Title
Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 2018. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: David L. Rudat, Interim City Manager
EXECUTIVE SUMMARY
Accept the fourth quarter financial report for the period ending June 30, 2018. This report provides budget to actual comparison for the General Fund, fiscal year-to-date revenue and expenditures/expenses for all City funds, and life-to-date budget and actual expenditures for the active capital and maintenance projects.
BACKGROUND
The City Charter Article XVII Sec. 17-10 requires a presentation of a quarterly report to the Mayor and the City Council. The fourth quarter's financial report on all City funds has been completed, based upon actual revenues and expenditures through June 30, 2018. 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, 2018;
* General Fund actual expenditures by major department through June 30, 2018;
* Actual expenditures for the City's capital and maintenance projects through June 30, 2018; and
* All funds revenues, expenditures and changes in fund balance as of June 30, 2018.
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) 2017-18 annual budget for the General Fund projected revenues is $99 million. The General Fund actual revenues as of June 30, 2018, were $103 million, or 104% of the FY 2017-18 budget. General Fund revenues were 9% higher compared to the same quart...
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