Title
Recommendation to Accept the Third Quarter Financial Report for the Period Ending March 31, 2019. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
Accept the third quarter financial report for the period ending March 31, 2019. 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 report to the Mayor and the City Council. The third quarter's financial report on all City funds has been completed, based upon actual revenues and expenditures through March 31, 2019. This quarterly report attached as Exhibit 1 includes financial information for all City funds as follows:
* General Fund actual revenues by major category through March 31, 2019;
* General Fund actual expenditures by major department through March 31, 2019;
* Actual expenditures for the City's capital and maintenance projects through March 31, 2019; and
* All Funds revenues, expenditures and changes in fund balance as of March 31, 2019.
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) 2018-19 annual budget for the General Fund projected revenues of $96 million. The General Fund's actual revenues as of March 31, 2019, were $57 million, or 60% of the FY 2018-19 budget. The FY 2018-19 appropriations for the General Fund went up to $106 million as of the end ...
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