Title
Staff Report for the First Quarter Financial Report as of September 30, 2016 (Information Only)
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council review and accept the First Quarter Financial Report as of September 30, 2016.
BACKGROUND
The Adopted Fiscal Year (FY) 2016-17 General Fund, Special Revenue Funds, and Enterprise Funds Budget 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 September 30, 2016 provides the First Quarter budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through September 30, 2016 measures operational adherence to the established budgetary allocation plan.
DISCUSSION
The adopted budget incorporates the estimated revenues and planned expenditures for all funds. The attached 2016-17 First Quarter Financial Report as of September 30, 2016 provides revenue and expenditure summaries for the General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds. The following discussion focuses on variances from the revenue and expenditure plans and allocations contemplated in the budgetary allocation plan and also offers comparison to the prior year.
General Fund
The General Fund finances the operations of the City that have no special or dedicated revenue sources and pays for basic municipal services. Projected 2016-17 General Fund expenditures, which are shown as the Adjusted Budget after Council approved amendments, total $100.3 million. Expected revenues of $100.5 million finance the anticipated expenditures.
Total First Quarter revenue in 2016-17 amounts to $8.2 million or 9% of the total Adopted Budget (compared to 10% in 2015-16). Expenditures at end of the First Quarter amount to $18.2 million or...
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