File #: 14-426    Version: 1 Name: 2013-14 Year-End Finance Review
Type: Staff Report Status: Filed
In control: City Council
Meeting Date: 11/17/2014 Final action: 11/17/2014
Enactment date: Enactment #:
Title: Staff Report for the 2013-14 Year-End Financial Review
Sponsors: David Baum Finance Director
Attachments: 1. Revised Attachment 1 - Tables for Year End Review Staff Report 2014
Title
Staff Report for the 2013-14 Year-End Financial Review

Staffreport
SUMMARY AND RECOMMENDATION

This report provides an update on the 2013-14 financial performance for all City funds through June 30, 2014 and unaudited year-end results for the General Fund and the City's other operating funds. This report is for information only.

BACKGROUND

The City Council adopted the 2013-14 budget on June 3, 2013, with General Fund expenditures of $80 million. As reported to the City Council in May 2014, revised revenue and expenditure projections at the third quarter showed a $1.8 million improvement to the original General Fund budget. Economic conditions indicate recovery despite 7.3% statewide unemployment, according to the State's Employment Development Department. San Leandro's fiscal condition has improved over original projections, the City's unemployment rate is 6.0% and the median home price is $445,000 according to Trulia.com. Lower mortgage rates have spurred investments in housing. Despite the improving housing market, which represents 63% of the City's tax roll, assessed values increased less than 1% in 2013-14. Lower interest rates have also boosted purchases of large ticket items, such as automobiles and home improvements, which boosted sales tax revenue by 9.5% in the City.

DISCUSSION

This report provides the City Council with a summary of revenues and expenses through June 30, 2014, including modified year-end projections, with the books closed but prior to the completion of the audited financial statements.

Now that most of the major revenues for the fiscal year have been received and expenditures appropriately charged to last year have been posted, the Finance Department is better able to analyze year-to-date trends and year-end projections. Below is an analysis of revenues and expenditures for the General Fund and other key operating funds.

General Fund Revenue

As previously reported to the City Council, staff can repor...

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