TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Libby Bretthauer, Financial Services Manager
SUBJECT:Title
Financial Reports:
a) Schedule of Demands for October 6, 2023, and October 13. 2023
b) Investment Portfolio for the Month Ending September 30, 2023
c) Month End Report for September 30, 2023 (Finance Director Charelian).
ACCEPT REPORTS AND DEMANDS
Line
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council accept the attached reports and demands.
Body
FISCAL IMPLICATIONS:
The financial report included herein is designed to communicate fiscal activity based upon adopted and approved budget appropriations. No further action of a fiscal nature is requested as part of this report.
The total value of the warrant registers for October 6, 2023, and October 13, 2023, is $6,008,514.21.
BACKGROUND:
Finance staff prepares a variety of financial reports for City Council and the Finance Subcommittee. A brief discussion of the attached report follows.
DISCUSSION:
Schedule of Demands:
Every week staff prepares a comprehensive listing of all disbursements with staff certification that the expenditure transactions listed have been reviewed and are within budgeted appropriations.
Investment Portfolio:
Detailed Investment reports are provided to the Finance Subcommittee with summary reporting to City Council. The month end portfolio includes a certification by the Finance Director that all investments comply with established Investment Policies (or with Finance Subcommittee approved exceptions), and there is sufficient liquidity to support projected expenditures.
Month End Report:
This package includes summary level financial information for the month ending September 30, 2023. This report marks the third month of fiscal year 2023-2024 and reflects the annual budget adopted by City Council. The report provides monthly and year-to-date activity for all funds and departments presenting a snapshot of budget performance. A report highlighting the performance of key revenue sources is also included.
Lastly, a summary of balance sheet accounts managed by the City is included to provide the balances as of September 30, 2023. Balance sheet accounts record funds collected from private parties for a specific use together with the various expenditures that result from associated projects and activities. This report shows a brief description of each account along with its purpose, month-end balance, and the managing department.
PUBLIC OUTREACH:
After analysis, staff determined that public outreach was not required for this issue.
ENVIRONMENTAL REVIEW:
The City has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” as defined under Section 15378 of the State CEQA Guidelines; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no environmental review is necessary.
LEGAL REVIEW:
The City Attorney has reviewed this report and determined that no additional legal analysis is necessary.
ATTACHMENTS:
1. October 6, 2023 and October 13, 2023
2. Investment Portfolio for the Month Ending September 30, 2023
3. Month End Report for September 30, 2023