TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Onyx Jones, Interim Finance Director
Julie Bondarchuck, Financial Controller
Libby Bretthauer, Financial Services Manager
Amira Khodari, Accounting Supervisor
SUBJECT:Title
Financial Report:
a) Schedule of Demands: October 2024
b) Investment Portfolio Report: September 2024
(Interim Finance Director Jones).
ACCEPT REPORT AND DEMANDS
Body
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RECOMMENDATION:
Staff recommends that the City Council accept the attached report and demands.
FISCAL IMPLICATIONS:
The Investment Portfolio report is designed to provide a monthly snapshot of the City’s financial position and balances.
The total value of the warrant registers for October 2024 is $12,426,421.33.
BACKGROUND:
Finance staff prepares a variety of financial reports for City Council and the Finance Subcommittee. A brief discussion of the attached reports follows.
DISCUSSION:
Schedule of Demands:
Every two weeks, staff prepares a comprehensive listing of all disbursements, along with staff certification that the expenditure transactions listed have been reviewed and are within budgeted appropriations.
Investment Portfolio:
The Finance Subcommittee reviews the Investment Portfolio report and the City Council receives summary reporting every month. The month-end portfolio report includes a certification by the Finance Director that all investments comply with established Investment Policies (or with Finance Subcommittee approved exceptions) and that there is sufficient liquidity to support projected expenditures.
Month End Financial Report:
The Finance Department has traditionally provided monthly summary-level financial reports without including narrative explanations on trends and variances. In an effort to increase transparency on financial matters, staff has prepared a separate report titled “FY 2024-2025 First Quarter Budget Update”, which includes a narrative report with the financial data presented and explanations of significant variances compared to the prior year quarter. As a snapshot of current budget performance, attachments include a year-to-date revenue and expenditure report by fund as well as a General Fund revenue and expenditure report by category. Additionally, a report highlighting the performance of key revenue sources is also included.
PUBLIC OUTREACH:
After analysis, staff determined that public outreach was not required for this issue.
ENVIRONMENTAL REVIEW:
The financial report is not a “project” as defined under Section 15378 of the State California Environmental Quality Act (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. Schedule of Demands for October 2024
2. Investment Portfolio Report as of September 30, 2024