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C. Third Quarter 2012 Budget & Investment Update
Administration BACKGROUND Phone: 952.227.1100 MEMORANDUM Fax: 952.227.1110 TO: Mayor & City Council Members CITY OF r Building Inspections FROM: Greg Sticha, Finance Director CHANHASSEN and recap the city's investment portfolio at the work session. Fax: 952.227.1190 DATE: October 22, 2012 o 'er' 7700 Market Boulevard 2012 BUDGET PO Box 147 Chanhassen, MN 55317 SUBJ: Third Quarter 2012 Budget & Investment Update Administration BACKGROUND Phone: 952.227.1100 with the originally adopted budgets. Fax: 952.227.1110 Fax: 952.227.1404 In an effort to keep the City Council informed of the city's financial position, Building Inspections staff will review the current status of the 2012 revenue and expenditure budgets Phone: 952.227.1180 and recap the city's investment portfolio at the work session. Fax: 952.227.1190 information and answer any questions the council may have on Monday night. Fax: 952.227.1110 2012 BUDGET Engineering The average yield at cost for the portfolio as of September 30, 2012 is 1.55 %. Phone: 952.227.1160 There are a number of other indicators and information about the portfolio Fax: 952.227.1170 Revenues: Three- fourths of the way through the year, revenues are on- target Phone: 952.227.1300 for all line items. As of September 30, building permit revenue has collected Finance $165,000 in excess of the total budget. Attached is the General Fund budget Phone: 952.227.1140 versus the actual revenue report for your review. Fax: 952.227.1110 Expenditures: As of September 30, 67% of expenditures have been spent. It Park & Recreation Phone: 952.227.1120 appears there are no line items currently expected to significantly exceed budget Fax: 952.227.1110 in 2012. Recreation Center Therefore, in summary, it appears both revenues and expenditures are tracking 2310 Coulter Boulevard with the originally adopted budgets. Phone: 952.227.1400 Fax: 952.227.1404 INVESTMENTS Planning & Natural Resources Attached is a summary of the city's investments. Staff will briefly go over the Phone: 952.227.1130 information and answer any questions the council may have on Monday night. Fax: 952.227.1110 The average yield at cost for the portfolio as of September 30, 2012 is 1.55 %. Public works There are a number of other indicators and information about the portfolio 7901 Park Place included in the summary, and staff will be happy to answer any questions at the Phone: 952.227.1300 Fax: 952.227.1310 meeting. Senior Center ATTACHMENTS Phone: 952.227.1125 Fax: 952.227.1110 1. Investment Portfolio Summary Web Site 2. Budget vs. Actual Revenue & Expense General Fund www.ci.chanhassen.mn.us f: \gregs \council\2012 \3rd quarter 2012 financial update.docx Chanhassen is a Community for Life -Providing for Today and Planning for Tomorrow General Ledger Expense - Budget vs Actual Period 01 - 09 Fiscal Year 2012 Park Commission Park Administration Recreation Center Lake Ann Park Park Maintenance Senior Citizens Center Recreation Programs Self- Supporting Programs Recreation Sports Park & Recreation 2,800.00 1,747.98 2012 137,700.00 2012 40,025.05 2012 2012 Description 61,800.00 Budget 31,461.19 Actual Dollars Unspent % Unspent City Council 54,190.99 101,200 00 287,500.00 82,054.35 87,253 66 19,145.65 18.92 Administration 21,700.00 495,000.00 5,684.34 345,862.65 $ 1,345,430.46 $ 149,137.35 30.13 Finance 280,000.00 205,748.00 74,252.00 26.52 Legal 145,000.00 90,649.02 54,350.98 37.48 Property Assessment 112,600.00 10,016.76 102,583.24 91.10 Management Information Systems 256,900.00 191,097.71 65,802.29 25.61 City Hall Maintenance 407,800.00 455,541.27 (47,741.27) -11.71 Elections 32,100.00 18,592.83 13,507.17 42.08 Library Building 122,100.00 73,719.03 48,380.97 39.62 General Government $ 1,952,700.00 $ 1,473,281.62 $ 479,418.38 24.55% Police /Carver Co Contract 1,576,200.00 796,06542 780,134.58 49.49 Fire Prevention & Admin 762,600.00 443,727.95 318,872.05 41.81 Code Enforcement 612,100.00 433,574.32 178,525.68 29.17 Animal Control 75,800.00 49,380.75 26,419.25 34.85 Law Enforcement $ 3,026,700.00 $ 1,722,748.44 $ 1,303,951.56 43.08% Engineering 581,600.00 387,198.30 194,401.70 33.43 Street Maintenance 832,800.00 574,954.11 257,845.89 30.96 Street Lighting & Signals 339,900.00 256,442.88 83,457.12 24.55 City Garage 497,000.00 396,013.37 100,986.63 20.32 Public Works $ 2,251,300.00 $ 1,614,608.66 $ 636,691.34 28.28% Planning Commission 4,200.00 1,838.54 2,361.46 56.23 Planning Administration 422,900.00 280,258.70 142,641.30 33.73 Senior Facility Commission 32,500.00 21,116 84 11,383.16 35.03 Community Development $ 459,600.00 $ 303,214.08 $ 156,385.92 3403% Park Commission Park Administration Recreation Center Lake Ann Park Park Maintenance Senior Citizens Center Recreation Programs Self- Supporting Programs Recreation Sports Park & Recreation 2,800.00 1,747.98 1,052.02 137,700.00 97,674.95 40,025.05 344,300.00 212,871.75 131,428.25 61,800.00 30,338.81 31,461.19 923,200.00 689,255.08 233,944.92 69,700.00 54,190.99 15,509.01 287,500.00 200,246.34 87,253 66 77,600.00 43,088.90 34,511.10 21,700.00 16,015.66 5,684.34 $ 1,926,300.00 $ 1,345,430.46 $ 580,869.54 37.57 29.07 38.17 50.91 25.34 22.25 3035 44.47 26.20 30.15% Grand Total $ 9,616,600.00 $ 6,459,283.26 $ 3,157,316.74 32.83% General Ledger Revenue - Budget vs Actual Period 01 - 09 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 $ 7,414,500 00 Total General Property Tax Licenses 2012 Budget 2012 2012 2012 Actual $ Uncollected % Uncollected 7,434,500.00 3,767,798.91 3,666,701.09 49.32 (200,000 00) - (200,000 00) 100.00 180,000 00 151,297.44 28,702.56 15.95 - 235.70 (235.70) - $ 7,414,500 00 $ 3,919,332.05 $ 3,495,167 95 47.14% 3203 Dog Kennel 800.00 35000 450.00 56.25 3205 Dog or Cat - - - - 3213 Solicitor 1,00000 450.00 55000 55.00 3226 Liquor On /Off Sale 90,000.00 94,610.10 (4,610 10) (5.12) 3230 Rental Housing Licenses - - - - 3284 Rubbish 4,000.00 300.00 3,70000 92.50 Total Licenses $ 95,800.00 $ 95,710 10 $ 89.90 009% Permits 3301 Building 380,000.00 487,130 30 (107,130.30) (28.19) 3302 Plan Check 180,000.00 234,919 64 (54,919 64) (30.51) 3305 Heating & A/C 80,000 00 84,960.59 (4,960 59) (6.20) 3306 Plumbing 65,000 00 62,911.31 2,08869 3.21 3307 Trenching 30,000.00 32,344.55 (2,344 55) (7 82) 3308 Gun 1,400.00 1,060.00 34000 24.29 3309 Sprinkler 11,000 00 9,609.22 1,390.78 12.64 3311 Sign 6,50000 5,785.00 715.00 11.00 3320 Stable 30000 210.00 9000 30.00 3331 Firework's Application Fee - - - - 3390 Misc Permits 2,00000 2,620.00 (620.00) (31.00) Total Permits $ 756,200.00 $ 921,55061 $ (165,350.61) - 21.87% Fines & Penalties 3140 S/A Penalties & Interest - - - - 3401 Traffic & Ordinance Violation 125,000 00 57,030.75 67,969.25 5438 3402 Vehicle Lockouts 2,50000 831.18 1,668.82 66.75 3404 Dog /Cat Impound - 2,90075 (2,900 75) - 3405 Other Fines & Penalties - 743 (7.43) - Total Fines & Penalties $ 127,500.00 $ 60,770.11 $ 66,729 89 52.34% Intergovernmental Revenue 3503 School District Reimbursement 45,000.00 - 45,000.00 10000 3509 Other Shared Taxes 125,000.00 9,733.50 115,266.50 92.21 3510 Grants -State 100,000 00 - 100,000 00 10000 3520 Grants - County - - - - 3533 Other Grants - 800.00 (800.00) - Total Intergovernmental Revenue $ 270,000 00 $ 10,533.50 $ 259,466.50 96.10% Page 1 of 2 General Ledger Revenue - Budget vs Actual Period 01 - 09 Fiscal Year 2012 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 2,95000 Total Other Revenue Grand Total 2012 2012 2012 2012 Budget Actual $ Uncollected % Uncollected 1,50000 251 08 1,248.92 83.26 7,00000 8,39400 (1,394 00) (19 91) 50000 55000 (50.00) (10.00) 40000 13500 265.00 66.25 2,00000 2,95000 (950.00) (47.50) - 30.00 (30.00) - 3,200.00 3,186.52 13.48 042 40,000 00 51,974.23 (11,974.23) (29 94) 60,000.00 - 60,000.00 100.00 - 90.00 (90 00) - 75,000.00 - 75,000 00 100.00 11,500.00 7,668.34 3,83166 33.32 35,000.00 38,508.65 (3,508.65) (10 02) 230,000.00 142,006.33 87,993.67 38.30 300.00 37.42 262.58 87.53 14,000 00 14,411.22 (411.22) (2,94) 5,000.00 7,94182 (2,941.82) (58.84) 93,600.00 53,957.98 39,642.02 42.35 30,000.00 27,458.38 2,54162 8.47 12,000 00 11,287 77 712.23 5.94 1,200 00 1,122.77 77.23 6.44 31,000.00 26,945.78 4,054.22 13.08 2,000.00 3,300.00 (1,300 00) (65 00) 1,500.00 1,207.58 292.42 1949 - 100.00 (100 00) - $ 656,700 00 $ 3,51487 $ 253,185.13 38.55% 60,000.00 - 60,000.00 100.00 150,000.00 109,214 75 40,785.25 27.19 5,000.00 80,211.30 (75,211.30) (1,504.23) - 1,200.00 (1,200.00) - 31,400.00 19,775.00 11,625 00 37.02 3,00000 3,26370 (263.70) (8 79) 1,000.00 64737 352.63 35.26 500.00 182.00 318.00 63.60 45,000.00 43,860.39 1,139.61 2.53 - (2.20) 2.20 - $ 295,900.00 $ 258,352.31 $ 37,547.69 12.69% $ 9,616,600 00 $ 5,669,763.55 $ 3,946,836.45 41.04% Page 2 of 2 Fixed Income Sales Portfolio Analytics Analysis for: CITY OF CHANHASSEN Presented by: J. CURTIS September 30, 2012 Investments: NOT FDIC Insured • May Lose Value • No Bank Guarantee Together we'll go far 1 of 11 Data from BondEdge. PORTFOLIO SUMMARY REPORT CITY OF CHANHASSEN Total Par Value($000): $26,429 Avg. Market Yield: 0.76 Total Market Value($000)(w /accrd): $27,428 Avg. Book Yield: 1.55 Total Market Value($000)(w /o accrd): $27,290 Avg. Coupon: 2.14 Unrealized G/L ($000): $513 Avg. Price: 103.26 3 Month Cash Flow Projection($000): $4,787 Number of Bonds: 60 Annual Income($000): $521 Avg. Effective Duration: 2.13 %Portfolio Callable: 16.46 Avg. Convexity: -0.09 %Portfolio Floating Rate: 0.00 Avg. Life (Years): 2. 08 Current Yield Curve 2.82 .70 . o 6 mo 1yr 2yr 3yr Syr 7yr 10yr 20yr 30yr Sector Distribution The information contained herein, while believed to be reliable, is not guaranteed 2 of 11 Data from BondEdge. Coupon Distribution DISTRIBUTION CHARTS CITY OF CHANHASSEN Call Distribution( %Port) Pnced to Call, 16.46% NC /Not Priced To Call, 83.54 Duration Distribution( %Port) 30 , 26.37 25 24.25 _- 20.58 20 15.34 15 13.48 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 from BondEdge. Agency Distribution( %Port) Municipal State Distribution( %Port) PORTFOLIO HISTORY CITY OF CHANHASSEN *All avera es market wei hted ru Date Total Par Unrealized Effective Convexity Avg. Life Avg. Mkt Benchmark Avg. Bk Yid Avg. Coupon Avg. Avg. Mdy's #Issues Jun -12 Value($000) G /L($000) Duration -012 Yrs YTW Tsy Yid 1.39 1.86 Price Rating 55 Sep-12 $26,429 $513 2.13 -0.09 208 0.76 0.23 1.55 2.14 103.26 Aa1 60 Jun -12 $29,339 $473 1.84 -012 1.75 0.77 0.22 1.39 1.86 102.57 Aa1 55 Mar -12 $25,125 $442 2.08 -0.09 228 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 1.93 119 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 -014 168 1.24 0.29 1.44 1.92 100.83 Aaa 43 Sep -10 $20,742 $228 1.34 -0.05 1.30 071 026 1.77 2.21 101.58 AGY 33 Jun -10 $24,387 $234 0.79 -0.01 0.77 0.69 0.32 252 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 0.01 074 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 1.00 000 1.03 1.78 0.64 3.27 3.68 102.38 N/A 97 The information contained herein, while believed to be reliable, is not guaranteed 4 of 11 Data from Bond Edge. INVESTMENT SECTOR REPORT CITY OF CHANHASSEN Par MDY S &P I Coupon Cali Acq Acq Worst Mkt Book Eff I Gain /Loss Sector $000 Cusi Issuer Rating Ratln % Maturi Date Price Date Date Price Mkt Val %Port YTW Yld Dur Conv $000 1,000 3133XUPZ FEDERAL HOME LOAN BANKS AGY AA+ 2.625 09/13/13 N/A 103.840 06/24/10 09/13/13 102.295 1,024 3.73 0.23 140 0.95 0.01 11.34 1,000 3133XSP9 FEDERAL HOME LOAN BANKS AGY AA+ 3.125 12/13/13 N/A 105.090 12/02/09 12/13/13 103.471 1,044 3.81 0.25 1.81 1 18 0.01 19.08 500 3135GOCU FEDERAL NATL MTG ASSN AGY AA+ 0.625 09/12/14 09/12/13 100.000 09/12/11 09/12/13 100.322 502 1.83 0.29 0.63 1.32 -0.32 1.61 500 3136FPGM FEDERAL NATL MTG ASSN AGY AA+ 2.000 09/24/15 N/A 104.739 07/11/12 09/24/15 104.709 524 1.91 0.41 0.51 2.91 0.05 142 500 3136FRV3 FEDERAL NATL MTG ASSN AGY AA+ 1.050 12/14/15 12/14/12 100.000 09/14/11 12/14/12 100.146 502 1.83 0.36 1 05 1 02 -0.81 0.73 1,500 3136FTWY FEDERAL NATL MTG ASSN AGY AA+ 1 150 06/30/16 12/30/13 100.000 12/30/11 12/30/13 100.961 1,519 5.54 0.38 1 15 1.94 -0.62 14.41 500 313370TW FEDERAL HOME LOAN BANKS AGY AA+ 2.000 09/09116 N/A 105.392 07/12/12 09/09/16 105.548 528 1.93 0.58 0.68 3.81 0.08 2.13 240 3134G3ZK FEDERAL HOME LN MTG CORP AGY AA+ 1.200 07/30/18 07/30/14 100.000 07/30/12 07/30/14 100.593 242 0.88 0.87 1.20 3.78 -113 142 1,000 3134G3AD FEDERAL HOME LN MTG CORP AGY AA+ 2.050 11/29/18 11/29/13 100.000 11/29/11 11/29/13 101 576 1,023 3.73 0.69 2.05 2.22 -1.00 15.76 500 3136FTR6 FEDERAL NAIL MTG ASSN AGY AA+ 1.650 02/28/19 02/28/14 99.675 03/05/12 02/28/14 101.293 507 185 0.74 1 70 3.19 -143 7.92 AGY 7,240 1.861 3.39 102.063 7,414 27.03 0.43 1.32 1.98 -0.46 75.82 1,000 605580Q7 MISSISSIPPI ST GO BDS 2007C Aa2 AA 4.700 12/01/12 N/A 104.300 12102/11 12/01/12 100.670 1,022 3.73 0.85 0.38 0.17 0.00 -0.85 255 305229DK FAIRMONT MINN INDPT SCH DIS Aa2 N/A 1.650 02/01/13 N/A 100.000 08/12/10 02/01/13 100.432 257 0.94 0.38 1.65 0.34 0.00 1 10 305 914460FX UNIVERSITY MINN GO BDS 2010 Aal AA 1.370 08/01/13 N/A 100.942 05/08/12 08/01/13 100.643 308 1.12 0.60 0.60 0.84 0.01 -0.01 265 305229DL FAIRMONT MINN INDPT SCH DIS Aa2 N/A 2.000 02/01/14 N/A 100.000 08/12/10 02/01/14 102.116 271 0.99 0.42 2.00 1.33 0.01 5.61 550 51043PAA LAKE PARK - AUDUBON MINN INDP N/A AA+ 2.000 02/01/14 N/A 100.000 07/22/10 02/01/14 102.116 563 2.05 0.42 2.00 1.33 0.01 11.64 500 591852UT METROPOLITAN COUNCIL MINN M Aaa AAA 0.400 09/01/14 N/A 100.000 07/24/12 09/01/14 100.114 501 1.83 0.34 0.40 1.92 0.02 0.57 480 081617PT BEND ORE FULL FAITH CREDIT Aa3 N/A 2.100 11/01/14 N/A 100.000 11/30/10 11/01/14 103.514 501 1.83 0.41 2.10 2.04 0.03 16.87 1,300 51043PAB LAKE PARK - AUDUBON MINN INDP N/A AA+ 2.750 02/01/15 N/A 100.000 07/22/10 02/01/15 104.887 1,369 4.99 0.64 2.75 2.27 0.03 63.53 275 305229DM FAIRMONT MINN INDPT SCH DIS Aa2 N/A 2.650 02/01/15 N/A 100.000 08/12/10 02/01/15 104.648 289 1.05 0.65 2.65 2.27 0.03 12.78 500 68607VNS OREGON ST DEPT ADMINISTRATI Aa2 AAA 5.125 04/01/15 N/A 112.260 07/29/11 04/01/15 110.346 564 2.06 0.94 1.67 2.33 0.03 9.45 210 976860YZ WISCONSIN RAPIDS WIS GO REF Aa3 N/A 1.250 06/01/15 N/A 101.600 05/10/12 06/01/15 101 474 214 0.78 0.69 0.72 2.62 0.04 0.15 500 64966JG2 NEW YORK N Y TAXABLE GO BDS Aa2 AA 1.000 08101/15 N/A 100.764 06/25/12 08/01/15 100.359 503 1.83 0.87 0.75 2.79 0.05 -171 615 081617PU BEND ORE FULL FAITH CREDIT Aa3 N/A 2.600 11/01/15 N/A 100.000 11/30/10 11/01/15 105.974 658 2.40 0.65 2.60 2.96 0.05 36.74 150 161664BT CHASKA MINN GO IMPT BDS 201 NIA AA 2.000 02/01/16 N/A 104.964 08/16112 02/01/16 104.557 157 0.57 0.94 0.83 3.24 0.06 -0.36 510 951427X4 WEST BEND WIS TAXABLE G O R Aa2 N/A 2.875 03/01/16 N/A 103.450 10/19/10 03/01/16 106.654 545 1.99 0.90 2.19 3.27 0.06 22.48 500 941247V6 WATERBURY CONN GO BDS 2012B Al A 1 758 04/01/16 N/A 101 160 06/26/12 04/01/16 100.365 504 1.84 1.65 144 3.38 0.07 -3.59 500 862811U4 STRATFORD CONN PENSION OBLI Aa3 AA- 2.642 08/01116 N/A 105.800 06/12/12 08/01116 105.417 529 1.93 1.20 1.20 3.66 0.08 0.10 250 5476438G LOWELL MASS GO PARKING GARA Aa2 N/A 5.500 09/15/16 N/A 117.611 07/18/12 09/15/16 114.828 288 1.05 1.62 115 3.62 0.08 -4.95 625 081617PV BEND ORE FULL FAITH CREDIT Aa3 N/A 3.100 11/01/16 N/A 100.000 11/30/10 11/01/16 108.621 687 2.50 0.95 3.10 3.83 0.08 53.88 330 675634JM OCONOMOWOC WIS GO STR IMPT Aa2 N/A 5.100 04/01/17 N/A 116.990 08/16/11 04/01/17 115.026 388 1.41 1.63 1.90 4.01 0.09 4 17 500 591852UW METROPOLITAN COUNCIL MINN M Aaa AAA 1.200 09/01/17 N/A 100.395 07/24/12 09/01/17 101 097 507 1.85 0.97 112 4.79 0.12 3.51 1,800 942860MX WAUKEGAN ILL GO BDS 2009A Aa3 N/A 4.650 12/30/17 N/A 103.410 06/17/11 12/30/17 112.280 2,041 744 2.16 4.05 4.69 0.12 170.74 190 751622AJ RAMSEY CNTY MINN TAXABLE GO Aaa AAA 5.100 02/01/18 02/01/17 115.720 11/25/11 02/01/17 114.521 219 0.80 1.62 1.90 3.94 0.09 2.38 MUNI 12,110 3.014 3.05 105.602 12,886 46.98 1.06 2.04 2.84 0.06 404.23 249 06251AYB BANK HAPOALIM B M NEW YORK N/A N/A 0.250 10/09/12 N/A 100.000 07/06/12 10/09/12 99.997 249 0.91 0.35 0.25 0.03 0.00 -0.01 249 39115UAU GREAT PLAINS BK EUREKA SD NIA N/A 0.200 10/22/12 N/A 100.000 07/20/12 10/22/12 99.990 249 0.91 0.36 0.20 0.07 0.00 -0.02 170 060243CW BANGOR SVGS BK ME N/A N/A 2.200 12/10/12 N/A 100.000 12/09/09 12/10/12 100.335 172 0.63 0.51 2.20 0.20 0.00 0.57 245 02580VF4 AMERICAN EXPRESS BK FSB UTAH N/A N/A 2.350 12/10/12 N/A 100.000 12/09/09 12/10/12 100.363 248 0.90 0.51 2.35 0.20 0.00 0.89 The information contained herein, while believed to be reliable, is not guaranteed. 5 of 11 Data from BondEdge. 32 Par N/A N/A MDY S &P Coupon 100.000 06/29/12 09/29/12 Call Acq Acq Worst Mkt 0.02 0.02 0.00 Book Eff 5 Gain /Loss Sector $000 Cusi Issuer Ratin Ratin % Maturi Date Price Date Date Price Mkt Val % Port YTW Yld Dur Conv $000 245 02586T4Z AMERICAN EXPRESS CENTURION B N/A N/A 2.350 12/10/12 N/A 100.000 12/09/09 12/10/12 100.363 248 0.90 0.51 2.35 0.20 0.00 0.89 249 59012YD4 MERRICK BK CORP STH JORDAN U N/A NIA 0.600 12/17/12 N/A 100.000 12/15/10 12/17/12 100.041 249 0.91 0.42 0.60 0.22 0.00 0.10 249 06541 PAY BANK UNION UNION CITY OKLA N/A N/A 0.650 12/21/12 N/A 100.000 12/22/10 12/21/12 100.054 249 0.91 0.42 0.65 0.23 0.00 0.13 249 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 99.969 249 0.91 0.40 0.30 0.32 0.00 -0.08 249 20449E5J COMPASS BK BIRMINGHAM ALA N/A N/A 0.350 02/25/13 N/A 100.000 05/23/12 02/25/13 99.973 249 0.91 0.42 0.36 0.41 0.00 -0.07 249 29266NTZ ENERBANK USA UT N/A N/A 0.250 03/25/13 N/A 100.000 05/24/12 03/25/13 99.907 249 0.91 0.44 0.25 0.49 0.00 -0.23 249 064251-14P BANK OF CHINA NEW YORK CITY N/A NIA 0.350 04/05/13 N/A 100.000 07/05/12 04/05/13 99.949 249 0.91 0.46 0.36 0.52 0.00 -0.13 249 74267GSK PRIVATEBANK & TC CHICAGO ILL N/A N/A 0.400 05/24/13 N/A 100.000 05/25/12 05/24/13 99.957 249 0.91 0.47 0.41 0.65 0.00 -0.11 248 38143ADA GOLDMAN SACHS BK USA NY N/A N/A 0.850 06/07/13 N/A 100.000 12/07/11 06/07/13 100.251 249 0.91 0.48 0.85 0.69 0.00 0.62 249 332135EQ FIRST NATL BK OMAHA NEB N/A N/A 0.500 10107/13 N/A 100.000 07/06/12 10/07/13 99.889 249 0.91 0.61 0.50 1.02 0.01 -0.28 249 037830MC APPLE BK FOR SVGS N Y N/A N/A 0.450 11/05/13 NIA 100.000 07105/12 11/05/13 99.792 249 0.91 0.64 0.45 110 0.01 -0.52 245 87164DAC SYNOVUS BK COLUMBUS GA N/A N/A 1 450 02/25/14 N/A 100.000 08/25/10 02/25/14 101.822 250 0.91 0.15 145 140 0.01 4.46 248 02005QYA ALLY BK MIDVALE UTAH N/A N/A 1.300 06/09/14 N/A 100.000 12/07/11 06/09/14 100.606 251 0.91 0.94 1.30 1.67 0.02 1.50 245 36159SRA GE CAP RETAIL BK DRAPER UTAH N/A N/A 1.900 08/20/14 N/A 100.000 08/20/10 08/20/14 101.893 250 0.91 0.89 1.90 1.86 0.02 4.64 245 140420MY CAPITAL ONE BK USA NATL ASSN N/A N/A 1 750 08/25/14 N/A 100.000 08/25/10 08/25/14 102.159 251 0.91 0.61 175 1.88 0.02 5.29 245 14042E3R CAPITAL ONE NATL ASSN VA N/A N/A 1.750 08125/14 NIA 100.000 08/25/10 08/25/14 102.159 251 0.91 0.61 1.75 1.88 0.02 5.29 247 05568PV9 BMW BK NORTH AMER UTAH N/A N/A 1 750 04/13/17 N/A 100.000 04/13/12 04/13/17 100.383 250 0.91 1.66 1.75 4.33 0.10 0.95 247 2546706U DISCOVER BK GREENWOOD DEL N/A N/A 1.850 04/18/17 N/A 100.000 04118/12 04/18/17 100.365 250 0.91 1 77 1.85 4.33 0.10 0.90 247 36160XUC GE CAP BK INC N/A N/A 2.050 08/21/17 N/A 100.000 08/19/11 08/21/17 103.257 256 0.93 1.36 2.05 4.67 0.12 8.04 CD 5,616 1.105 1.29 100.585 5,663 20.65 0.65 1.11 1.25 0.02 32.85 32 0002CHAN 4M N/A N/A 0.020 09/29/12 N/A 100.000 06/29/12 09/29/12 100.000 32 0.12 0.02 0.02 0.00 0.00 0.00 5 0003CHAN WF N/A N/A 0.080 09/29/12 N/A 100.000 06/29/12 09/29/12 100.000 5 0.02 0.08 0.08 0.00 0.00 0.00 282 0005CHAN STERNE MMKT N/A N/A 0.010 09/29/12 N/A 100.000 06/29/12 09/29/12 100.000 282 1.03 0.01 0.01 0.00 0.00 0.00 1,144 0006CHAN AMERICANA N/A N/A 0.350 09/29/12 N/A 100.000 06/29/12 09/29/12 100.000 1,145 4.17 0.36 0.36 0.00 0.00 0.00 MMF 1,463 0.278 0.00 100.000 1,464 5.34 0.28 0.28 0.00 0.00 0.00 Total: 26,429 2.141 2.62 103.256 27,428 100.00 0.76 1.55 2.13 -0.09 512.90 The information contained herein, while believed to be reliable, is not guaranteed. 6 of 11 Data from BondEdge. PORTFOLIO ALERTS REPORT CITY OF CHANHASSEN Rating Actions :Watchlist /OutlooWUpgrades/ Downgrades /Reinstated/Withdrawn /Confirmed /Initial Ratings Identifier Issuer Coupon Maturi Currcy I Moods From Moods To Moods Date I S &P From S&P To S&P Date I Fitch From Fitch To Fitch Date I SectorlState UPGRADES: 161664BT CHASKA MINN GO IMPT BDS 201 2.000 02101/16 USD N/A AA 07/09/12 N/A MUNI -GO -MN * 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 06/29/2012. The information contained herein, while believed to be reliable, is not guaranteed. 7 of 11 Data from BondEdge. PORTFOLIO SIMULATION - MARKET CITY OF CHANHASSEN -300 Returns( %) ----- - - - - -- Avg Eff Mkt Value $ Mkt Value $Price Yield Change (bp) I Total Income P1 I Life Dur Convexity [$000] 1 Change I Change -300 4.580 0.755 3.825 1.32 1.283 0.022 $28,683,868 $1,256,258 $1,049,106 -250 3.927 0.755 3.172 1.31 1.269 0.021 $28,504,677 $1,077,067 $870,004 -200 3.285 0.755 2.529 1.30 1.256 0.021 $28,328,489 $900,879 $693,644 -150 2.653 0.755 1.898 1.29 1.243 0.021 $28,155,246 $727,636 $520,576 -100 2.032 0.755 1.277 1.28 1.230 0.020 $27,984,933 $557,323 $350,251 -50 1.422 0.756 0.666 1.27 1.217 0.020 $27,817,535 $389,925 $182,668 50 0.301 0.842 -0.541 1.25 1.228 0.013 $27,510,147 $82,537 - $148,383 100 -0.329 0.902 -1.231 1.72 1.462 -0.130 $27,337,308 - $90,302 - $337,634 150 -1.051 0.962 -2.013 1.71 1.551 -0.032 $27,139,334 - $288,276 - $552,118 200 -1.765 1.022 -2.787 1.70 1.593 0.026 $26,943,588 - $484,022 - $764,407 250 -2.549 1.073 -3.621 1.68 1.621 0.028 $26,728,565 - $699,045 - $993,154 300 -3.258 1.128 -4.387 1.71 1.606 0.028 $26,533,886 - $893,724 - $1,203,249 Horizon Months 12 Reinvestment Rate 0.133 Aged Simulation Base Currency USD $ Price Change $1,500,000 $1,000,000 - $500,000 $0 -300 -250 -200 -150 -100 -50 0 00 150 200 250 300 - $500,000 - $1,000,000 -$1,500,000 The information contained herein, while believed to be reliable, is not guaranteed. 8 of 11 Data from BondEdge. ^A1 1 ATI C1MI ITTATI r "0%1 rlrr%O%r1T Par YTW Bk Eff Prc Identifier Issuer Coupon Maturity Value Date Price YTW Yld Dur Conv Fla 3136FRV3 FEDERAL NATL MTG ASSN 3135GOCU FEDERAL NATL MTG ASSN 3134G3AD FEDERAL HOME LN MTG CORP 3136FTVVY FEDERAL NATL MTG ASSN 3136FTR6 FEDERAL NATL MTG ASSN 3134G3ZK FEDERAL HOME LN MTG CORP 751622AJ RAMSEY CNTY MINN TAXABLE GO 1.050 12/14/15 500,000 12/14/12 100.15 0.36 1.05 1.00 -0.78 0.625 09/12/14 500,000 09/12/13 100.32 0.29 0.63 1.32 -0.30 2.050 11/29/18 1,000,000 11/29/13 101.58 0.69 2.05 2.17 -0.95 1.150 06/30/16 1,500,000 12/30/13 100.96 0.38 1.15 1.93 -0.59 1.650 02/28/19 500,000 02/28/14 101.29 0.74 1.70 3.11 -1.32 1.200 07/30/18 240,000 07/30/14 100.59 0.87 1.20 3.72 -1.05 5.100 02/01/18 190,000 02/01/17 114.52 1.62 1.90 3.93 0.09 1.511 4.53 4,430,000 101.54 0.57 1.38 2.14 -0.73 Priced to Call Priced to Call Priced to Call Priced to Call Priced to Call Priced to Call Priced to Call 9 of 11 Data from BondEdge. The information contained herein, while believed to be reliable, is not guaranteed. 5 YR MONTHLY CASH FLOW CALENDAR CITY OF CHANHASSEN X A -, Flat Rate - MM Period Run-0H Run -0K Gale Int CF Maturity CF CaII CF Put CF Sink CF Ird CF-M66/A66 Princ CF- MBS /ABS Prepay CF- ..S/ABS Princ CF Cash0ow Book Tld Oct -12 29.636 1,961,343 0 0 0 0 0 0 1,961,343 1,990,979 000 027 Nov-12 33,284 0 0 0 0 0 0 0 0 33,284 000 000 D-12 104,341 2,158,000 500,000 0 0 0 0 0 2,658,000 2,762,341 046 103 Jan-13 3,253 249,000 0 0 0 0 0 0 249,000 252,253 027 030 Feb-13 63,575 504,000 0 0 0 0 0 0 504,000 567,575 027 101 Mar -13 44,281 249,000 0 0 0 0 0 0 249,000 293,281 031 025 Apr -13 30,723 249 000 0 0 0 0 0 0 249,000 279 723 032 036 May -13 33,966 249,000 0 0 0 0 0 0 249,000 282,966 0,32 041 Jun -13 70079 248,000 0 0 0 0 0 0 248,000 318,079 033 085 Jul-13 2,623 0 0 0 0 0 0 0 0 2.623 000 000 Aug -13 63639 305,000 0 0 0 0 0 0 305,000 368,639 043 060 Sep-13 42,894 1,000,000 500,000 0 0 0 0 0 1.500,000 1,542,894 0.05 1.14 00-13 30,383 249,000 0 0 0 0 0 0 249,000 279,383 042 0.50 N0V-13 33,347 249,000 1,000,000 0 0 0 0 0 1,249,000 1,282,347 046 173 D-13 69,026 1,000,000 1,500.000 0 0 0 0 0 2,500,000 2,569,025 009 141 Jan-14 1,440 0 0 0 0 0 0 0 0 1,440 0.00 000 Feb-14 60,167 1,060,000 500,000 0 0 0 0 0 1,560,000 1,620,167 0.18 1,82 Mar -14 28,206 0 0 0 0 0 0 0 0 28,206 0 00 0 00 Apr -14 30,069 0 0 0 0 0 0 0 0 30,069 000 000 May -14 22,722 0 0 0 0 0 0 0 0 22,722 000 000 Jun-14 44,792 248.000 0 0 0 0 0 0 248,000 292.792 0.71 130 Jul-14 1,440 0 240,000 0 0 0 0 0 240,000 241,440 017 120 Aug -14 46,115 735,000 0 0 0 0 0 0 735,000 781,115 045 180 Sep -14 28,206 500,000 0 0 0 D 0 0 500,000 528,206 027 040 Oct -14 30,069 0 0 0 0 0 0 0 0 30,069 0.00 000 Nov-14 22,722 480,000 0 0 0 0 0 0 480,000 502,722 014 2.10 D-14 43,163 0 0 0 0 0 0 0 0 43,163 000 000 Feb-15 39,500 1,575,000 0 0 0 0 0 0 1,575,000 1,614,500 071 273 Mar -15 27206 0 0 0 0 0 0 0 0 27,206 0.00 000 Apr -15 30,069 500,000 0 0 0 0 0 0 500,000 530,069 0.64 167 May-15 17,682 0 0 0 0 0 0 0 0 17,682 000 0.00 Jun-15 43,163 210.000 0 0 0 0 0 0 210,000 253,163 110 072 Aug-15 17 982 500 000 0 0 0 0 0 0 500,000 517 982 053 075 Sep-15 27,206 500.000 0 0 0 0 0 0 500,000 527,206 00 D51 Oct -15 17,256 0 0 0 0 0 0 0 0 17,256 000 000 Nov-15 17,682 615,000 0 0 0 0 0 0 615,000 632.682 055 2.60 D-15 41,850 0 0 0 0 0 0 0 0 41,850 000 000 Feb-16 15,482 150,000 0 0 0 0 0 0 150,000 165,482 0.73 055 Mar -16 22,206 51 D,OOD 0 0 0 0 0 0 510,000 532,206 049 219 Apr -16 17,256 500,000 0 0 0 0 0 0 500,000 517,256 122 144 May-i6 9,688 0 0 0 0 0 0 0 0 9,688 000 000 Jun-16 41,850 0 0 0 0 0 0 0 0 41,850 000 000 Aug -16 13982 500,000 0 0 0 0 0 0 500,000 513,982 2.18 1.20 Sep-16 14,875 750,000 0 0 0 0 0 0 750,000 764,875 044 084 Oct -16 12 861 0 0 0 0 0 0 0 0 12,861 000 000 Nov -16 9,687 625000 0 0 0 0 0 0 625,000 634,687 045 310 D-16 41850 0 0 0 0 0 0 0 0 41,850 000 000 Feb-17 7,377 0 190,000 0 0 0 0 0 190,000 197,377 1 10 5 10 Mar -17 3,000 0 0 0 0 0 0 0 0 3,000 000 000 Apr -17 12,861 824,000 0 0 0 0 0 0 824,000 836,861 1.14 184 1un-17 41,850 0 0 0 0 0 0 0 0 41,850 0.00 0.00 Aug -17 2,559 247,000 0 0 0 0 0 0 247,000 249,559 077 2.05 Sep-17 3,000 500,000 0 0 0 0 0 0 500,000 503,000 035 1 20 Totals 1,564,139.00 20,199,343.00 4,430,000.00 0.00 0.00 0.00 0.00 0.00 24,629,343.00 26,183,483.00 25,000,000 20,000,000 1--- LL 15,000,000 - L A 10,000.000 V r 5,000,000 -- H 0 L ■IntCF ImMatvrityCF wCaI1CF Tna inrorm.mn morainoa Horan wma eaia�m m no.onoelo s ooe yumanrooa. 10 of 11 Data from BondEdge. 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. 11 of 11 Data from BondEdge.