Title
Fiscal Year 2023-2024 First Quarter Financial and Performance Measure Reports
Staffreport
COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
SUMMARY
Financial and Performance Measure Reports for the first quarter of Fiscal Year 2023-2024 is for information only.
RECOMMENDATIONS
Staff recommends that the City Council Finance Committee review the 2023-2024 Financial and Performance Measure Reports for the quarter ended September 30, 2023.
BACKGROUND
The City Council adopted the 2023-2024 and 2024-2025 General Fund, Enterprise, and Internal Service Funds and Parking Fund budgets on May 15, 2023. The approved biennial budget is the annual expenditure and resource allocation plan that guides and ensures 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, 2023, 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.
As an element in the 2023-2024 budget, the City incorporated department performance measures as a new program evaluation and benchmarking effort. The First Quarter Financial and Performance Measures Update includes an outcome report on department performance measures through September 30, 2023.
Analysis
FIRST QUARTER FINANCIAL REPORT
The adopted biennial budget incorporates estimated revenues and planned expenditures for all funds. The attached First Quarter Financial Report as of September 30, 2023, 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 focuses on variances from the revenue and expenditure plans and allocations in the budget.
Gen...
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