Title
Staff Report for a MOTION to Adopt the 2019-2020 Mid-Year Financial Report as of December 31, 2019
Staffreport
SUMMARY AND RECOMMENDATIONS
MOTION to Adopt the 2019-2020 Mid-Year Financial Report as of December 31, 2019.
BACKGROUND
The City Council adopted the Fiscal Year 2019-2020 and 2020-2021 General Fund, Enterprise and Internal Service Funds, and the Parking Fund budgets on June 3, 2019. The approved budgets are the annual expenditure plan and resource allocation guiding and ensuring implementation of City Council policies and priorities. The budget implements the vision and direction for the broad range of services meeting the needs of the community in accordance with City Council policy.
This financial review as of December 31, 2019 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, 2019 measures operational adherence to the budgetary allocation plan.
DISCUSSION
The amended budget incorporates estimated revenues and planned expenditures for all funds. The attached 2019-2020 Mid-Year Financial Report as of December 31, 2019 provides the revenue and expenditure summary for the General Fund, Enterprise and Internal Service Funds, and the Parking Fund. The following detailed discussion offers comparisons to the prior year and focuses on variances from the revenue and expenditure plans and allocations contemplated in the budget.
General Fund
The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The amended 2019-2020 General Fund budget projects revenues totaling $116,868,000 and expenditures totaling $121,298,000[WL1], which includes purchase order carryover balances from 2018-2019 and City Council approved budget amendments.
Mid-year revenue in 2019-2020 totals 37% of the adopted budget, compared to 39% in 2018-2019. Expenditures of $48,928,000...
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