Title
Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 2015. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Interim City Manager
Re: Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 2015
BACKGROUND
The fourth quarter's financial report on all City funds has been completed, based upon actual unaudited revenues and expenditures through June 30, 2015. This quarterly report includes financial information for all City funds. The Quarterly Financial Report attached as Exhibit 1 to this document includes the following:
* General Fund actual revenues by major category through June 30, 2015;
* General Fund actual expenditures by major department through June 30, 2015;
* Actual expenditures for the City's capital and maintenance projects through June 30, 2015;
* All Funds revenues, expenditures and changes in current available Fund balances as of June 30, 2015.
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 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 June 30, 2015, were $85 million, or 114% of the FY14-15 budget and 106% of the projected revenue presented in May 2015. Actual expenditures were $79.5 million, or 96% of the FY14-15 budget but only 99% of the projections presented in May 2015. General Fund revenues exceeded the May projections by almost $5 million, which is 6% of the 2014-15 fiscal year.
General Fund major revenue categories are summarized on page 1 of Exhibit 1. The City derives a significant portion of its General Fund revenues from economically sensitive sources such as property taxes, sal...
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