Title
Recommendation to Accept the Third Quarter Financial Report for the Period Ending March 31, 2017. [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 Third Quarter Financial Report for the Period Ending March 31, 2017
BACKGROUND
The third quarter's financial report on all City funds has been completed, based upon actual revenues and expenditures through March 31, 2017. 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 March 31, 2017;
* General Fund actual expenditures by major department through March 31, 2017;
* Actual expenditures for the City's capital and maintenance projects through March 31, 2017; and
* All Funds revenues, expenditures and changes in fund balance as of March 31, 2017.
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. The grouping of the funds matches the City's Comprehensive Annual Financial Report (CAFR).
General Fund
The Fiscal Year (FY) 2016-17 annual budget, which includes mid-year adjustments, for the General Fund projected revenues is $88.6 million. The General Fund actual revenues as of March 31, 2017, were $54.8 million, or 62% of the FY 2016-17 budget. The FY 2016-17 appropriations, which include mid-year adjustments, for the General Fund, are $87.9 million. Actual expenditures were $59.2 million, or 67% of the FY 2016-17 budget. General Fund revenues and expenditures were 2% and 6%, respectively, higher compared to the same quarter in FY 2015-16.
The General Fund major revenue categories are summarized on page 1 of the Exhibit. ...
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