Title
Staff Report for Fiscal Year (FY) 2014-15 Year End Financial Review (Information Only)
Staffreport
SUMMARY AND RECOMMENDATION
This report provides an update on FY 2014-15 financial performance for all City funds through June 30, 2015 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.
BACKGROUND
The City Council adopted the 2014-15 budget on June 3, 2013 and has modified it at various points since. General Fund revised revenue projections for FY 2014-15 equal $84.5 million. General Fund adjusted expenditure appropriations for FY 2014-15 equal $90.4 million; an increase of $7.6 million over original adopted expenditure appropriations of $82.8 million.
DISCUSSION
This report provides the City Council with a summary of revenues and expenditures through June 30, 2015 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 $7.2 million over revised revenue projections for FY 2014-15. This is primarily due to the receipt of an additional $3.0 million in sales tax (helped by passage of the Measure HH sales tax add-on), $1.4 million in property transfer tax, and $540,000 in business license taxes. All other revenues show a positive varianc...
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