Title
Recommendation to Accept the First Quarter Financial Report for the Period Ending September 30, 2016. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Accept the First Quarter Financial Report for the Period Ending September 30, 2016
BACKGROUND
The first quarter's financial report on all City funds has been completed, based upon actual revenues and expenditures through September 30, 2016. This quarterly report attached as the Exhibit 1 includes financial information for all City funds as follows:
* General Fund actual revenues by major category through September 30, 2016;
* General Fund actual expenditures by major department through September 30, 2016;
* Actual expenditures for the City's capital and maintenance projects through September 30, 2016;
* All Funds revenues, expenditures and changes in fund balance as of September 30, 2016.
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. In addition, the grouping of the funds was updated to match the Comprehensive Annual Financial Report (CAFR).
General Fund
The Fiscal Year (FY) 2016-17 annual budget for the General Fund projected revenues is $83.9 million. The General Fund actual revenues as of September 30, 2016, were $10.4 million, or 12% of the FY 2016-17 budget. The FY 2016-17 appropriations for the General Fund are $85.2 million. Actual expenditures were $17.9 million, or 21% of the FY 2016-17 budget. General Fund revenues were 7% lower and expenditures were 4% higher compared to the same quarter in FY 2015-16.
The General Fund major revenue categories are summarized on page 1 of the Exhibit. The City derives a significant portio...
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