Title
Recommendation to Accept the Third Quarter Financial Report for the Period Ending March 31, 2016. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Accept the Third Quarter Financial Report for the Period Ending March 31, 2016
BACKGROUND
The third quarter's financial report on all City's funds is based upon actual revenues and expenditures through March 31, 2016. The Quarterly Financial Report attached as Exhibit 1 to this document includes the following:
* General Fund actual revenues by major category through March 31, 2016;
* General Fund actual expenditures by major department through March 31, 2016;
* Actual expenditures for the City's capital and maintenance projects through March 31, 2016; and
* All Funds revenues, expenditures and changes in current available fund balances as of March 31, 2016.
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 March 31, 2016 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 of $81.9 million. Actual revenues as of March 31, 2016 were about $52.6 million, or 64% of the FY 2015-16 budget. The FY 2015-16 expenditure appropriations for the General Fund are $89 million. As of March 31, 2016, actual expenses total approximately $59 million, or 66% 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 user taxes. When one or more of these key revenue sources deviates from projecti...
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