TO:
Honorable Mayor and Members of the City Council
THROUGH:
Mark Danaj, City Manager
FROM:
Bruce Moe, Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Financial Analyst
SUBJECT:Title
Fiscal Year 2015-2016 Fourth Quarter Budget and Capital Improvement Plan Status Reports (Finance Director Moe/Interim Public Works Director Saenz).
RECEIVE REPORTS
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Recommended Action
RECOMMENDATION:
City staff recommends that the City Council receive the 4th quarter status report on the FY 2015-2016 Budget (pre-audit); and b) receive a status report on the Capital Improvement Plan.
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FISCAL IMPLICATIONS:
While the full accounting work for the close of Fiscal Year 2015-2016 is still in progress, the General Fund is estimated to have a year-end surplus of $15,068. This is based on revenues of $65,600,970 and expenditures of $65,585,902. The final report, pending completion of the annual audit, will be presented to the City Council in January 2017 in the form of the Comprehensive Annual Financial Report (CAFR).
With the exception of the Insurance Fund and AB2766 Air Quality Fund, all other funds have performed within budgetary expectations. At the August 16th meeting, City Council approved the following FY 2015-2016 budget amendments:
1. AB2766 Air Quality Fund - Air Quality Funds support the Commuter Pay incentive program offered to employees. More employees took part in this program than expected in FY 2015-16. As a result, Council approved an appropriation from the fund's unreserved fund balance to cover the budget overrun of $1,320.
2. Insurance Fund - As of June 2016, Insurance Fund expenditures exceeded the adjusted budget by $368,649 resulting in the need for the additional appropriation, which Council approved on August 16th. Although the first eight months of the year trended appropriately, paid Workers Compensation claims spiked in the last four months (March through June). On November 1...
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