Title
Staff Report for MOTION to Accept the Fiscal Year 2020-21 Third Quarter Financial Report as of March 31, 2021
Staffreport
SUMMARY AND RECOMMENDATIONS
MOTION to Accept the Fiscal Year 2020-21 Third Quarter Financial Report as of March 31, 2021.
BACKGROUND
The City Council adopted the Fiscal Year (FY) 2019-20 and 2020-21 General Fund, Enterprise and Internal Service Funds, and the Parking Fund budgets on June 3, 2019. On June 15, 2020, the City Council approved the 2020-21 Amended Budget to incorporating budget adjustments primarily related to COVID-19 impacts. On March 15, 2021, the City Council approved the mid-year operating budget amendment.
The approved budgets are the annual expenditure plan and resource allocation guiding and ensuring 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 March 31, 2021 provides the third-quarter budget update to the City Council. Analysis of the revenues collected and all expenditures through March 31, 2021 measures operational adherence to the budgetary allocation plan.
DISCUSSION
The Amended Budget incorporates estimated revenues and planned expenditures for all funds. The attached FY2020-21 Third Quarter Financial Report as of March 31, 2021 provides the revenue and expenditure summary for the General Fund, Enterprise and Internal Service Funds, and the Parking Fund. The following detailed discussion offers comparisons to the prior year and focuses on variances from the revenue and expenditure and allocation plans anticipated in the budget.
General Fund
The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The amended FY2020-21 General Fund budget projects revenues totaling $122,073,100 and expenditures totaling $120,668,000, includi...
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