Title
Fiscal Year 2022-23 First Quarter Financial Update
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the Finance Committee review the 2022-23 Financial Report for the quarter ended September 30, 2022. This report is for information only.
BACKGROUND
The City Council adopted the 2021-22 and 2022-23 General Fund, Enterprise, and Internal Service Funds and Parking Fund budgets on June 28, 2021. The approved biennial budget is the annual expenditure and resource allocation plans guiding and ensuring implementation of City Council policies and priorities. The budget implements the vision and direction for the broad range of services meeting community needs in accordance with City Council policy.
This budget analysis as of September 30, 2022, provides the first quarter budget update to the City Council for the current fiscal year. Review of the revenues collected and all expenditures through September 30 measures operational adherence to the budgetary allocation plan.
DISCUSSION
The second year of the adopted biennial budget, amended for 2022-23 in June 2022, incorporates estimated revenues and planned expenditures for all funds. The attached First Quarter Financial Report as of September 30, 2022, provides the revenue and expenditure summary for the General Fund, Enterprise, and Internal Service Funds and Parking Fund. The details provide comparisons to the prior year and focus on variances from the revenue and expenditure plans and allocations in the budget.
General Fund
The General Fund finances the operations by the City having no special or dedicated revenue sources and pays for basic municipal services. The amended 2022-23 General Fund budget projects revenues totaling $133,525,000 and expenditures totaling $151,392,000, including purchase order carryover balances. The adjusted 2022-23 General Fund revenue/expenditure gap amounts to $17,867,000, requiring use of General Fund reserves.
First quarter revenue in 2022-23 ...
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