Title
Fiscal Year 2023-2024 Mid-Year Financial Report as of December 31, 2023
Staffreport
CITY COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
SUMMARY
The 2023-2024 Mid-Year Financial Report is for information only.
RECOMMENDATION
Staff recommends that the City Council Finance Committee review the 2023-2024 Mid-Year Financial Report as of December 31, 2023.
BACKGROUND
The City Council approved the 2023-2024 and 2024-2025 General, Enterprise, Internal Service, and Parking Fund budgets on May 15, 2023. The approved budgets feature the annual expenditure and resource allocation plan that guides the implementation of City Council budget policies and priorities. The budget provides funding direction for a broad range of services that meet the needs of the community in accordance with City Council policies.
This financial review provides the mid-year budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2023, measures operational adherence to the budget allocation plan.
Analysis
2023-24 Mid-Year Financial Report
The City budget for 2023-2024 was adopted in May 2023. The budget incorporates current estimates for revenue and expenditure appropriations for all funds as of December 31, 2023. The attached 2023-2024 Mid-Year Financial Report as of December 31, 2023, provides the revenue and expenditure summary for the General, Enterprise, Internal Service, and Parking Fund. The report provides detailed revenue and expenditure comparisons to the prior year while also focusing on variances from financial plans and budgeted allocations.
General Fund
The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The 2023-2024 General Fund budget projects revenues totaling $138,028,000 and expenditures totaling $150,775,000, including purchase order encumbrances from 2022-2023 and approved ...
Click here for full text