File #: 24-038    Version: 1 Name: Fiscal Year 2022-23 Third Quarter Financial Update
Type: Staff Report Status: Filed
In control: City Council
Meeting Date: 2/20/2024 Final action: 2/20/2024
Enactment date: Enactment #: Reso 2024-009
Title: Adopt a Resolution to Approve the Fiscal Year 2023-2024 First Quarter Financial and Performance Measure Reports as of September 30, 2023
Sponsors: T. Michael Yuen
Attachments: 1. A - Resolution Approving the Fiscal Year 2023-2024 First Quarter Financial and Performance Measure Reports, 2. B - First Quarter Financial Report as of September 30, 2023, 3. C - Performance Measures, Fiscal Year 2023-2024 First Quarter
Title
Adopt a Resolution to Approve the Fiscal Year 2023-2024 First Quarter Financial and Performance Measure Reports as of September 30, 2023

Staffreport
COUNCIL PRIORITY
* Fiscal Sustainability and Transparency

SUMMARY

Financial and Performance Measure Reports for the first quarter of Fiscal Year 2023-2024 are for information only.

RECOMMENDATION

Staff recommends the City Council adopt a resolution approving the Fiscal Year 2023-2024 Financial and Performance Measure Reports for the quarter ended September 30, 2023.

BACKGROUND

The City Council adopted the 2023-2024 and 2024-2025 General Fund, Enterprise, and Internal Service Funds and Parking Fund budgets on May 15, 2023. The approved biennial budget is the annual expenditure and resource allocation plan that guides and ensures implementation of City Council policies and priorities. The budget implements the vision and direction of the City Council for the broad range of services meeting community needs in accordance with City Council policy.

This budget analysis as of September 30, 2023, provides the first quarter budget update to the City Council for the current fiscal year. Review of the revenues collected and all expenditures through September 30 measures operational adherence to the budgetary allocation plan.

As an element in the 2023-2024 budget, the City incorporated department performance measures as a new program evaluation and benchmarking effort. The First Quarter Financial and Performance Measures Update includes an outcome report on department performance measures through September 30, 2023.

Analysis

FIRST QUARTER FINANCIAL REPORT

The adopted biennial budget incorporates estimated revenues and planned expenditures for all funds. The attached First Quarter Financial Report as of September 30, 2023, provides the revenue and expenditure summary for the General Fund, Enterprise, and Internal Service Funds and Parking Fund. The details provide comparisons to the prior year and focu...

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