Title
Staff Report for Third Quarter Financial Report as of March 31, 2014 for the 2013-14 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the City Council review and accept the Third Quarter Financial Report as of March 31, 2014 for the 2013-14 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget.
BACKGROUND
The City Council approved the 2013-14 General Fund, Special Revenue Funds, and Enterprise Funds Budget on June 3, 2013. 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, 2014 provides the third quarter budget update to the City Council for the new fiscal year. Analysis of the revenues collected and all expenditures through March 31, 2014 measures the budget's adherence to the established resource allocation plan.
DISCUSSION
The Adopted Budget incorporates the estimated revenues and planned expenditures for all funds. The attached 2013-14 Third Quarter Financial Report as of March 31, 2014 provides the revenue and expenditure summary 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 budgets.
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. Projected 2013-14 General Fund expenditures total $81.2 million. Projected revenues are $81.2 million, an increase of $1.8 million over the original projection.
Total third quarter revenue in 2013-14 amounts to $52.9 million, 67% of total budget (compared to 66% in 2012-13). Expenditures through the third quarter amount to $55.2 million, 69% of...
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