Title
Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 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 Fourth Quarter Financial Report for the Period Ending June 30, 2017
BACKGROUND
The fourth quarter's financial report on all City funds has been completed, based upon actual revenues and expenditures through June 30, 2017. Although the City is still undergoing the audit for the Fiscal Year ending June 30, 2017, staff believes that the presented balances are not expected to change significantly, if at all. This quarterly report attached as Exhibit 1 includes financial information for all City funds as follows:
* General Fund actual revenues by major category through June 30, 2017;
* General Fund actual expenditures by major department through June 30, 2017;
* Actual expenditures for the City's capital and maintenance projects through June 30, 2017; and
* All Funds revenues, expenditures and changes in fund balance as of June 30, 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 June 30, 2017, were $94.3 million, or 106% 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 $84.6 million, or 96% of the FY 2016-17 budget. General Fund revenues were ...
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