Title
Staff Report Presenting 2021-22 Mid-Year Financial Report as of December 31, 2021 and the Second Quarter Budget Amendment for the 2021-22 City Operating Budget
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the Finance Committee review the Fiscal Year 2021-22 Mid-Year Report and Proposed Budget Adjustments.
BACKGROUND
The City Council approved the Fiscal Year 2021-22 and 2022-23 General, Enterprise, Internal Service, and Parking Fund budgets on June 28, 2021. The approved budgets feature the annual expenditure and resource allocation plan that guide the implementation of City Council budget policies and priorities. The budget provides funding direction for the broad range of services that meet the needs of the community in accordance with City Council policy.
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, 2021 measures operational adherence to the budgetary allocation plan.
DISCUSSION-Mid-Year Report
The City budget for 2021-22 was adopted on June 28, 2021. The amended budget incorporates current estimates for revenue and expenditure appropriations for all funds as of December 31, 2021. The attached 2021-22 Mid-Year Financial Report as of December 31, 2021 provides the revenue and expenditure summary for the General, Enterprise, Internal Service, and Parking Fund. The following detailed discussion offers comparisons to the prior year and focuses on variances from the revenue and expenditure plans and allocations contemplated in the budget.
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 amended 2021-22 General Fund budget projects revenues totaling $123,102,000 and expenditures totaling $133,735,000, including purchase order encumbrances from 2020-21, approved carryover amounts, and s...
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