Title
Recommendation to Accept the Second Quarter Financial Report for the Period Ending December 31, 2020. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The second quarter financial report provides budgets to actuals comparison for the General Fund, fiscal year-to-date revenue and expenditures/expenses for all City of Alameda (City) funds, and inception-to-date budget and actual expenditures for active capital and maintenance projects. The economic and financial impacts from COVID-19 are still unfolding and the full impact of the COVID-19 for the Fiscal Year (FY) 2020-21 will not be known until the last quarter of FY 2020-21.
BACKGROUND
The City Charter Article XVII Sec. 17-10 requires presentation of a quarterly 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, 2020. The second quarter report, attached as Exhibit 1, includes financial information for all City funds as follows:
* General Fund actual revenues by major category through December 31, 2020;
* General Fund actual expenditures by the major department through December 31, 2020;
* Actual expenditures for the City's capital and maintenance projects through December 31, 2020; and
* All Funds revenues, expenditures, and changes in fund balance as of December 31, 2020.
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 expenditures. Budget amendments previously approved by the City Council have been included in this report. The grouping of the funds matches the City's Annual Comprehensive Financial Report (ACFR). As of December 31, 2020, General Fund revenues totaled $50 million and expenditures totaled $45 million.
General Fund
The General Fund actua...
Click here for full text