Title
Staff Report for the Mid-Year Financial Report as of December 31, 2015 (Information Only)
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council review and accept the Mid-Year Financial Report as of December 31, 2015.
BACKGROUND
The Adopted Fiscal Year (FY) 2015-16 General Fund, Special Revenue Funds, and Enterprise Funds Budget 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 December 31, 2015 provides the mid-year budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2015 measures operational adherence to the established budgetary allocation plan.
DISCUSSION
The adopted budget incorporates the estimated revenues and planned expenditures for all funds. The attached 2015-16 Mid-Year Financial Report as of December 31, 2015 provides revenue and expenditure summaries 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 budgetary allocation plan and also offers comparison to the prior year.
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 2015-16 General Fund expenditures, which are shown as the Adjusted Budget after Council approved amendments, total $96.7 million. Expected revenues of $95.2 million, including $1.5 million contributed from fund balance, finance the anticipated expenditures.
Total mid-year revenue in 2015-16 amounts to $35.1 million or 37% of the total Adopted Budget (compared to 41% in 2014-15). Expenditures at mid-ye...
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