Title
Staff Report for the Mid-Year Financial Report as of December 31, 2012 and a Budget Amendment Reflecting Mid-Year Adjustments to the City’s Fiscal Year 2012-13 General Fund, Special Revenue Funds, Enterprise Funds and Internal Service Funds Budget
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the City Council review and accept the Mid-Year Financial Report as of December 31, 2012, and adopt a resolution approving a Budget Amendment Reflecting Mid-Year Adjustments for the 2012-13 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget.
BACKGROUND
The City Council-approved 2012-13 General Fund, Special Revenue Funds, and Enterprise Funds Budget in the annual plan and resource allocation guides and ensures implementation of City Council policies and priorities. The budget implements the vision and direction for the broad range of services that meet the needs of the community in accordance with City Council policy. This financial review as of December 31, 2012 provides the mid-year budget update to the City Council for the new fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2012 measures the budget’s adherence to the established resource allocation plan.
The City Council approves annual budgets based on the best revenue and expenditure information available several months prior to the actual adoption of budget appropriations. As a result, budget adjustments are periodically necessary for changes that arise and require additional budget appropriations or re-appropriations between budget line items. The City Council approved the current 2012-13 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget on June 4, 2012.
DISCUSSION
The adopted budget incorporates the estimated revenues and planned expenditures for all funds. The attached 2012-13 Mid-Year Financial Report as of December 31, 2012 provides the revenue and expenditure...
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