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File #: 21-644    Version: 1 Name: 2021-22 First Quarter Financial Report as of 9-30-21
Type: Staff Report Status: Agenda Ready
In control: Finance Committee
Meeting Date: 12/7/2021 Final action:
Enactment date: Enactment #:
Title: Fiscal Year 2021-2022 First Quarter Financial Update
Sponsors: Susan Hsieh Finance Director
Attachments: 1. Quaterly Financial Report Q1 FY 2022
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Title
Fiscal Year 2021-2022 First Quarter Financial Update

Staffreport
SUMMARY AND RECOMMENDATIONS

Staff recommends that the Finance Committee review the Fiscal Year 2021-22 Financial Report for the quarter ended September 30, 2021. This report is for information only.

BACKGROUND

The City Council adopted the Fiscal Year (FY) 2021-2022 and FY 2022-2023 General Fund, Enterprise and Internal Service Funds, and the Parking Fund budgets on June 28, 2021. The approved budgets are the annual expenditure and resource allocation plans 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 September 30, 2021, provides the first quarter budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through September 30 measures operational adherence to the budgetary allocation plan.

DISCUSSION

The amended budget incorporates estimated revenues and planned expenditures for all funds. The attached First Quarter Financial Report as of September 30, 2021 provides the revenue and expenditure summary for the General Fund, Enterprise and Internal Service Funds, and the Parking Fund. The detailed discussion offers comparisons to the prior year and focuses on variances from the revenue and expenditure plans and allocations 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 FY 2021-2022 General Fund budget projects revenues totaling $123,104,000 and expenditures totaling $131,650,000, including purchase order carryover balances from FY 2020-2021 and approved budget amendments.

First quarter revenue in FY 2021-2022 totals $10,854,000, 9% of the amended budget of $123,104,000, compared t...

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