Title
Recommendation to Accept the First Quarter Financial Report for the Period Ending September 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: Accept the First Quarter Financial Report for the Period Ending September 30, 2015
BACKGROUND
The first quarter's financial report on all City's funds is based upon actual revenues and expenditures through September 30, 2015. The Quarterly Financial Report attached as Exhibit 1 to this document includes the following:
* General Fund actual revenues by major category through September 30, 2015;
* General Fund actual expenditures by major department through September 30, 2015;
* Actual expenditures for the City's capital and maintenance projects through September 30, 2015; and
* All Funds revenues, expenditures and changes in current available fund balances as of September 30, 2015.
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. Any budget amendments that have been approved as of September 30, 2015 by the City Council have been included in this report.
General Fund
The Fiscal Year (FY) 2015-16 annual budget for the General Fund projected revenues is $81.9 million. Actual revenues as of September 30, 2015 were about $10.1 million, or 12% of the FY 2015-16 budget. The FY 2015-16 appropriations for the General Fund are $80.7 million. As of September 30, 2015, actual expenses total approximately $17.3 million, or 21% of the FY 2015-16 budget.
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, sales taxes (Bradley Burns), and utility users taxes. When one or more ...
Click here for full text