228 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 30,676 735,000 0 0 0 0 0 735,000 765,676 1.22 1.80 Sep-14 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Oct -14 21,228 0 0 0 0 0 0 0 21,228 0.00 0.00 Nov -14 22,745 480,000 0 0 0 0 0 480,000 502,745 0.95 2.10 Dec-14 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 24,123 1,575,000 0 0 0 0 0 1,575,000 1,599,123 1.85 2.47 Mar -15 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Apr -15 21,251 500,000 0 0 0 0 0 500,000 521,251 1.20 1.67 May -15 17,683 0 0 0 0 0 0 0 17,683 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 2,532 0 0 0 0 0 0 0 2,532 0.00 0.00 Sep-15 7,332 0 0 0 0 0 0 0 7,332 0.00 0.00 Oct -15 8,415 0 0 0 0 0 0 0 8,415 0.00 0.00 Nov -15 17,711 615,000 0 0 0 0 0 615,000 632,711 2.26 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 2,532 0 0 0 0 0 0 0 2,532 0.00 0.00 Mar -16 7,355 510,000 0 0 0 0 0 510,000 517,355 0.82 1.92 Apr -16 8,415 0 0 0 0 0 9 0 0 8,415 0.00 0.00 May -16 9,688 0 0 0 0 0 0 0 9,688 0.00 0.00 18,000,000 16,000,000 14,000,000 3 12,000,000 LL 10,000,000 H 8,000,000 ea U 6,000,000 c 4,000,000 I' 2,000,000 0 r Int CF o Maturity CF - Call CF 10 Run l Date I Int CF Maturity CF Call CF Put CF Sink CF I Int CF- MBSIABS Princ CF- MBSIABSI Princ CF I Cas Period hflow I B o u o n k 0 tl I Jun -16 41,850 0 0 0 0 0 0 0 41,850 0.00 0.00 Jul -16 0 0 0 0 0 0 0 0 0 0.00 0.00 Aug -16 2,532 0 0 0 0 0 0 0 2,532 0.00 0.00 Sep-16 0 0 0 0 0 0 0 0 0 0.00 0.00 Totals 1,436,828.00 16,068,534.00 3,000,000.00 0.00 0.00 0.00 0.00 19,068,534.00 20,505,362.00 18,000,000 16,000,000 14,000,000 3 12,000,000 LL 10,000,000 H 8,000,000 ea U 6,000,000 c 4,000,000 I' 2,000,000 0 r Int CF o Maturity CF - Call CF 10