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Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 2016. [City Council and SACIC] (Finance 2410)
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To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 2016
BACKGROUND
The fourth quarter's financial report on all City funds has been completed, based upon actual audited revenues and expenditures through June 30, 2016. Quarterly report includes financial information for all City funds. The Quarterly Financial Report attached as Exhibit 1 includes the following:
* General Fund actual revenues by major category through June 30, 2016;
* General Fund actual expenditures by major department through June 30, 2016;
* Actual expenditures for the City's capital and maintenance projects through June 30, 2016; and
* All Funds revenues, expenditures and changes in fund balance as of June 30, 2016.
DISCUSSION
This quarterly report provides the City Council with an update 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. In addition, the grouping of the funds was updated to match the Comprehensive Annual Financial Report (CAFR).
General Fund
General Fund actual revenues as of June 30, 2016, were $88 million, or 102% of the Fiscal Year (FY) 2015-16 budget. Actual expenditures were $84 million, or 95% of the FY 2015-16 budget. General Fund revenues exceeded the budget projections by almost $2 million, and 5% higher compared to FY 2014-15 actual revenues.
General Fund major revenue categories are summarized on page 1 of the Exhibit 1. The City derives a significant portion of its General Fund revenues from economically sensitive sources such as Property Taxes, Sales Taxes (both the Bradley-Burns and Public...
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