Title
Staff Report for the Third Quarter Financial Report as of March 31, 2016 (Information Only)
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council review and accept the Third Quarter Financial Report as of March 31, 2016.
BACKGROUND
The Adopted Fiscal Year (FY) 2015-16 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 March 31, 2016 provides the third quarter budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through March 31, 2016 measure operational adherence to the established budgetary allocation plan.
DISCUSSION
The adopted budget incorporates the estimated revenues and planned expenditures for all funds. The attached 2015-16 Third Quarter Financial Report as of March 31, 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. Currently projected 2015-16 General Fund expenditures total $94.9 million. Expected revenues of $98.9 million, finance the anticipated expenditures; leaving a projected operating surplus of $4.0 million in 2015-16.
Total third quarter year-to-date revenue in 2015-16 amounts to $59.3 million or 62% of the total Adopted Budget (compared to $55.4 million and 66% in 2014-15). Expenditures at the end of the third qua...
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