Title
Recommendation to Accept the Fourth Quarter Financial Report for the Period Ending June 30, 2021. [City Council and SACIC] (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
Recommendation to accept the fourth quarter financial report for the period ending June 30, 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.
BACKGROUND
The City Charter Article XVII Sec. 17-10 requires 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 unaudited actual revenues and expenditures through June 30, 2021. The fourth quarter report, attached as Exhibit 1, includes financial information for all City funds as follows:
* General Fund actual revenues by major category through June 30, 2021;
* General Fund actual expenditures by the major department through June 30, 2021;
* Actual expenditures for the City's capital and maintenance projects through June 30, 2021; and
* All Funds revenues, expenditures, and changes in fund balance as of June 30, 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 June 30, 2021, General Fund revenues totaled $119 million and expenditures totaled $96 million.
General Fund
The General Fund actual revenues as of June 30, 2021 were $119 million as c...
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