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till of <br />RJVERSIDE <br />& r77d7f)1•iTrwit City Council Memorandum <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: APRIL 24, 2012 <br />FROM: OFFICE OF THE CITY MANAGER ITEM NO: 22 <br />FINANCE DIVISION <br />WARDS: ALL <br />SUBJECT: INVESTMENT SUMMARY AND FINANCIAL REPORTS -FEBRUARY 29, 2012 <br />ISSUE <br />The item for City Council consideration is receipt of the monthly financial reports and investment <br />summary. <br />RECOMMENDATION <br />That the City Council receive these reports. <br />BACKGROUND <br />Sound investment practices are essential to good fiscal management. The Finance <br />Director /Treasurer is responsible for managing the City's investment portfolio. Cash flow is <br />monitored on a daily basis and unexpended cash is directed towards investments that exhibit first <br />safety, then liquidity and an appropriate return on investment. The investment results are <br />summarized and reported to the City Council at each month -end. <br />Sound management practices include monitoring revenue and expenditures against the City <br />Council approved budget. Attached are budgeted revenue and expenditures as compared to <br />actual for the General Fund and for the enterprise funds, together with comments on significant <br />variances. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this report. <br />Prepared by: Scott Catlett, Assistant Finance Director <br />Certified as to availability <br />of funds: Brent A. Mason, Finance Director/Treasurer <br />Approved by: Brent A. Mason, Finance Director /Treasurer <br />for Scott C. Barber, City Manager <br />Approved as to form: Gregory P. Priamos, City Attorney <br />Attachment: <br />1. Investment Report(s) <br />22 -1 <br />