Title
Recommendation to Accept the Unaudited First and Second Quarter Revenue and Expenditure Report for Fiscal Year 2022-23. [City Council and SACIC] (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
This report details the City of Alameda's (City) unaudited First and Second Quarter Financial Results for Fiscal Year (FY) 2022-23 for all 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 presentation to the Mayor and City Council of a quarterly report on the revenues and expenditures. The First and Second Quarter (Q2) Revenue & Expenditure Report on all City funds has been completed based upon unaudited actual revenues and expenditures. The Q1 and Q2 report, attached as Exhibit 1, includes financial information for all City funds as follows:
* Unaudited General Fund revenues by category through December 31, 2022;
* Unaudited General Fund expenditures by department and category through December 31, 2022;
* Unaudited expenditures for the City's capital and maintenance projects through December 31, 2022; and
* Unaudited revenues and expenditures for all funds through December 31, 2022.
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 unaudited actual revenues and expenditures through the second quarter of FY 2022-23. 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, 2022, unaudited General Fund revenues totaled $52.0 million, and expenditures totaled $53.2 million.
General Fund
The General Fund is the main operating fund for the City. The General Fund accounts for sources and uses of r...
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