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Recommendation to Accept the Second Quarter Financial Report for the Period Ending December 31, 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 Second Quarter Financial Report for the Period Ending December 31, 2014
BACKGROUND
The second quarter's financial reports on all City funds have been completed, based upon actual unaudited revenues and expenditures through December 31, 2014. Quarterly reports include financial information for all City funds. The Exhibit includes the following:
* General Fund actual revenues by major category through December 31, 2014 and 2013;
* General Fund actual expenditures by major department through December 31, 2014 and 2013;
* Actual expenditures for the City's capital and maintenance projects through December 31, 2014;
* All Funds revenues, expenditures and changes in current available fund balance as of December 31, 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. Budget amendments previously approved by the City Council have been included in this report.
General Fund
General Fund actual revenues as of December 31, 2014, were $38 million, or 51% of the FY14-15 budget. Actual expenditures were $38.9 million, or 48% of the FY14-15 budget. General Fund revenues and expenses are in line with expectations for the current quarter. However, revenues trail expenditures, because some major tax revenues are not received until the fourth quarter. This is consistent with prior years.
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 as property taxes, sales taxes (b...
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