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Recommendation to Accept the First Quarter Financial Report for the Period Ending September 30, 2014. [City Council and SACIC] (Finance 2410)
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To: Honorable Mayor and Members of the City Council
From: John A. Russo, City Manager
Re: Recommendation to Accept the First Quarter Financial Report for the Period Ending September 30, 2014
BACKGROUND
The first quarter's financial reports on all City funds have been completed, based upon actual unaudited revenues and expenditures through September 30, 2014. Quarterly reports include financial information for all City funds. The Exhibit includes the following:
* General Fund actual revenues by major category through September 30, 2014 and 2013
* General Fund actual expenditures by major department through September 30, 2014 and 2013
* Actual expenditures for the City's capital and maintenance projects through September 30, 2014
* All Funds revenues, expenditures and changes in current available fund balance as of September 30, 2014.
DISCUSSION
Quarterly reports provide the City Council with updates on the financial status of the City's funds by comparing budget projections for revenues and expenditures to actual receipts and expenses.
General Fund
The FY14-15 annual budget for the General Fund projected revenues of approximately $74.7 million, with total appropriations of approximately $78.2 million. General Fund actual revenues as of September 30, 2014, were $9.8 million, or 13% of the FY14-15 budget. Actual expenditures were $16.7 million, or 21% of the FY14-15 budget. General Fund revenues and expenses are in line with expectations for the current quarter, with revenues trailing expenditures. Major tax revenues are received primarily in the second and fourth quarters.
General Fund major revenue categories are summarized on page 1 of the Exhibit. The City derives a significant portion of its General Fund revenues from economically sensitive sources such ...
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