Title
Recommendation to Accept the Second Quarter Financial Report for the Period Ending December 31, 2018. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
Accept the second quarter financial report for the period ending December 31, 2018. This report provides budget to actual comparison for the General Fund, fiscal year-to-date revenue and expenditures/expenses for all City of Alameda (City) funds, and life-to-date budget and actual expenditures for active capital and maintenance projects.
BACKGROUND
The City Charter Article XVII Sec. 17-10 requires a presentation of a quarterly financial report to the Mayor and the City Council. The second quarter's financial report on all City funds has been completed, based upon actual revenues and expenditures through December 31, 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 December 31, 2018;
* General Fund actual expenditures by major department through December 31, 2018;
* Actual expenditures for the City's capital and maintenance projects through December 31, 2018; and
* All Fund revenues, expenditures and changes in fund balance as of December 31, 2018.
DISCUSSION
This quarterly financial report provides the City Council with updates on the 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) 2018-19 annual budget for General Fund projected revenues was $91 million. The General Fund actual revenues as of December 31, 2018, were $44 million, or 48% of the FY 2018-19 budget. The FY 2018-19 appropriations for the General Fund went up...
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