Title
Staff Report on the Third Quarter Financial Report as of March 31, 2013 for the 2012-13 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget and Quarterly Report on Sales Tax and Business Activity
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council review and approve the Third Quarter Financial Report as of March 31, 2013 for the 2012-13 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget and attached Quarterly Report on Sales Tax and Business Activity.
BACKGROUND
The City Council-approved 2012-13 General Fund, Special Revenue Funds, and Enterprise Funds Budget in the annual plan and resource allocation that 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, 2013 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, 2013 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 2012-13 Third Quarter Financial Report as of March 31, 2013 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 2012-13 General Fund expenditures total $76.9 million. Projected revenues are $76.9 million, an increase of $1.8 mi...
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