Cary Parkway Southeast Water Line
Extension
Projected completion date: Spring 2017
Kilmayne Water Storage Tank
Projected completion date: Winter 2017-2018
Southern Pressure Zone
Modifications (Plumtree Tank)
Projected completion date: Winter 2016
ADMINISTRATION
The Town Manager signed 71
contracts during the second quarter
of fiscal year 2015 compared to 69
contracts in the first quarter of fiscal
year 2015 and 51 contracts in the
second quarter of fiscal year 2015.
Did You Know?
Treasury Management
Like the prior year, investment rates have fluctuated in
the economic uncertainty, but still remain low. Due to
conservative interest income budgeting, interest
earnings for FY 2016 are projected to exceed budget by
almost $360,000 town wide across the General Fund,
Utility Fund and Capital Reserve Funds. The Town's total
interest income should approach $3 million for the fiscal
year, which is certainly better than the $2 million the
Town earned in the prior year, but still remains a small
source of revenue for the Town compared to better
years when interest income was $10 million or more.
The cash and investment portfolio balance at December
31 was over $470 million. Investment rates, while low,
have been higher than the yields on maturing
investments so the portfolio yield, in total, has inched up
to .78% compared to just over .5 % at the same time
last year.
Preparation for a February 2016 refinancing is underway.
Almost $24 million of the 2009 general obligation bonds
can be refinanced to save approximately $1.3 in
budgeted future interest expense over the next 14 years.
Cary's strong credit rating was key to the success of this
transaction.
In the most recent quarter the Town's fiscal
year 2015 financial statements were prepared
and the external audit was completed. As in
the past, the audit resulted in a "clean" opinion
that the financial statements fairly represented
the financial position and results. A summary
of the audit process and financial results were
presented to Council in December. The
Town's financial position remains strong. The
financial statements, which include a number
of tables of ten year trend data, are available
on the Town's website.
Financial Audit Complete
