Title
Recommendation to Accept the First and Second Quarter Revenue and Expenditure Report for Fiscal Year 2023-24. [City Council and SACIC] (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
For all City funds, this report details the City of Alameda's (City) first and second quarter revenues and expenditures for Fiscal Year (FY) 2023-24 compared to the same period in FY 2022-23.
BACKGROUND
The City Charter Article XVII Sec. 17-10 requires presentation to the Mayor and City Council of a quarterly report on the revenues and expenditures. The First and Second Quarter (Q2) Revenue & Expenditure Report for all City funds has been completed based upon actual revenues and expenditures. The Q2 report, attached as Exhibit 1 and available online (https://stories.opengov.com/alamedaca/published/1bmQfg7w0), includes financial information for all City funds as follows:
* General Fund revenues by category through December 31, 2023;
* General Fund expenditures by department and category through December 31, 2023;
* Revenues and expenditures for all funds through December 31, 2023.
DISCUSSION
This quarterly report provides the City Council with updates on the financial status of the City's funds by comparing budget projections for revenues and expenditures to actual revenues and expenditures through the second quarter of FY 2023-24. Budget amendments previously approved by City Council have been included in this report. The grouping of the funds matches the City's Annual Comprehensive Financial Report (ACFR). As of December 31, 2023, General Fund revenues totaled $59.0 million, and expenditures totaled $56.1 million.
General Fund
The General Fund is the main operating fund for the City. The General Fund accounts for sources and uses of resources that are discretionary to the City Council in the provision of activities, programs, and services deemed necessary and desirable by the community. It accounts for all general rev...
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