Title
Staff Report for Fiscal Year (FY) 2015-16 Year End Financial Review
Staffreport
SUMMARY AND RECOMMENDATION
This report provides an update on FY 2015-16 financial performance for all City funds through June 30, 2016 and unaudited year-end results for the General Fund and the City's other operating funds. This report is for informational purposes only. Audited year-end results will be provided in the City's Comprehensive Annual Financial Report (CAFR); scheduled to be completed in December 2016.
BACKGROUND
The City Council adopted the 2015-16 budget on June 1, 2015 and has modified it at various points since. General Fund revised revenue projections for FY 2015-16 equal $95.3 million; an increase of approximately $70,000 over original adopted revenue projections of $95.2 million. General Fund adjusted expenditure appropriations for FY 2015-16 equal $99.2 million; an increase of $5.7 million over original adopted expenditure appropriations of $93.5 million.
DISCUSSION
This report provides the City Council with a summary of revenues and expenditures through June 30, 2016 and compares them to the adjusted budget. As previously mentioned, the presentation of financial data to the City Council is 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
In total, year-end actuals for General Fund revenues indicate a positive variance of $8.8 million over adjusted revenue projections for FY 2015-16. This is primarily due to the receipt of an additional $2.1 million in sales tax (including a full year of Measure HH sales tax add-on), $1.0 million in property taxes, $612,000 in licenses and ...
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