Title
Recommendation to Accept the Second Quarter Financial Report for the Period Ending December 31, 2015. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Accept the Second Quarter Financial Report for the Period Ending December 31, 2015
BACKGROUND
The second quarter's financial report on all City funds is based upon actual revenues and expenditures through December 31, 2015. The Quarterly Financial Report attached as Exhibit 1 to this document includes the following:
* General Fund actual revenues by major category through December 31, 2015;
* General Fund actual expenditures by major department through December 31, 2015;
* Actual expenditures for the City's capital and maintenance projects through December 31, 2015; and
* All Funds revenues, expenditures and changes in current available fund balances as of December 31, 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 December 31, 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 revenues is $82.3 million. Actual revenues as of December 31, 2015 were about $38.9 million, or 47% of the FY 2015-16 budget. The FY 2015-16 appropriations for the General Fund are $88.2 million. As of December 31, 2015, actual expenses total approximately $37.5 million, or 42.5% 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 tax, sales tax (Bradley Burns), property transfer tax and utility user tax. When one or more of these key revenue...
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