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Home My WebLink AboutWK - July 15, 2014ANLb6W^� 1685 CROSSTOWN BOULEVARD N.W. • ANUOVER, MINNESUTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV City Council Workshop Tuesday, July 15, 2014 Conference Rooms A & B 1. Call to Order — 6:00 p.m. 2. Bunker Lake Boulevard NW from Crane Street NW to Jefferson Street /11 -25 - Engineering 3. Update on Russell Stack Addition (Yakima/166th Lane Drainage Issue) /14 -33 -Engineering 4. 2014 General Fund Budget Progress Report - Through June 2014 5. June 2014 City Investments Review 6. Other Business 7. Adjournment 9 C I T Y 0 F CNIDOVE^ 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV TO: Mayor and Council Members CC: Jim Dickinson, City Administral FROM: David D. Berkowitz, Director of ineer SUBJECT: Bunker Lake Boulevard NW from Crane St to Jefferson Street/11 -25 - Engineering DATE: July 15, 2014 INTRODUCTION Anoka County Highway Department representatives will provide an update to the City Council regarding the proposed improvements to Bunker Lake Boulevard from Crane Street to Jefferson Street. DISCUSSION The project planning and design continues to move forward for Bunker Lake Boulevard from Crane Street to Jefferson Street. The project is planned for construction in late 2015 or 2016. Before the next informational open house Anoka County Highway Department staff would like to provide a verbal update on the project to the City Council. ACTION REQUIRED This item is for information and discussion. No action is required. Respectfully submitted, rQ, 1 David D. Berkowitz 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 5.5304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.AN DOVE RMN.GOV TO: CC: FROM: SUBJECT: DATE: Mayor and Council Members Jim Dickinson, City Administrator David D. Berkowitz, Director of Update on Russell Stack Addition (Y Engineering July 15, 2014 Engineer 3: Lane Drainage Issue) /14 -33 - INTRODUCTION This item is to update the City Council on the drainage issue on Yakima Street and 166th Lane and discuss City project participation. DISCUSSION I met with the property owners affected by the storm water runoff on July 1" to discuss possible options to handle the flooding in their yards. The most feasible option we are currently evaluating is constructing 3 french drains throughout the affected area. The residents have requested that the City consider participating in the project by providing the labor and equipment to install the drains and they would pay for the material. This is similar to past practice for drainage issues that have been corrected in the past. Material costs for each french drain is estimated at $2,400 for a total material cost of $7,200. There are four properties affected so the cost per resident would be $1,800. Public Works staff went on site on July 81h to drill a bore hole and the water level may not be favorable to construct the drains. This will be discussed more at the meeting. I also met with both farmers to the north and east and they are not interested in participating in any type of drainage improvement. BUDGETIMPACT If the City Council approves providing labor the budget impact would be in -kind service utilizing Public Works staff and City equipment. ACTION REQUIRED The City Council is requested to direct staff on project participation for the Russell Stack Addition Yakima/166th Lane Drainage Issue as we continue to evaluate if the drains are a prudent option. Respectfully submitted, D 'd D avi B k . er owitz 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US TO: Mayor and Councilmembers FROM: Jim Dickinson, City Administrator SUBJECT: 2014 Budget - General Fund Progress Report — Through June 2014 DATE: July 15, 2014 INTRODUCTION The City of Andover 2014 General Fund Budget contains total revenues of $9,569,142 and total expenditures of $10,026,875 (includes $30,500 of 2013 budget carry forwards), a decrease in fund balance is planned. Monthly reporting of the City Budget progress to the Governing body is a recommended financial practice and often viewed positively by rating agencies. DISCUSSION Attached is the General Fund Revenue & Expenditure Budget Summary - Budget Year 2014, reflecting year to date through June 2014. The attachments are provided to assist discussion in reviewing 2014 progress; other documents may be distributed at the meeting. The following represents Administration's directives and departmental expectations that are in place again for 2014: 1. Expenditure budgets while approved, expenses are to meet with the spirit that needs are fulfilled first, expansions of service and special requests are to be reviewed with City Administration before proceeding. 2. Departments are to be committed to search for the best possible prices when purchasing goods and services. 3. Departments are to be committed to continually searching out new efficiencies and to challenge the status quo of how the City provides services. 4. Departments are to be committed to searching out collaborative opportunities to facilitate efficient and cost - effective utilization of governmental assets and personnel. 5. Departments are to be committed to developing effective, consistent and ongoing communications with City residents, businesses and other stakeholders. 6. Departments are to be cognizant that services provided are subject to available revenues and should not commit to services that are not sustainable. ACTION REQUESTED The Council is requested to receive a presentation and provide direction to staff. Attachment H CflY OF ANDOVER General Fund Budget Summary Totals Budget Year 2014 2013 2014 REVENUES Budget June YTD % Bud Final Budget June YTD % Bud General Property Tax $ 7,398,782 $ - 00/. S 7,376,284 $ 7,501,816 $ 150 0% O I icenses and Penny(g, 288.355 295.622 103% 536,706 307.355 150,706 49% Intergovernmental 596,564 264,252 44% 710,071 609,541 196,810 32% ^ Charges for Services 619,850 456.942 74% 1.122.461 6,$SA&._-- 344,¢10 -- 5 ° 0(___ Fines 100,750 42,339 42% 96,130 100,750 39,543 39% Investment Income 65,000 2,805 4% (13,242) 75,000 95 0% Miscellaneous 90,350 103,256 114% 137,129 91,850 108,205 118% Transfers In 196,930 196,930 1000/6 196,930 196,930 196,930 100% Total Revenues $ 9356¢81 $ 1,362,146 15% S 10,162,469 $ 9,569,142 $ 1,037,049 11% 2013 2014 EXPENDITURES Budget June YTD % Bud Final Budget June YTD % Bud GENERAL GOVERNMENT Mayor and Council $ 87,953 $ 54,207 62% $ 83,595 $ 86,840 $ 54,498 63% Administration 143,995 75,176 52% 147,503 176,265 79,451 45% Newsletter 25,500 8,951 35% 17,678 26,000 12,247 47% Human Resources 42,770 9,023 21% 17,906 39,229 9,073 23% Attorney 178,300 72,140 40% 173,244 178,300 74,091 42% City Clerk 108,925 52,472 48% 108,311 129,400 61,527 48% Elections 54,155 3,365 6% 11,353 55,336 8,427 15% Finance 221,256 121,062 55% 215,215 235,459 132,816 56% Assessing 150,000 141,783 95% 144,561 150,000 142,210 95% Information Services 161,252 63,107 39% 135,981 176,629 60,357 34% Planning & Zoning 360,970 169,759 47% 349,488 401,360 179,186 45% Engineering 440,168 212,423 48% 452,788 465,656 212,552 46% Facility Management 566,187 209,368 37% 451,255 562,905 225,717 40% Total General Gov 2,541,431 1,192,836 47% 2308,878 2,683379 1,252,152 47% PUBLICSAFETY Police Protection 2,740,899 1,370,450 50% 2,740,899 2,818,132 1,409,066 50% Fire Protection 1,127,444 475,841 42% 1,126,979 l 127 389 605 963 54% Protective Inspection 393,530 179,985 46% 423,495 411,295 184,067 45% Civil Defense 17ARR _ 9,420 .55% 13.930 7.128 14.163. 83 %_ Animal Control 9,950 '_?31 239 6,037 9,950 1,729 17% Total Public Safety 4,289,011 2,037.977 48% 4,311,340 4,383,894 2,214,988 51% PUBLIC WORKS Streets and Highways 585,111 244,800 42% 572,754 604,078 251,814 42% Snow and Ice Removal 511,834 323,016 63% 630,798 517,949 385,736 74% Street Signs 198,693 69,520 35% 162,859 197,274 102,058 52% Traffic Signals 36,000 8,863 25% 26,241 35,000 9,602 27% Street Lighting 36,400 13,948 38% 31,702 36,400 14,360 39% Street Lights - Billed 210,000 79,495 38% 210,331 210,000 80,246 38% Park & Recreation 1,014,366 390,842 39% 946,545 1,138,426 428,450 38% Recycling 128,633 44,229 34% 178,109 131,147 49,435 38% Total Public Works 2,721,037 1,174,713 43% 2,759,339 2,870,274 1,321,701 46% OTHER 223,950 193,976 87% 210,519 89,328 57,462 64% Total Other 223,950 193,976 87°% 210,519 89,328 57,462 64% Total Expenditures S 9,775,429 $ 4,599,502 47% S 9590,076 $ 10,026,875 S 4,846,303 48°% NET INCREASE (DECREASE) $ (418,848) 5 (3,237,356) S 572,393 S (457,733) $ (3,809,254) NDOVE 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US TO: :*u Mayor and Councilmembers Jim Dickinson, City Administrator SUBJECT: June 2014 Investment Report DATE: July 15, 2014 INTRODUCTION (763) 755 -5100 Summary reporting of the City Investment portfolio to the Governing body is a recommended financial practice and often viewed positively by rating agencies. 491 Furthermore, the City of Andover Investment Policy recommends the Finance Director presents to the City Council at least quarterly the type of investments held by the City. DISCUSSION Attached is the Investment Maturities Summary for June 2014, the June 2014 Investment Detail Report, and the June 2014 Money Market Funds Report. These attachments are intended to assist with discussion when reviewing the June 2014 investments. ACTION REQUESTED The Council is requested to receive a presentation and provide feedback to staff. Investment Maturities - June 2014 Investment Maturities (in Years) Credit Fair Less Than More Than Investment Type Rating Value 1 1 -5 6-10 10 Money market funds N/A $ 1,738,800 $ 1,738,800 $ $ $ MN Municipal Money Market Fund (4M) N/A 4,993 4,993 - - Certificates of deposit FDIC 2,642,098 739,663 1,408,858 493,578 - Local governments A/Al /A2 1,124,673 527,446 391,874 101,185 104,169 AAl /AA2 /AA3 8,034,004 1,939,525 3,432,385 2,068,137 593,957 AAA 4,243,604 560,092 2,030,431 1,269,532 383,549 State governments A/Al /A2 638,914 - 418,612 220,302 - AAl /AA2 /AA3 337,726 14,943 239,830 82,954 AAA 440,977 - 419,800 21,177 U.S. agencies AAA 3,808,504 243,922 2,499,358 196,382 868,842 FNMA REMIC N/A 18,245 18,245 U.S. agencies N/A 246,230 246,230 - - Total investments $ 23,278,769 $ 5,769,384 $ 11,105,622 $ 4,453,245 $ 1,950,517 Deposits 1,813,353 Total cash and investments $ 25,092,122 June 2014 Investment Detail Description Cusip' Number. Credit Rating Type Purchase Price Carrying Cost Maturity Amount Interest Rate Current Markey Value to es +Paid pate Acquired Coupon Date Maturity) Due Date Capital One Bank Glen Allen VA 14041AXU8 A2 CD 43,910.10 43,910.10 40,000.00 4.750% 40,940.40 semi - annual 05/10/11 none 01/23/15 Citizens State Bank 176688AM1 CD 100,000.00 100,000.00 100,000.00 3.250% 100,047.00 monthly 07/09/09 08/09/09 07/09/14 Currie State Bk 23130SCA9 CD 249,000.00 249,000.00 249,000.00 0.300% 248,980.08 maturity 10/03113 none 10/03114 MB Financial Bank 55266CHV1 CD 102,249.00 102,249.00 100,000.00 2.350% 100,820.00 monthly 04/18/11 none 11112/14 S & T Bank 783861BH9 CD 249,000.00 249,000.00 249,000.00 0.350% 248,875.50 maturity 12/13/13 none 12/12/14 Stratford Conn 862811020 Al local 200,000.00 200,000.00 200,000.00 1.905% 200,288.00 semi - annual 06/29/11 08/01/11 08/01/14 Bridgeport Conn 108151V57 A2 local 222,688.40 222,688.40 215,000.00 3.074% 216,249.15 semi - annual 03/29/11 none 09/15114 Canton Charter Twp Mich 138128EC3 A3 local 115,965.30 115,965.30 110,000.00 3.625% 110,908.60 semi - annual 11/24/10 none 10/01/14 McLennan Cnty TX Jnr CIg Dist 582188JV1 AA local 30,576.00 30,576.00 30,000.00 2.000% 30,065.40 semi - annual 05/02/13 08/15/13 08115/14 Chaska MN 161664DS3 AA local 66,128.40 66,128.40 65,000.00 2.000% 65,482.30 semi - annual 08/15/13 06/01/14 12/01/14 Pell City AL 705880MK5 AA- local 100,000.00 100,000.00 100,000.00 0.950% 100,054.00 semi - annual 04/25/12 08/01/12 08/01/14 Brooklyn Park Minn 114223V64 AA+ local 206,700.00 206,700.00 200,000.00 3.400% 202,918.00 semi - annual 02/10/11 none 02/01/15 Pipestone - Jasper MNISD #2689 724114BH5 AA+ local 181,521.00 181,521.00 180,000.00 1.000%1 180,878.40 semi - annual 05/23/13 03/01/14 03101/15 Red Wing Minn ISD #25 757130JR1 AA+ local 36,367.10 36,367.10 35,000.00 3.500%1 35,742.70 semi - annual 01/11/11 none 03/01/15 Ramsey MN 751813QE9 AA+ local 176,289.75 176,289.75 175,000.00 1.000% 176,162.00 semi - annual 06/05/12 12/01/12 06/01/15 Palatine III 696089RY9 AA1 local 112,000.00 112,000.00 100,000.00 5.200% 101,992.00 semi - annual 11/07/11 none 12/01/14 Western Lake Superior MN 958522WP5 AA2 local 102,756.00 102,756.00 100,000.00 2.000% 100,447.00 semi - annual 08/16/11 04/01/12 10/01/14 Austin Minn 052249S42 AA2 local 79,600.00 79,600.00 80,000.00 5.100% 80,236.80 semi - annual 07/15/08 none_ 02/01/15 Duluth MN 264438ZA3 AA2 local 201,733.11 201,722.00 200,000.00 1.000% 200,902.00 semi - annual 11/27/12 08101/13 02/01/15 Onamia MN ISD#480 682271DT5 AA2 local 104,979.00 104,979.00 100,000.00 3.000% 101,604.00 semi - annual 09/27112 08101/13 02/01/15 Waunakee WI 943181NZ6 AA2 local 55,000.00 55,000.00 55,000.00 1.500% 55,501.60 semi - annual 11/08/11 05/01/12 05/01/15 Waterloo IA Brownsville TX SouthEastern IA Cmnly College Saint Louis Park MIN 941647NW5 116405FY2 841625MC7 791740ZJ5 AA2 local 261,334.20 261,334.20 255,000.00 2.000% 259,143.75 semi - annual 06127/13 12/01/13 06/01/15 AA3 local 102,683.00 102,683.00 100,000.00 2.000% 101,116.00 semi - annual 12/27/12 02/15/13 02/15/15 AA3 local 149,060.00 149,060.00 145,000.00 2.000% 147,279.40 semi - annual 07/26/12 none 06/01/15 AAA local 55,000.00 55,000.00 55,000.00 0.750% 55,161.15 semi - annual 10/17/12 08/01/13 02/01/15 Chesterfield MO 166455EC5 AAA local 102,174.00 102,174.00 100,000.00 2.950% 101,709.00 semi - annual 04/30/14 none 02/15/15 Cook Cnty IL Cmnty Clg Dist #5 216129FD3 AAA local 196,228.20 196,228.20 190,000.00 2.000% 193,089.40 semi - annual 01/08/13 06/01/13 06/01/15 Palm Beach Cnly FLA 696497TP1 AAA local 226,296.00 226,296.00 200,000.00 5.808% 210,132.00 semi - annual 03/14/11 none 06/01/15 Oregon School Boards Assn Zero Cpn 686053CE7 AA2 state 14,233.50 14,233.50 15,000.00 14,943.30 maturity 02/08/12 none 06/30/15 US Treasury Sec Stripped Zero Cpn 912833KD1 AAA US 49,889.30 49,889.30 244,000.00 5.000% 243,921.92 maturity 09/14/94 11115/14 4,025,590.85 Garrett State Bank 366526AJO CD 200,000.00 200,000.00 200,000.00 1.750% 202,272.00 monthly 05/20/11 06/20/11 07/20/15 Flushing Savings Bank 344030DK4 CD 250,023.39 250,023.39 249,000.00 1.7500/(O 253,541.76 monthly 07/25/11 none 10/29/15 Portage County Bank 73565NAZ6 CD 249,000.00 249,000.00 249,000.00 1.650%1 253,581.60 monthly 07/25/11 none 11/03/15 Sterling Savings Bank 859532AH6 CD 248,000.00 248,000.00 248,000.00 0.750% 248,907.68 semi - annual 07/31/13 01/31/14 01/29/16 Lake Forest Bank & Trust 509685ES8 CD 200,000.00 200,000.00 200,000.00 0.850% 201,002.00 semi - annual 08/14/13 02114114 08115/16 Luana Savings Bank 549103MY2 CD 248,000.00 248,000.00 248,000.00 0.750% 249,552.48 semi - annual 08/16/13 02/16/14 08/16/16 Oshkosh Wis Storm Wtr Util 68825RBD1 Al local 101,003.00 101,003.00 100,000.00 3.250% 104,745.00 semi - annual 10/05/10 05/01111 05101/18 Barren Cnty KY 068437DM1 Al local 43,996.00 43,996.00 40,000.00 4.300% 41,522.00 semi - annual 02/08/12 none 04/01/19 Oneida County NY 6824543R2 Al local 114,388.00 114,388.00 100,000.00 6.250% 104,821.00 semi - annual 08/16/10 none 04/15/19 Junction City Kansas 481502F72 A2 local 101,558.00 101,558.00 100,000.00 5.500% 114,374.00 semi - annual 05/28/08 03/01/09 09101/18 Augusta ME 051411 NN A3 local 28,125.00 28,125.00 25,000.00 5.250% 26,411.50 semi - annual 03/07/12 none 10/01/17 Chaska MN 161664DT1 AA local 71,663.20 71,663.20 70,000.00 2.0000/6 71,694.00 semi - annual 08/15113 06/01/14 12101/15 739,662.98 CD 3,027,062.65 local 14,943.30 state 243,921.92 US Less Than 1 Year 1,408,857.52 CD June 2014 Investment Detail Description Cusip Number Credit Rating Type Purchase Price Carrying Cost Maturity Amount Interest Rate Current Market' Value In Brest Pa'd , Date Acquired Coupon Date Maturity! Due Date Chaska MN 161664DU8 AA local 76,434.00 76,434.00 75,000.00 2.000% 77,420.25 semi - annual 08/15/13 06/01/14 12/01/16 North Mankato MN Port Auth Com 660760AG4 AA local 107,657.00 107,657.00 100,000.00 4.000% 106,581.00 semi - annual 09/20/13 none 02/01/17 Philadelphia PA Auth Zero Coupon 71781LBJ7 AA local 161,700.00 161,700.00 245,000.00 230,638.10 maturity 01/12110 none 04/15/17 Rice Cnty MN 762698GK8 AA local 45,466.80 45,466.80 40,000.00 4.400% 44,750.00 semi - annual 03/07/12 none 02/01/19 Pell City AL 705880ML3 AA- local 100,000.00 100,000.00 100,000.00 1.200% 100,753.00 semi - annual 04/25/12 08/01/12 08/01115 Racine WI - 7500216D4 AA- local 101,792.00 101,792.00 100,000.00 2.100% 102,486.00 semi - annual 01/24/12 06/01112 06/01/18 Minnetrista MN 604229KE3 AA+ local 15,000.00 15,000.00 15,000.00 2.450% 15,011.40 semi - annual 10/10/13 08/01/14 02/01/19 Ramsey MN 751813PB6 AA+ local 158,677.85 158,677.85 145,000.00 4.500% 152,263.05 semi - annual 02/16/12 04/01/16 04/01/19 Minneapolis Minn 60374YP35 AA1 local 21,269.40 21,269.40 20,000.00 3.250% 20,971.40 semi - annual 08/02/11 none 03/01/16 Des Moines IA Area Cmnly Col 250097A85 AA1 local 137,668.95 137,668.95 135,000.00 1.375%1 137,149.20 semi - annual 07/30112 12/01/12 06/01/16 Osseo MN ISD #279 688443,127 AA1 local 30,103.25 30,103.25 25,000.00 6.000% 28,298.00 semi - annual 12/22/11 none 02/01/17 Dane County WI 236091M92 AA1 local 106,487.00 106,487.00 100,000.00 2.450% 103,877.00 semi - annual 07116/12 none 12/01/17 Minneapolis MN 60374YF93 AA1 local 220,938.00 220,938.00 200,000.00 4.000% 220,884.00 semi - annual 03/04/14 none 03/01/18 King Cnty WA 49474E3L5 AA1 local 224,634.00 224,634.00 200,000.00 3.980% 217,978.00 semi - annual 03127/12 none 12/01/18 Minneapolis MN 60374YS73 AA1 local 111,898.00 111,898.00 100,000.00 3.250% 108,466.00 semi - annual 06/05/12 12/01/11 12/01/18 Cedar Rapids IA 150528RM1 AA1 local 217,672.00 217,672.00 200,000.00 3.000% 211,216.00 semi - annual 06111/13 12/01/13 06/01/19 Riley Cnty Kans Uni Sch Dist 766651NP4 AA2 local 36,876.00 36,876.00 35,000.00 4.730%1 36,801.45 semi - annual 05/05/14 03/01/10 Western Lake Superior MN 958522WQ3 AA2 local 101,790.00 101,790.00 100,000.00 2.000% 102,162.00 semi - annual 08/16111 04/01/12 _09/01/15 10101/15 New York NY 64966JAW6 AA2 local 208,324.00 208,324.00 200,000.00 3.170% 207,070.00 semi - annual 04/07/14 06/01/11 12/01/15 Plainfield III 726243LT3 AA2 local 79,373.25 79,373.25 75,000.00 3.000% 77,538.75 _ semi - annual 12/27112 none 12/15/15_ Duluth Minn ISD #709 264474CK1 AA2 local 74,939.20 74,939.20 70,000.00 4.000% 71,911.00 semi - annual 01/18/11 none 02/01/16 Duluth MN Rowlett TX Hopkins Minn ISD #270 Scott County IA 264438ZB1 7796986117 439881HC0 809486EZ2 AA2 local 105,652.05 105,652.05 105,000.00 1.000% 105,894.60 semi - annual 12/05/12 08/01/13 02/01/16 AA2 AA2 local 101,905.55 101,905.55 95,000.00 3.000% 98,953.90 semi - annual 07/10112 08/15/12 02/15/16 local 95,278.40 95,278.40 80,000.00 5.250% 90,104.00 semi - annual 04/30/12 08/01/09 02/01/18 AA2 local 114,450.33 112,617.00 100,000.00 4.400% 108,589.00 semi - annual 10/31/12 12/01/12 06/01/18 Orange Beach ALA 68406PHF1 AA2 local 241,689.60 241,689.60 240,000.00 4.400% 253,915.20 semi - annual 08/05110 02/01/11 02/01/19 Waterloo IA 941647PAl AA2 local 50,559.50 50,559.50 50,000.00 2.000% 50,460.50 semi - annual 06/27/13 12/01/13 06/01/19 East Bethel Minn 271074HRO AA3 local 100,941.00 100,941.00 100,000.00 3.200% 103,116.00 semi - annual 12/15/10 08/01/11 02/01/16 Kane McHenry Cook & De Kalb Zero Cpn 484080MB9 AA3 local 157,328.00 157,328.00 200,000.00 175,432.00 maturity 07/16/12 none 12/01/18 Johnson Cnty, KS 47870OJ99 AAA local 257,290.00 257,290.00 250,000.00 2.000% 255,500.00 semi - annual 12/12/13 none 10/01/15 Madison WI 55844RFY5 AAA local 103,870.00 103,820.00 100,000.00 2.000% 102,162.00 semi - annual 10/01/12 04/01/13 10/01115 Hinsdale IL 433416LW2 AAA local 118,011.85 118,011.85 115,000.00 2.000% 117,717.45 semi - annual 04/23/14 12/15/14 12/15/15 Three Rivers MN Park Dist 885718GG5 AAA local 210,828.00 210,828.00 200,000.00 3.000% 208,634.00 semi - annual 12112/13 08101/14 02/01116 Maple Grove MN 56516PNY5 AAA local 230,520.40 230,520.40 220,000.00 2.000% 227,629.60 semi - annual 01/10/13 08/01/13 02/01/17 Tennessee Valley Auth 880591EA6 AAA local 93,153.11 93,153.11 85,000.00 5.500% 96,480.95 semi - annual 06101/09 01/18/08 07/18/17 Washington County MN 937791KL4 AAA local 115,000.00 115,000.00 115,000.00 3.750% 121,136.40 semi - annual 07/01/10 01101/11 01101/18 Saint Louis Park MN 791740WC3 AAA local 112,114.00 112,114.00 100,000.00 3.850% 108,153.00 semi - annual 12/22/11 none 02/01/18 Brownsville TX ISD Zero Coupon 116421E46 AAA local 229,640.00 229,640.00 250,000.00 229,050.00 maturity 06/26/13 none 08/15/18 Minnetonka MN ISD #276 604195RA7 AAA local 37,433.20 37,433.20 35,000.00 3.100% 35,864.85 semi - annual 12/22/11 none 02/01/19 Palm Beach Cnty FLA 696497TR7 AAA local 256,504.60 256,504.60 220,000.00 5.898% 256,687.20 semi - annual 07/06/11 none 06/01/19 Tenn Val Auth Cpn Strip Zero Cpn 88059EWZ3 AAA local 262,890.00 262,890.00 300,000.00 271,416.00 maturity 12/27/13 none 06/15/19 Alabama St Univ Rev 010632MKO A3 state 200,858.00 200,858.00 200,000.00 3.400% 205,358.00 semi - annual 12/17/10 03/01/11 09/01/15 Illinois State 452152HR5 A3 state 217,312.00 217,312.00 200,000.00 4.961% 213,254.00 semi - annual 07/16/12 09101/11 03/01/16 Washington State 939758DL9 AA state 205,804.00 205,804.00 200,000.00 4.500%1 214,488.00 semi - annual 01/24/12 04/01/12 10/01/18 5,854,689.75 local June 2014 Investment Detail Description Cusip Number Credit Rating Type Purchase Price 'Carrying Cost Maturity Amount Interest Rate Current Market' Value t. In erestlaid Date Acquired Coupon Date Maturity l Due Date Mississippi State 605581BV8 AA2 state 25,000.00 25,000.00 25,000.00 1.116% 25,341.50 semi - annual 09/12/13 none 12/01/16 Texas State 882722,128 AAA state 80,158.50 80,158.50 75,000.00 3.000% 77,597.25 semi - annual 03/28112 04/01/12 10/01/15 Tennessee State 880541QM2 AAA state 201,894.00 201,894.00 200,000.00 2.326% 209,208.00 semi - annual 10/26/11 02/01/12 08/01/17 Georgia State 373384RQ1 AAA state 26,742.50 26,742.50 25,000.00 2.970% 26,785.75 semi - annual 02/08/12 none 10/01/18 Texas State 882722,151 AAA state 103,089.00 103,089.00 100,000.00 2.894% 106,209.00 semi - annual 08/10/11 04/01/12 10/01/18 Fed Farm Credit Bank 3133EA6K9 AAA US 200,000.00 200,000.00 200,000.00 0.410 " /° 200,316.00 semi - annual 10/29/12 04/29/13 10/29/15 Fed Home Ln Mtg Corp Med Term Note 3134G4EF1 AAA US 200,000.00 200,000.00 200,000.00 1.000% 200,210.00 semi - annual 08/13/13 02/13/14 02/13/17 Fed Farm Credit Bank 3133EATE8 AAA US 99,647.00 99,647.00 100,000.00 0.900% 100,069.00 semi - annual 11/04/13 12/08/12 06/08/17 Fed Home Ln Bank 3130A1AX6 AAA US 200,000.00 200,000.00 200,000.00 1.300% 200,152.00 semi - annual 03/27114 09/27/14 12/27/17 Fed Nall Mtg Assn 3136G1AJ8 AAA US 200,000.00 200,000.00 200,000.00 0.700% 198,792.00 semi - annual 01/30/13 07/30113 01/30/18 Fed Farm Credit Bank 3133ECFA7 AAA US 100,000.00 100,000.00 100,000.00 1.080% 99,089.00 semi - annual 02/13/13 08/13/13 02/13/18 Fed Home Ln Mtg Corp Med Term Note 7T134G4XK9 AAA US 200,000.00 200,000.00 200,000.00 1.300% 200,328.00 semi - annual 03/27/14 09/27/14 03/27/18 Fed Home Ln Mtg Corp 3134G46D5 AAA US 198,000.00 198,000.00 2002000.00 1.200% 199,284.00 semi - annual 06/12/13 12/12/13 06/12/18 Fed Home Ln Mtg Corp Med Term Note 3134G3ZK9 AAA US 200,000.00 200,000.00 200,000.00 1.200% 198,286.00 semi - annual 07/30/12 01/30/13 07/30/18 Fed Farm Credit Bank 31331Y4S6 AAA US 114,000.00 114,000.00 100,000.00 5.050% 115,175.00 semi - annual 09/11/13 none 08/01/18 Fed Home Ln Bank 3130AOFN5 AAA US 200,000.00 200,000.00 200,000.00 0.500% 200,086.00 semi - annual 12/26/13 05/26/14 11/26/18 Fed Natl Mtg Assn 3136GORB9 AAA US 294,999.00 294,999.00 300,000.00 1.375% 295,353.00 semi - annual 12/05113 12/28/12 12/28/18 Fed Natl Mtg Assn 3136GOY70 AAA US 199,300.00 199,300.00 200,000.00 1.080% 194,166.00 semi - annual 10/30/12 01/30/13 01/30/19 Fed Farm Credit Bank 3133EC5NO AAA US 99,587.00 99,587.00 100,000.00 1.250% 98,052.00 semi - annual_ 01/07/13 03/04/13 03/04/19 Fed Natl Mtg Assn Remic 31393EAL3 US 204,187.50 17,640.06 17,278.31 4.500% 18,245.38 monthly 07/30/03 none 08/25/18 FICO Strip Cpfl Zero Coupon 31771EAA9 US 236,235.00 236,235.00 250,000.00 235,995.00 maturity 06/09/14 none 05/11/18 Fed Home Ln Mtg Corp Celtic Bank _ _ _ 31393VMQ1 US 153,656.25 9,946.83 9,710.12 4.500% 10,235.24 monthly --_- 06/30/03 - - - -- --._ 06/15/18 _ 11,105,622.39 15118RJMO CD 247,000.00 247,000.00 247,000.00 2.050% 246,639.38 semi - annual 12/20/13 06/20/14 12/20/19 Citizens Alliance Bank 17318LAP9 CD 2492000.00 249,000.00 249,000.00 2.000% 246,938.28 monthly 06/27/14 07/27/14 06/26/20 Rockford IL 77316QJY6 Al local 102,867.00 102,867.00 100,000.00 5.250% 101,185.00 semi - annual 05/07/14 none 12/15/21 Mitchell SD Sch Dist #17 -2 606687EHO AA local 116,702.00 116,702.00 100,000.00 6.000% 111,432.00 semi - annual 12/20/11 06/15/19 06/15/24 Stearns Cc MN 857896MH4 AA+ local 276,875.00 276,875.00 250,000.00 4.500% 259,545.00 semi - annual 04/17/13 none 06/01/20 Minnetrista MN 604229KG8 AA+ local 196,265.55 196,265.55 195,000.00 3.100% 195,066.30 semi - annual 10/10/13 08/01/14 02/01/21 Greenway MN ISD #31 39678LDF6 AA+ local 27,593.50 27,593.50 25,000.00 5.000% 26,849.25 semi - annual 07/09/13 none 03/15/21 Minnetrista MN 604229KJ2 AA+ local 50,000.00 50,000.00 502000.00 3.850% 50,032.50 semi - annual 10/10/13 08!01/14 02/01/23 Savage Minn 80465PAN4 AA+ local 198,018.00 198,018.00 200,000.00 4.800% 210,696.00 semi - annual 06117/10 02/01/11 02/01/24 Minneapolis MN 60374YS81 AA1 local 278,632.50 278,632.50 250,000.00 3.500% 271,640.00 semi - annual 02/26/13 none 12/01/19 Minneapolis MN 60374YG68 AA1 local 110,419.00 110,419.00 100,000.00 4.700% 109,667.00 semi - annual 10/31/11 none 03/01/23 Western Lake Superior MN 958522WU4 AA2 local 100,000.00 100,000.00 100,000.00 3.150% 103,477.00 semi - annual 08/16/11 04/01/12 10/01/19 Portsmouth VA 73723RSL8 AA2 local 286,268.00 286,268.00 295,000.00 2.400% 302,867.65 semi - annual 07/17/13 02/01/14 02/01/20 Moorhead MN 6161412R7 AA3 local 108,820.00 108,820.00 100,000.00 3.800% 101,486.00 semi - annual 11/14/11 none 02/01/20 Davenport Iowa 238388GS5 AA3 local 111,948.00 111,948.00 100,000.00 4.650% 106,729.00 semi - annual 09/13/11 none 06/01/20 Whitewater Wis 966204KA6 AA3 local 109,541.00 109,541.00 100,000.00 4.850% 1122367.00 semi - annual 06/09/11 none 12/01/20 Hawkins Cnty TN 420218PL7 AA3 local 111,480.00 11.12480.00 100,000.00 4.800% 106,282.00 semi - annual 03/13/12 none 05/01/24 Norwalk Conn 668844DS9 AAA local 122,464.80 122,464.80 120,000.00 4.050% 124,948.80 semi - annual 08/04/10 08/01/11 08/01/19 Greensboro NC 395460V21 AAA local 366,832.80 366,832.80 360,000.00 1 3.2630/co 365,785.20 semi - annual 07/15/11 none 10/01/19 Woodbury MN 97913PCQ7 AAA- local 123,037.35 123,037.35 115,000.00 3.250% 117,153.95 semi - annual 12/22/11 none 02!01/20 1,078,241.50 state 2,763,833.62 US - 5 Years 493,577.66 CD June 2014 Investment Detail Description Cusip Number Credit Rating ype Type Purchase Price Carrying Cost Maturity Amount Current Market n MOW Date Coupon P Maturity 1 Rate Value Acquired Date Due Date Dallas TX Indpt Sch Dist 235308QK2 AAA local 116,900.00 116,900.00 100,000.00 4.450% 112,745.00 semi - annual 04/16/12 08/15/11 02/15/20 Tenn Valley Auth Zero Cpn 88059EHD9 AAA local 263,970 .00 26 3,970.00 300,000.00 262,815.00 maturity 03/11/13 none 05/01/20 Tenn Val Auth Cpn Strip Zero Cpn 88059EMX9 AAA local 88,133.00 88,133.00 100,000.00 86,848.00 maturity 03/18/13 none 07/15/20 Minnetonka MN ISD #276 604195PQ4 AAA local 23,491.73 23,016.40 20,000.00 6.200% 21,682.60 semi - annual 11/19/12 none 01/01/21 Shoreview MN 825214EHB AAA local 197,205.75 197,205.75 175,000.00 4.900% 177,553.25 semi - annual 01/25/12 none 02/01/24 Florida St Dept Environmental 3416OWUAO Al state 217,800.00 217,800.00 200,000.00 6.206% 220,302.00 semi - annual 08/30/10 07/01/10 07/01/22 Minnesota St Hsg Fin Agy Taxable 60415NE24 AA1 state 80,600.00 80,600.00 80,000.00 6.300 %, 82,953.60 semi - annual 07/27/06 01/01/07 07/01/23 Virginia State 928109X04 AAA state 22,126.00 22,126.00 20,000.00 4.100% 21,176.60 semi - annual 02/07/12 none 06/01/21 Fed Farm Credit Bank 3133ECQ64 AAA US 191,812.00 191,812.00 200,000.00 1.740% 196,382.00 semi - annual 07/23/13 11/21/13 05/21/20 4,453,245.36 Itasca County Minn 465452GP9 A local 105,024.00 105,024.00 100,000.00 5.550% 104,169.00 semi - annual 07/12/11 none 02/01/28 Lake City Minn ISD #813 508084DW7 AA+ local 103,933.00 103,933.00 100,000.00 5.000% 105,831.00 semi - annual 05/11/11 none 02/01/25 Milaca Minn ISD #912 598699NT9 AA+ local 106,941.00 106,941.00 100,000.00 5.650% 108,555.00 semi - annual 07/22/11 none 02/01/27 Duluth MN 264438ZL9 AA2 local 29,767.20 29,767.20 30,000.00 2.625% 2703.90 semi - annual 12/05/12 08/01/13 02101/25 Will County IL Cmnty Zero Coupon 969078QM9 AA2 local 159,000.00 159,000.00 500,000.00 242,505.00 maturity 08/25/09 none 11/01/27 Van Buren Mich Public Schools 920729HD5 AA2 local 102,750.00 102,750.00 100,000.00 6.430% 109,372.00 semi - annual 07/17/09 11/01/09 05/01/29 Tennessee Valley Auth Ser E 880591CJ9 AAA local 121,500.00 121,500.00 100,000.00 6.750% - 133,549.00 semi - annual 03/19/09 none_ 11/01/25 Ice Deposit- National Sports Center none local 250,000.00 250,000.00 250,000.00 250,000.00 maturity 02/06/08 none 01/01/26 Fed Home Ln Bank 3133803118 AAA US 200,000.00 200,000.00 200,000.00 1.500% 191,438.00 semi - annual 07/30112 01/30/13 07/30/24 Fed Farm Credit Bank 31331VLC8 AAA US 106,030.45 106,030.45 100,000.00 5.250% 119,940.00 semi - annual 02/26/10 none 04/21/28 Fed Nat] Mt Assn 9 31398AQY1 AAA US 218,100.00 218,100.00 200,000.00 5.380 %_ 203,634.00 — semi - annual -- 12/24/12 none — -- 11/13/28 Fed Nall Mtg Assn 3136FTP94 AAA US 361,069.20 361,069.20 360,000.00 2.000% 353,829.60 semi - annual 12/13/12 none 02/27/32 1,950,516.50 21,534,975.10 3,438,853.50 local 324,432.20 state 196,382.00 US 6 -10 Years 1,081,674.90 local 868,841.60 US 10+ Years INVESTMENT SCHEDULE - Money Market Funds June 30, 2014 Description Current Market Value ' YTD Interest Wells Fargo 1 lWells Fargo Government Money Market Fund $1,738,800.25 $144.79 4M 1 14M 1,892.52 4M PLUS 1 14M Plus 3,100.71 - Grand Total Money Market Funds 1 $1,743,793.48 1 $144.79 Updated: 71812014