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B. Second Quarter Budget Report0 CITY OF CHANAASSEN 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 & City Council Members FROM: Greg Sticha, Finance Director 4: - DATE: August 13, 2012 ' SUBJ: Second Quarter 2012 Budget & Investment Update BACKGROUND B In an effort to keep the City Council informed of the city's financial position, staff will review the current status of the 2012 revenue and expenditure budgets and recap the city's investment portfolio at the work session. 2012 BUDGET Revenues: Half -way through the year, revenues are on- target for all revenue line items. As of June 30, building permit revenue has collected 75% of the total budget. Attached is the General Fund budget versus the actual revenue report for your review. Expenditures: As of June 30, expenditures have been 48% spent. It appears there are no line items currently expected to significantly exceed budget in 2012. Therefore, in summary, it appears both revenues and expenditures are tracking with the originally adopted budgets. INVESTMENTS Attached is a summary of the city's investments. Staff will briefly go over the information and answer any questions you may have on Monday night. The average yield at cost for the portfolio as of June 30, 2012 is 1.39 %. There are a number of other indicators and information about the portfolio included in the summary, and staff will be happy to answer any questions at the meeting. ATTACHMENTS 1. Investment Portfolio Summary 2. Budget vs. Actual Revenue & Expense General Fund f: \gregs \counci1\2012\2nd quarter 2012 financial update.docx Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow Fixed Income Sales Portfolio Analytics Analysis for: CITY OF CHANHASSEN Presented by: J. CURTIS June 30, 2012 Investments: NOT FDIC Insured • May Lose Value • No Bank Guarantee The information contained herein, while believed to be reliable, is not guaranteed. 1 of 11 Data by Bondedge PORTFOLIO SUMMARY REPORT C ITY OF CHANHASSEN Total Par Value($000): $29,339 Avg. Market Yield: 0.77 Total Market Value($000)(w /accrd): $30,241 Avg. Book Yield: 1.39 Total Market Value($000)(w /o accrd): $30,093 Avg. Coupon: 1.86 Unrealized G/L ($000): $473 Avg. Price: 102.57 3 Month Cash Flow Projection ($000): $8,404 Number of Bonds: 55 Annual Income($000): $483 Avg. Effective Duration: 1.84 %Portfolio Callable: 14.10 Avg. Convexity: -0.12 %Portfolio Floating Rate: 0.00 Avg. Life (Years): 1.75 Current Yield Curve 2.77 .73 13 4 6 mo 1yr 2yr 3yr Syr 7yr 10yr 20yr 30yr Sector Distribution 40 -- - 35 30 25 20 15 10 5 0 21.53 MMF Coupon Distribution 35 31.36 30 28.82 25 - -- 20.10 20 15 10 - - 5 0- - - 0.00 - 0.991.00 - 1.992.01 The information contained herein, while believed to be reliable, is not guaranteed. 2 of 11 Data by Bondedge AGY MUNI CD 10.16 5.69 -387 1 - 2.993.00 - 3.994.00 - 4.995.00 - 5.99 The information contained herein, while believed to be reliable, is not guaranteed. 2 of 11 Data by Bondedge AGY MUNI CD DISTRIBUTION CHARTS CITY OF CHANHASSEN Agency Distribution( %Port) 12 8 6 - 4 2 0 10.21 FHLB 10.02 3.35 — FHLMC FNMA Call Distribution( %Port) Priced to Call, 1410% i NCFNot Priced To Call, 85.90% Municipal State Distribution( %Port) 45 40 39.54 35 30 25 20 17.25 15.64 15.19 15 12.38 10 — 5 0 0.00-0.99 1.00-1.99 2.00-2.99 3.00-3.99 4.00-4.99 The information contained herein, while believed to be reliable, is not guaranteed. 3 of 11 Data by Bondedge Duration Distribution( %Port) PORTFOLIO HISTORY CITY OF CHANHASSEN *All avers es market weight Data Total Par Unrealized Effective Convexity Avg. Life Avg. Mkt Benchmark Avg. Bk Yld Avg. Coupon Avg. Avg. Mdy's #Issues Mar -12 Value($000) G /L($000) Duration -0.09 Yrs YTW Tsy Yld 1.80 2.34 price Rating 45 Jun -12 $29,339 $473 1.84 -0.12 1.75 0.77 0.22 1.39 1.86 102.57 Aa1 55 Mar -12 $25,125 $442 2.08 -0.09 2.28 1.03 0.33 1.80 2.34 102.83 Aa1 45 Dec -11 $25,910 $347 1.88 -0.03 1.87 1.03 0.12 1.69 2.34 102.69 Aa1 46 Sep-11 $22,070 $369 2.08 -0.02 2.20 1.09 0.25 1.96 2.45 102.89 Aa1 36 Jun -11 $24,427 $244 1.91 -0.08 1.93 1.19 0.18 1.84 2.13 101.68 Aaa 39 Mar -11 $21,503 $60 1.82 -0.13 1.84 1.18 0.26 1.67 2.18 100.84 Aaa 36 Dec -10 $25,326 $160 1.77 -0.14 1.68 1.24 0.29 1.44 1.92 100.83 Aaa 43 Sep-10 $20,742 $228 1.34 -0.05 1.30 0.71 0.26 1.77 2.21 101.58 AGY 33 Jun -10 $24,387 $234 0.79 -0.01 0.77 0.69 0.32 2.52 3.09 101.71 AGY 42 Apr -10 $21,083 $233 0.62 0.00 0.64 0.34 0.45 2.54 3.23 101.68 AGY 41 Mar -10 $24,083 $282 0.98 -0.19 1.16 0.86 0.40 2.59 3.23 101.79 AGY 44 Jan -10 $33,510 $320 0.85 -0.07 1.07 1.03 0.34 2.79 3.26 101.51 AGY 79 Sep-09 $28,573 $557 0.72 0.01 0.74 0.76 0.40 3.32 3.85 102.53 N/A 78 Jun -09 $35,177 $638 0.80 -0.01 0.81 1.07 0.51 3.05 3.48 102.38 N/A 88 Mar -09 $36,027 $621 1.00 0.00 1.03 1.78 0.64 3.27 3.68 102.38 N/A 97 Dec-08 $42,745 $762 1.07 -0.03 1.08 1.70 0.49 3.12 3.54 102.44 AGY 107 Portfolio Par Value($000) F @ c a c m $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 � � r o c 66 c m C - 2 1 H D The information contained herein, while believed to be reliable, is not guaranteed. 4 of 11 Data by Bondedge INVESTMENT SECTOR REPORT CITY OF CHANHASSEN Par MDY S&P Coupon Call Acq Acq Worst Mkt Book Eff Gainll-oss Sector $000 Cusip Issuer Ratinq Ratin % Maturi Date Price Date Date Price Mkt Val % Port I YTW Yld Dur Conv $000 1,000 3133XUK9 FEDERAL HOME LOAN BANKS AGY AA+ 2.000 09/14/12 N/A 102.340 06/24/10 09/14/12 100.367 1,010 3.34 0.24 0.93 0.21 0.00 1.46 1,000 3133XUPZ FEDERAL HOME LOAN BANKS AGY AA+ 2.625 09/13113 N/A 103.840 06/24/10 09/13/13 102.777 1,035 3.42 0.32 1.40 1.19 0.01 13.20 1,000 3133XSP9 FEDERAL HOME LOAN BANKS AGY AA+ 3.125 12/13/13 N/A 105.090 12/02/09 12/13/13 104.035 1,042 3.44 0.34 1.81 1.43 0.01 21.54 500 3135GOCU FEDERAL NATL MTG ASSN AGY AA+ 0.625 09/12/14 09/12/13 100.000 09/12/11 09/12113 100.255 502 1.66 0.41 0.63 1.68 -0.36 1.27 500 3136FRV3 FEDERAL NATL MTG ASSN AGY AA+ 1.050 12/14/15 12/14/12 100.000 09/14/11 12/14112 100.248 501 1.66 0.51 1.05 1.63 -1.12 1.24 1,500 3136FTWY FEDERAL NATL MTG ASSN AGY AA+ 1.150 06/30/16 12/30/13 100.000 12/30/11 12/30/13 100.736 1,520 5.03 0.66 1.15 2.55 -0.84 11.04 1,000 3134G3AD FEDERAL HOME LN MTG CORP AGY AA+ 2.050 11/29/18 11/29/13 100.000 11/29/11 11/29/13 101.182 1,014 3.35 1.21 2.05 3.38 -1.62 11.82 500 3136FTR6 FEDERAL NATL MTG ASSN AGY AA+ 1.650 02/28119 02/28/14 99.675 03/05/12 02/28/14 100.526 505 1.67 1.32 1.70 4.20 -1.56 4.19 AGY 7,000 1.884 3.05 101.426 7,129 23.57 0.60 1.37 1.97 -0.62 65.77 1,000 605580Q7 MISSISSIPPI ST GO BIDS 2007C Aa2 AA 4.700 12/01/12 N/A 104.300 12/02111 12/01/12 101.670 1,020 3.37 0.73 0.38 0.42 0.00 -1.52 255 305229DK FAIRMONT MINN INDPT SCH BAB Aa2 N/A 1.650 02/01/13 N/A 100.000 08/12110 02/01/13 100.702 259 0.85 0.46 1.65 0.59 0.00 1.79 305 914460FX UNIVERSITY MINN GO BDS BAB Aal AA 1.370 08/01/13 N/A 100.942 05/08/12 08/01/13 100.757 309 1.02 0.67 0.60 1.08 0.01 -0.24 265 305229DL FAIRMONT MINN INDPT SCH BAB Aa2 N/A 2.000 02/01/14 N/A 100.000 08/12/10 02/01/14 102.235 273 0.90 0.59 2.00 1.56 0.02 5.92 550 51043PAA LAKE PARK - AUDUBON MINN INDP N/A AA+ 2.000 02/01/14 N/A 100.000 07/22/10 02101/14 102.235 567 1.87 0.59 2.00 1.56 0.02 12.29 480 081617PT BEND ORE FULL FAITH CREDIT Aa3 N/A 2.100 11101/14 N/A 100.000 11/30110 11/01/14 103.524 499 1.65 0.58 2.10 2.29 0.03 16.92 1,300 51043PAB LAKE PARK - AUDUBON MINN INDP N/A AA+ 2.750 02/01/15 N/A 100.000 07/22/10 02/01/15 104.924 1,379 4.56 0.82 2.75 2.49 0.04 64.01 275 305229DM FAIRMONT MINN INDPT SCH BAB Aa2 N/A 2.650 02/01/15 N/A 100.000 08112/10 02/01/15 104.661 291 0.96 0.83 2.65 2.49 0.04 12.82 500 68607VNS OREGON ST DEPT ADMINISTRATI Aa2 AAA 5.125 04/01/15 N/A 112.260 07/29/11 04/01/15 110.829 560 1.85 1.12 1.67 2.57 0.04 7.80 210 976860YZ WISCONSIN RAPIDS WIS GO REF Aa3 N/A 1.250 06/01/15 N/A 101.600 05/10/12 06/01/15 101.088 213 0.70 0.87 0.72 2.87 0.04 -0.93 500 64966JG2 NEW YORK N Y TAXABLE GO BDS Aa2 AA 1.000 08/01/15 N/A 100.764 06/25/12 08/01/15 99.846 500 1.65 1.05 0.75 3.04 0.05 -4.58 615 081617PU BEND ORE FULL FAITH CREDIT Aa3 N/A 2.600 11/01/15 N/A 100.000 11/30/10 11/01/15 105.833 653 2.16 0.83 2.60 3.21 0.06 35.87 510 951427X4 WEST BEND WIS TAXABLE G O R Aa2 N/A 2.875 03101/16 N/A 103.450 10/19/10 03/01/16 106.453 548 1.81 1.08 2.19 3.48 0.07 20.66 500 941247V6 WATERBURY CONN GO BDS 2012B Al A 1.758 04/01/16 N/A 101.160 06/26/12 04/01/16 100.408 502 1.66 1.65 1.44 3.63 0.07 -3.75 500 862811U4 STRATFORD CONN PENSION OBLI Aa3 AA- 2.642 08/01/16 N/A 105.800 06/12/12 08/01116 104.314 527 1.74 1.55 1.20 3.85 0.08 -7.11 625 081617PV BEND ORE FULL FAITH CREDIT Aa3 N/A 3.100 11/01/16 N/A 100.000 11/30/10 11/01/16 108.330 680 2.25 1.13 3.10 4.08 0.09 52.06 330 675634JM OCONOMOWOC WIS GO STIR I BAB Aa2 N/A 5.100 04/01/17 N/A 116.990 08/16/11 04/01/17 116.456 388 1.28 1.50 1.90 4.27 0.10 6.52 1,800 942860MX WAUKEGAN ILL GO BIDS 2009A Aa3 N/A 4.650 12/30/17 N/A 103.410 06/17/11 12/30/17 111.673 2,052 6.78 2.38 4.05 4.83 0.13 157.38 190 751622AJ RAMSEY CNTY MINN TAXABL BAB Aaa AAA 5.100 02101/18 02/01/17 115.720 11/25/11 02/01/17 114.179 221 0.73 1.86 1.90 4.09 0.09 0.35 MUNI 10,710 3.177 3.24 105.829 11,440 37.83 1.22 2.20 2.99 0.06 376.29 249 06425HHT BANK OF CHINA NEW YORK CITY N/A WA 0.450 07/05/12 N/A 100.000 10/05/11 07/05/12 100.000 250 0.83 0.46 0.46 0.02 0.00 0.00 249 856283RW STATE BK INDIA CHICAGO ILL N/A N/A 0.450 07/09/12 N/A 100.000 10/07111 07/09/12 100.001 250 0.83 0.42 0.46 0.03 0.00 0.00 249 060624AK BANK BARODA NEW YORK N Y N/A N/A 0.400 09/20/12 N/A 100.000 12120/11 09/20112 100.000 250 0.83 0.41 0.41 0.23 0.00 0.00 245 02586T4Z AMERICAN EXPRESS CENTURION B N/A N/A 2.350 12/10/12 N/A 100.000 12/09/09 12/10/12 100.829 247 0.82 0.49 2.35 0.45 0.00 2.03 245 02580VF4 AMERICAN EXPRESS BK FSB UTAH N/A N/A 2.350 12/10/12 N/A 100.000 12/09/09 12/10/12 100.829 247 0.82 0.49 2.35 0.45 0.00 2.03 170 060243CW BANGOR SVGS BK ME N/A N/A 2.200 12/10/12 N/A 100.000 12/09/09 12/10/12 100.764 172 0.57 0.49 2.20 0.45 0.00 1.30 249 59012YD4 MERRICK BK CORP STH JORDAN U N/A N/A 0.600 12/17/12 N/A 100.000 12/15/10 12/17/12 100.266 250 0.83 0.03 0.60 0.47 0.00 0.66 249 06541PAY BANK UNION UNION CITY OKLA N/A N/A 0.650 12/21/12 N/A 100.000 12/22/10 12/21/12 100.270 250 0.83 0.09 0.65 0.48 0.00 0.67 249 786580H8 SAFRA NATL BK NEW YORK NY N/A N/A 0.300 01/22/13 N/A 100.000 04/19/12 01/22/13 99.917 249 0.82 0.45 0.30 0.57 0.00 -0.21 249 20449E5J COMPASS BK BIRMINGHAM ALA N/A N/A 0.350 02/25/13 N/A 100.000 05/23/12 02/25/13 99.924 249 0.82 0.47 0.36 0.66 0.00 -0.19 249 29266NTZ ENERBANK USA UT N/A N/A 0.250 03/25/13 N/A 100.000 05/24/12 03/25/13 99.824 249 0.82 0.49 0.25 0.73 0.01 -0.44 249 74267GSK PRIVATEBANK & TC CHICAGO ILL N/A N/A 0.400 05/24/13 N/A 100.000 05/25/12 05/24113 99.857 249 0.82 0.57 0.41 0.90 0.01 -0.36 248 38143ADA GOLDMAN SACHS BK USA NY N/A N/A 0.850 06/07/13 N/A 100.000 12/07/11 06/07/13 100.250 249 0.82 0.58 0.85 0.93 0.01 0.62 The information contained herein, while believed to be reliable, is not guaranteed. 5 of 11 Data by Bondedge Sector Par $000 Cusi Issuer MDY Ratin S &P Rating Coupon % Maturity Call Date Acq Acq Worst Price Date Date Mkt Price Mkt Val % Port YTW Book Yid Eff Dur Conv Gain /Loss $000 245 87164DAC SYNOVUS BK COLUMBUS GA N/A N/A 1.450 02/25/14 N/A 100.000 08/25/10 02/25/14 101.894 251 0.83 0.30 1.45 1.64 0.02 4.64 248 02005QYA ALLY BK MIDVALE UTAH N/A N/A 1.300 06/09/14 N/A 100.000 12/07111 06/09/14 100.360 249 0.82 1.11 1.30 1.91 0.02 0.89 245 36159SRA GE CAP RETAIL BK DRAPER UTAH N/A N/A 1.900 08/20/14 N/A 100.000 08/20/10 08/20/14 101.913 251 0.83 1.00 1.90 2.09 0.03 4.69 245 14042E3R CAPITAL ONE NATL ASSN VA N/A N/A 1.750 08/25/14 N/A 100.000 08/25/10 08/25/14 102.224 252 0.83 0.71 1.75 2.11 0.03 5.45 245 140420MY CAPITAL ONE BK USA NATL ASSN N/A N/A 1.750 08/25/14 N/A 100.000 08/25/10 08/25/14 102.224 252 0.83 0.71 1.75 2.11 0.03 5.45 247 05568PV9 BMW BK NORTH AMER UTAH N/A N/A 1.750 04/13/17 N/A 100.000 04/13/12 04/13/17 99.474 247 0.82 1.87 1.75 4.58 0.11 -1.30 247 2546706U DISCOVER BK GREENWOOD DEL N/A N/A 1.850 04/18/17 N/A 100.000 04/18/12 04/18/17 99.449 247 0.82 1.97 1.85 4.58 0.11 -1.36 247 36160XUC GE CAP BK INC N/A N/A 2.050 08/21/17 N/A 100.000 08/19/11 08/21/17 102.397 255 0.84 1.56 2.05 4.87 0.13 5.92 CD 5,118 1.190 1.50 100.596 5,162 17.07 0.70 1.19 1.46 0.03 30.51 2,763 0003CHAN WF N/A N/A 0.060 06/30/12 N/A 100.000 06/29/12 06/30/12 100.000 2,763 9.14 0.06 0.06 0.00 0.00 0.00 19 0002CHAN 4M N/A N/A 0.020 06/30/12 N/A 100.000 06/29/12 06/30/12 100.000 19 0.06 0.02 0.02 0.00 0.00 0.00 21 0001 CHAN M &I N/A N/A 1.400 06/30112 N/A 100.000 06129/12 06/30/12 100.000 21 0.07 1.42 1.42 0.00 0.00 0.00 42 0004CHAN STERNE CASH N/A N/A 0.001 06/30/12 N/A 100.000 06/29/12 06/30/12 100.000 42 0.14 0.00 0.00 0.00 0.00 0.00 3 0007CHAN RBC N/A N/A 0.010 06/30/12 N/A 100.000 06/29/12 06/30/12 100.000 3 0.01 0.01 0.01 0.00 0.00 0.00 3,163 0006CHAN AMERICANA N/A N/A 0.350 06/30/12 N/A 100.000 06/29/12 06/30/12 100.000 3,163 10.46 0.36 0.36 0.00 0.00 0.00 500 0005CHAN STERNE MMKT N/A N/A 0.010 06/30/12 WA 100.000 06/29/12 06130112 100.000 500 1.65 0.01 0.01 0.00 0.00 0.00 MMF 6,511 0.201 0.00 100.000 6,510 21.53 0.20 0.20 0.00 0.00 0.00 Total: 29,339 1.862 2.20 102.572 30,241 100.00 0.77 1.39 1.84 -0.12 472.56 The information contained herein, while believed to be reliable, is not guaranteed. 6 of 11 Data by Bondedge PORTFOLIO ALERTS REPORT CITY OF CHANHASSEN Rating Actions:Watchlist/Outlook /Upgrades/ Downgrades /Reinstated/Withdrawn /Confirmed /Initial Ratings -- Identifier Issuer Cou on Maturi I Currcy I Mood s From Mood s To Mood s Date TSIP From S &P To S &P Date Fitch From Fitch To Fitch Date Sector /State UPGRADES: 64966JG2 NEW YORK N Y TAXABLE GO BDS 1.000 08/01/15 USD N/A AA 05/18/12 941247V6 WATERBURY CONN GO BDS 20128 1.758 04/01/16 USD N/A A 06/01/12 ' 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 03/30/2012. N/A MUNI -GO -NY N/A MUNI -GO -CT The information contained herein, while believed to be reliable, is not guaranteed. 7 of 11 Data by Bondedge PORTFOLIO SIMULATION - MARKET -300 ------- - -- Returns( %) ----- - - - - -- Avg Eff Mkt Value $ Mkt Value $Price Yield Change (bp) I Total Income Pric I Life Dur Convexity [$000] Chan a I Change -300 3.991 0.710 3.281 1.13 1.087 0.019 $31,447,890 $1,206,974 $992,204 -250 3.439 0.710 2.729 1.12 1.074 0.019 $31,280,932 $1,040,016 $825,275 -200 2.896 0.710 2.186 1.11 1.062 0.018 $31,116,832 $875,916 $661,066 -150 2.363 0.711 1.653 1.10 1.049 0.018 $30,955,652 $714,736 $499,882 -100 1.840 0.712 1.128 1.09 1.037 0.018 $30,797,355 $556,439 $341,118 -50 1.327 0.714 0.613 1.08 1.025 0.017 $30,642,290 $401,374 $185,377 0 0.866 0.761 0.104 1.07 1.013 0.019 $30,502,731 $261,815 $31,451 50 0.417 0.860 -0.444 1.06 1.127 -0.057 $30,367,004 $126,088 - $134,270 100 -0.166 0.961 -1.127 1.49 1.322 -0.050 $30,190,633 - $50,283 - $340,815 150 -0.749 1.057 -1.806 1.47 1.376 0.019 $30,014,274 - $226,642 - $546,151 200 -1.320 1.152 -2.472 1.46 1.366 0.025 $29,841,746 - $399,170 - $747,555 250 -1.878 1.248 -3.127 1.45 1.351 0.024 $29,672,936 - $567,980 - $945,633 300 -2.425 1.344 -3.769 1.43 1.335 0.024 $29,507,626 - $733,290 - $1,139,780 Horizon Months 12 Reinvestment Rate 0.153 Aged Simulation Base Currency USD $1,500,000 $1,000,000 $500,000 $0 - $500,000 - $1,000,000 -$1,500,000 $ Price Change -300 -250 -200 -150 -100 -50 0 00 150 200 250 300 I The information contained herein, while believed to be reliable, is not guaranteed. 8 of 11 Data by Bondedge CALLABLE /PUTTABLE HOLDINGS REPORT CITY OF CH ANHASSEN Par YTW B i lkEff 1.050 Prc Identifier Issuer Coupon Maturity Value Date Price YTW Yld Dur Conv Fla 3136FRV3 FEDERAL NATL MTG ASSN 1.050 3135GOCU FEDERAL NATL MTG ASSN 0.625 3134G3AD FEDERAL HOME LN MTG CORP 2.050 3136FTWY FEDERAL NATL MTG ASSN 1.150 3136FTR6 FEDERAL NATL MTG ASSN 1.650 751622AJ RAMSEY CNTY MINN TAXABL BAB 5.100 11/29/18 1,000,000 1.529 12/14/15 500,000 12/14/12 100.25 0.51 1.05 1.61 -1.10 Priced to Call 09/12/14 500,000 09/12/13 100.26 0.41 0.63 1.68 -0.35 Priced to Call 11/29/18 1,000,000 11/29/13 101.18 1.21 2.05 3.31 -1.53 Priced to Call 06/30/16 1,500,000 12/30/13 100.74 0.66 1.15 2.53 -0.80 Priced to Call 02/28/19 500,000 02/28/14 100.53 1.32 1.70 4.12 -1.48 Priced to Call 02/01/18 190,000 02/01/17 114.18 1.86 1.90 4.08 0.10 Priced to Call 4.70 4,190,000 101.31 0.88 1.39 2.77 -0.99 The information contained herein, while believed to be reliable, is not guaranteed. 9 of 11 Data by Bondedge 5 YR MONTHLY CASH FLOW CALENDAR CITY OF CHANHASSEN 3 0 LL t N U 9 Assumes Flat Rate Period Run -Ott Run. Date 1.1 .1 Maturity CF Call CF Put CF Sink CF Int CF- MBS /ABS Princ CF- MBS /ABS Prepay CF- MBS /ABS Inn. CF Cashflow VTW Book Yld Jul -12 52,517 7.008.311 0 0 0 0 0 0 7,008,311 7,060.828 0.00 0.22 Aug -12 61,421 0 0 0 0 0 0 0 0 61,421 0.00 0.00 Sep-12 33,080 1,249,000 0 0 0 0 0 0 1,249,000 1,282,080 0.11 0,83 Oct -12 28,317 0 0 0 0 0 0 0 0 28,317 0.00 0.00 Nov -12 33,284 0 0 0 0 0 0 0 0 33,284 0.00 0.00 Deo-12 104,341 2,158,000 500,000 0 0 0 0 0 2,658,000 2,762,341 0.33 1.03 Jan -13 621 249,000 0 0 0 0 0 0 249,000 249,621 0.29 0.30 Feb-13 63,575 504,000 0 0 0 0 0 0 504,000 567,575 0.29 1.01 Mar -13 22,072 249,000 0 0 0 0 0 0 249,000 271,072 0.31 0.25 Apr-13 30,069 0 0 0 0 0 0 0 0 30,069 0.00 0.00 May -13 33,966 249,000 0 0 0 0 0 0 249,000 282,966 0.36 0.41 Jun -13 70,079 248,000 0 0 0 0 0 0 248,000 318,079 0.38 0.85 Aug -13 60,756 305,000 0 0 0 0 0 0 305,000 365,756 0.44 0.60 Sep -13 22,019 1,000,000 500,000 0 0 0 0 0 1,500,000 1.522,019 0.08 1.14 Oct -13 30,069 0 0 0 0 0 0 0 0 30,069 0.00 0.00 Nov-13 32,972 0 1,000,000 0 0 0 0 0 1,000,000 1,032,972 0.70 2.05 D-13 69,025 1,000,000 1,500,000 0 0 0 0 0 2,500,000 2,569,025 0.16 1.41 Feb-14 58,667 1.060,000 500,000 0 0 0 0 0 1,560,000 1,618,667 0.29 1.82 Mar -14 7,331 0 0 0 0 0 0 0 0 7,331 0.00 0.00 Apr-14 30,069 0 0 0 0 0 0 0 0 30,069 0.00 0.00 May -14 22,722 0 0 0 0 0 0 0 0 22,722 0.00 0.00 Jun -14 44,792 248,000 0 0 0 0 0 0 248,000 292,792 0.77 1.30 Aug -14 44,615 735,000 0 0 0 0 0 0 735.000 779,615 0.44 1.80 Sep-14 7,331 0 0 0 0 0 0 0 0 7.331 0.00 0.00 Oct -14 30,069 0 0 0 0 0 0 0 0 30,069 0.00 0.00 Nov -14 22,722 480.000 0 0 0 0 0 0 480,000 502.722 0.18 2.10 Da.14 43,163 0 0 0 0 0 0 0 0 43,163 0.00 0.00 Feb-15 38,000 1,575.000 0 0 0 0 0 0 1,575,000 1.613.000 0.79 2.73 Mar -15 7,331 0 0 0 0 0 0 0 0 7.331 0.00 0.00 Apr-15 30,069 500,000 0 0 0 0 0 0 500,000 530,069 0.68 1.67 May -15 17,682 0 0 0 0 0 0 0 0 17,682 0.00 0.00 Jun -15 43,163 210,000 0 0 0 0 0 0 210.000 253,163 1.18 0.72 Aug -15 16,482 500,000 0 0 0 0 0 0 500,000 516,482 0.55 0.75 Sep-15 7,331 0 0 0 0 0 0 0 0 7,331 0.00 0.00 Oct -15 17,256 0 0 0 0 0 0 0 0 17,256 0.00 0.00 Nov-15 17,682 615,000 0 0 0 0 0 0 615,000 632,682 0.59 2.60 Deo�15 41.850 0 0 0 0 0 0 0 0 41,850 0.00 0.00 Feb-16 13,982 0 0 0 0 0 0 0 0 13,982 0.00 0.00 Mar -16 7,331 510.000 0 0 0 0 0 0 510,000 517,331 0.51 2.19 Apr -16 17,256 500,000 0 0 0 0 0 0 500,000 517,256 1.05 1.44 May-16 9,668 0 0 0 0 0 0 0 0 9,688 0,00 0.00 Jun -16 41,850 0 0 0 0 0 0 0 0 41,850 0.00 0.00 Aug-16 13,982 500,000 0 0 0 0 0 0 500,000 513,982 2.77 1.20 Oct -16 12,861 0 0 0 0 0 0 0 0 12,861 0.00 0.00 Nav-16 9,687 625,000 0 0 0 0 0 0 625,000 634,687 0.48 3.10 Deo-16 41.850 0 0 0 0 0 0 0 0 41,850 0.00 0.00 Feb-17 7,377 0 190,000 0 0 0 0 0 190,000 197,377 1.19 5.10 Apr-17 12,861 824,000 0 0 0 0 0 0 824,000 836,861 1.06 1.84 Jun -17 41.850 0 0 0 0 0 0 0 0 41,850 0.00 0.00 Totals 1,527,08&00 23,101,311.00 4,190,000.00 0.00 0.00 0.00 O.DO 0.00 27,291,311.00 28,818,398.00 25,000,000 20,000,000 15,000,000 10,000,000 5.000,000 The information contained herein, while believed to be reliable, is not guaranteed. 10 of 11 Data by Bondedge N I71t CF w Maturity CF W CaII CF PLEASE READ THE FOLLOWING IMPORTANT EXPLANATION AND CAUTION: Wells Fargo Securities LLC, Member NFA, NYSE, FINRA and SIPC 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 the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC ( "WFS "), Wells Fargo Securities (Japan) Co., Ltd. ("WFSJ "), and Wells Fargo Securities International Limited ("WFSIL "). WFS is a U.S. broker - dealer registered with the U.S. Securities and Exchange Commission and a member of FINRA and SIPC. WFSJ is a Japanese Type 1 and Type 2 financial instruments firm registered with the Kanto Local Finance Bureau, a subordinate regulatory body of the Ministry of Finance Japan. WFSIL is a U.K. incorporated investment firm authorized and regulated by the U.K. Financial Services Authority. The indicative valuation(s) provided in this report are for information purposes only and are intended for use solely by the addressee. The information contained herein is derived from sources that Wells Fargo Securities in good faith considers reliable, however Wells Fargo Securities does not guarantee the accuracy, reliability or completeness of this information and makes no warranty, express or implied, with respect thereto. The indicative valuations do not represent advice, an offer to purchase or sell any security or other instrument either at the indicative valuation(s) or any other price(s). There is no representation that any transaction can or could have been effected at the indicative valuation(s). The indicative valuations contained herein represent estimates as of the stated valuation date and are subject to change without notice. Such estimates do not necessarily reflect Wells Fargo Securities' internal bookkeeping or theoretical model -based valuation. The indicative valuations are based on certain assumptions, and different assumptions, by Wells Fargo Securities or any other source may yield substantially different results. These valuations also may vary from those of another Wells Fargo division, since they may use other sources of market information or make calculations as of a different time. Wells Fargo Securities is not responsible for any loss or damage arising out of any person's use of or reliance upon the information contained herein or otherwise, including but not limited to, errors (including errors of transmission), inaccuracies, omissions, changes in market factors or other conditions or any other circumstances whether or not such errors are within Wells Fargo Securities' control. Under no circumstances shall Wells Fargo Securities be liable for special or consequential damages that arise from any person's use of or reliance upon the information contained herein, even if Wells Fargo Securities has been advised of the possibility of such damages. Wells Fargo Securities and /or its affiliates may provide advice, may make markets in or may, from time to time, acquire, hold or sell positions in any of the securities to which this indicative valuation relates, either for its own account or for the account of others. The information contained herein, while believed to be reliable, is not guaranteed. 11 of 11 Data by Bondedge General Ledger Revenue - Budget vs Actual Period 01 - 06 Fiscal Year 2012 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 2012 Budaet 7,434,500.00 (200, 000.00) 180,000.00 2012 2012 Actual $ Uncollected 3,658,816.72 3,775,683.28 (200,000.00) 180, 000.00 $ 7,414,500.00 $ 3,658,816.72 $ 3,755,683.28 2012 % Uncollected 50.79 100.00 100.00 50.65% 3203 Dog Kennel 800.00 350.00 450.00 56.25 3205 Dog or Cat - - - _ 3213 Solicitor 1,000.00 350.00 650.00 65.00 3226 Liquor On /Off Sale 90,000.00 96,748.00 (6,748.00) (7.50) 3230 Rental Housing Licenses - - _ _ 3284 Rubbish 4,000.00 300.00 3,700.00 92.50 Total Licenses $ 95,800.00 $ 97,748.00 $ (1,948.00) -2.03% Permits 3301 Building 380,000.00 303,239.84 76,760.16 20.20 3302 Plan Check 180,000.00 140,126.70 39,873.30 22.15 3305 Heating & A/C 80,000.00 51,251.39 28,748.61 35.94 3306 Plumbing 65,000.00 40,960.57 24,039.43 36.98 3307 Trenching 30,000.00 19,632.35 10,367.65 34.56 3308 Gun 1,400.00 280.00 1,120.00 80.00 3309 Sprinkler 11,000.00 6,251.66 4,748.34 43.17 3311 Sign 6,500.00 3,740.00 2,760.00 42.46 3320 Stable 300.00 190.00 110.00 36.67 3331 Firework's Application Fee - - _ _ 3390 Misc Permits 2,000.00 1,260.00 740.00 37.00 Total Permits $ 756,200.00 $ 566,932.51 $ 189,267.49 25.03% Fines & Penalties 3140 S/A Penalties & Interest - - _ _ 3401 Traffic & Ordinance Violation 125,000.00 36,860.73 88,139.27 70.51 3402 Vehicle Lockouts 2,500.00 700.00 1,800.00 72.00 3404 Dog /Cat Impound - 2,566.77 (2,566.77) - 3405 Other Fines & Penalties - - _ _ Total Fines & Penalties $ 127,500.00 $ 40,127.50 $ 87,372.50 68.53% Intergovernmental Revenue 3503 School District Reimbursement 45,000.00 - 45,000.00 100.00 3509 Other Shared Taxes 125,000.00 - 125,000.00 100.00 3510 Grants -State 100,000.00 - 100,000.00 100.00 3520 Grants - County - - _ - 3533 Other Grants - 800.00 (800.00) - Total Intergovernmental Revenue $ 270,000.00 $ 800.00 $ 269,200.00 99.70% 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 132.00 Total Other Revenue Grand Total General Ledger Revenue - Budget vs Actual Period 01 - 06 Fiscal Year 2012 2012 Budget 1,500.00 7,000.00 500.00 400.00 2,000.00 3,200.00 40,000.00 60,000.00 75,000.00 11, 500.00 35, 000.00 230,000.00 300.00 14,000.00 5,000.00 93,600.00 30,000.00 12,000.00 1,200.00 2012 2012 Actual $ Uncollected 74.32 1,059.00 25.00 60.00 2,050.00 2,336.85 51,974.23 75.00 5,301.98 24,724.18 100,328.90 37.42 11, 084.77 2,753.87 40,676.80 19,262.73 3,779.30 1,075.99 1,425.68 5,941.00 475.00 340.00 (50.00) 863.15 (11,974.23) 60,000.00 (75.00) 75,000.00 6,198.02 10,275.82 129,671.10 262.58 2,915.23 2,246.13 52,923.20 10,737.27 8,220.70 124.01 31,000.00 15,494.86 15,505.14 2,000.00 3,300.00 (1,300.00) 1,500.00 464.16 1,035.84 - 100.00 (100.00) $ 656,700.00 $ 286,039.36 $ 370,660.64 2012 % Uncollected 95.05 84.87 95.00 85.00 (2.50) 26.97 (29.94) 100.00 100.00 53.90 29.36 56.38 87.53 20.82 44.92 56.54 35.79 68.51 10.33 50.02 (65.00) 69.06 56.44% 60,000.00 - 60,000.00 100.00 150,000.00 57,038.56 92,961.44 61.97 5,000.00 47,422.66 (42,422.66) (848.45) - 400.00 (400.00) - 31,400.00 19,625.00 11, 775.00 37.50 3,000.00 2,625.15 374.85 12.50 1,000.00 402.29 597.71 59.77 500.00 132.00 368.00 73.60 45, 000.00 31,178.13 13, 821.87 30.72 - (0.44) 0.44 - $ 295,900.00 $ 158,823.35 $ 137,076.65 46.33% $ 9,616,600.00 $ 4,809,287.44 $ 4,807,312.56 49.99% Page 2 of 2 General Ledger Expense - Budget vs Actual Period 01 - 06 Fiscal Year 2012 2012 2012 2012 2012 Description Budget Actual Dollars Unspent % Unspent City Council 101,200.00 40,822.63 60,377.37 59.66 Administration 495,000.00 241,888.07 253,111.93 51.13 Finance 280,000.00 145,849.30 134,150.70 47.91 Legal 145,000.00 70,972.21 74,027.79 51.05 Property Assessment 112,600.00 9,840.51 102,759.49 91.26 Management Information Systems 256,900.00 127,484.78 129,415.22 50.38 City Hall Maintenance 407,800.00 373,486.07 34,313.93 8.41 Elections 32,100.00 567.97 31,532.03 98.23 Library Building 122,100.00 48,144.00 73,956.00 60.57 General Government $ 1,952,700.00 $ 1,059,055.54 $ 893,644.46 45.76% Police /Carver Co Contract 1,576,200.00 761,400.21 814,799.79 51.69 Fire Prevention & Admin 762,600.00 273,895.03 488,704.97 64.08 Code Enforcement 612,100.00 294,049.69 318,050.31 51.96 Animal Control 75,800.00 34,464.74 41,335.26 54.53 Law Enforcement $ 3,026,700.00 $ 1,363,809.67 $ 1,662,890.33 54.94% Engineering 581,600.00 261,045.09 320,554.91 55.12 Street Maintenance 832,800.00 397,345.25 435,454.75 52.29 Street Lighting & Signals 339,900.00 184,478.29 155,421.71 45.73 City Garage 497,000.00 256,476.11 240,523.89 48.40 Public Works $ 2,251,300.00 $ 1,099,344.74 $ 1,151,955.26 51.17% Planning Commission 4,200.00 1,238.85 2,961.15 70.50 Planning Administration 422,900.00 193,536.76 229,363.24 54.24 Senior Facility Commission 32,500.00 15,875.43 16,624.57 51.15 Community Development $ 459,600.00 $ 210,651.04 $ 248,948.96 54.17% Park Commission 2,800.00 1,253.60 1,546.40 55.23 Park Administration 137,700.00 65,339.94 72,360.06 52.55 Recreation Center 344,300.00 162,737.25 181,562.75 52.73 Lake Ann Park 61,800.00 12,450.79 49,349.21 79.85 Park Maintenance 923,200.00 429,438.17 493,761.83 53.48 Senior Citizens Center 69,700.00 35,209.24 34,490.76 49.48 Recreation Programs 287,500.00 108,545.46 178,954.54 62.25 Self- Supporting Programs 77,600.00 24,225.94 53,374.06 68.78 Recreation Sports 21,700.00 13,257.23 8,442.77 38.91 Park & Recreation $ 1,926,300.00 $ 852,457.62 $ 1,073,842.38 55.75% Grand Total $ 9,616,600.00 $ 4,585,318.61 $ 5,031,281.39 52.32%