Title
Fiscal Year 2021-22 Third Quarter Financial Update
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends the Finance Committee review the Fiscal Year 2021-22 Financial Report for the quarter ended March 31, 2022. This report is for information only.
BACKGROUND
The City Council adopted the Fiscal Year (FY) 2021-22 and FY 2022-23 General Fund, Enterprise and Internal Service Funds, and Parking Fund budgets on June 28, 2021. The approved budgets are the annual expenditure and resource allocation plans guiding and insuring implementation of City Council policies and priorities. The budget implements the vision and direction of the broad range of services meeting the needs of the community in accordance with City Council policy.
This financial review as of March 31, 2022, provides the third quarter budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through March 31 measures operational adherence to the budgetary allocation plan.
DISCUSSION
The amended budget incorporates estimated revenues and planned expenditures for all funds. The attached Third Quarter Financial Report as of March 31, 2022, provides the revenue and expenditure summary for the General Fun, 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 2021-2022 General Fund budget projects revenues totaling $127,566,000 and expenditures totaling $131,172,000, including purchase order encumbrances from 2020-21, approved carryover amounts, and several City Council approved appropriation amendments.
The amended budget expenditure total ($131,172,000) also includes several major City Council ...
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