Title
Staff Report for the Mid-Year Financial Report as of December 31, 2017 (Information Only)
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council review and accept the Mid-Year Financial Report as of December 31, 2017.
BACKGROUND
The Adopted Fiscal Year (FY) 2017-18 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, 2017 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, 2017 measure operational adherence to the established budgetary allocation plan.
DISCUSSION
The adopted budget incorporates the estimated revenues and planned expenditures for all funds. The attached 2017-18 Mid-Year Financial Report as of December 31, 2017 provides revenue and expenditure summaries for the General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds. The following discussion offers comparison to the prior year and focuses on variances from the revenue and expenditure plans and allocations contemplated in the budgetary allocation plan.
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 2017-18 General Fund expenditures, which are shown as the Adjusted Budget after Council approved amendments, total $117 million. Expected revenues of $109 million, including $8 million contributed from fund balance, finance the anticipated expenditures.
Total mid-year revenue in 2017-18 amounts to $39.9 million or 37% of the total Adopted Budget (compared to 37% in 2016-17). Expenditures at mid-year amount to $53.2 million o...
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