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File #: 2021-1036   
Type: Joint Consent Item
Body: City Council
On agenda: 7/6/2021
Title: Recommendation to Accept the Third Quarter Financial Report for the Period Ending March 31, 2021. [City Council and SACIC] (Finance 2410)
Attachments: 1. Exhibit 1 - FY 2020-21 Third Quarter Financial Report
Title

Recommendation to Accept the Third Quarter Financial Report for the Period Ending March 31, 2021. [City Council and SACIC] (Finance 2410)

Body

To: Honorable Mayor and Members of the City Council

EXECUTIVE SUMMARY

Recommendation to accept the third quarter financial report for the period ending March 31, 2021. This 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 third quarter's financial report on all City funds has been completed based upon actual revenues and expenditures through March 31, 2021. The third quarter report, attached as Exhibit 1, includes financial information for all City funds as follows:

* General Fund actual revenues by major category through March 31, 2021;
* General Fund actual expenditures by the major department through March 31, 2021;
* Actual expenditures for the City's capital and maintenance projects through March 31, 2021; and
* All Funds revenues, expenditures, and changes in fund balance as of March 31, 2021.

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 March 31, 2021, General Fund revenues totaled $66 million and expenditures totaled...

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