Title
Fiscal Year 2022-23 Preliminary Year-End Financial Report as of June 30, 2023
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council Finance Committee review the Fiscal Year 2022-2023 Year-End Financial Report as of June 30, 2023. This report is for information only.
BACKGROUND
The City Council adopted the 2021-2022 and 2022-2023 General Fund, Enterprise and Internal Service Funds, and Parking Fund budgets on June 28, 2021. The approved budgets are the annual expenditure and resource allocation plans guiding and insuring implementation of City Council policies and priorities. The budget implements the vision and direction for the broad range of services meeting the needs of the community in accordance with City Council policy.
This financial review as of June 30, 2023, provides the preliminary year-end budget update to the City Council for the prior fiscal year. Analysis of the revenues collected and all expenditures through June 30, 2023, measures operational adherence to the budgetary allocation plan. These preliminary numbers are subject to an annual audit process, which will result in an Annual Comprehensive Financial Report (ACFR). Upon completion, the ACFR, containing final audited numbers will be presented to the Finance Committee and City Council for acceptance at a later date.
DISCUSSION
The City budget for 2022-2023 was adopted in June 2021. The amended budget incorporates estimated revenues and planned expenditures for all funds. The attached Preliminary Year-End Financial Report as of June 30, 2023, provides the revenue and expenditure summary for the General Fund, Enterprise and Internal Service Funds, and the Parking Fund. The 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 a...
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