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 Mid-Year Budget Report; Results of Community Budget Priorities Workshops and FY 2016-2018 Budget Principles and Policies (Finance Director Moe).
RECEIVE REPORT; DISCUSS AND PROVIDE DIRECTION
Line
_________________________________________________________
Recommended Action
RECOMMENDATION:
Staff recommends the City Council: a) receive the Mid-Year Budget Report for Fiscal Year 2015-2016; b) receive a report on Community Budget Priorities Workshops; c) review budget principles and policies for fiscal years 2016/17 and 2017/18; and d) discuss and provide direction.
Body
FISCAL IMPLICATIONS:
Taking into account year-end projections and anticipated transfers to the Insurance, Street Lighting and Storm Water Funds, staff projects an unreserved General Fund balance of $3.0 million at fiscal year-end.
While current trends indicate the City's General Fund operating budget will finish Fiscal Year 2015-2016 with expenditures exceeding revenues by $2,028,080, this is primarily due to a one-time reimbursable expenditure outlay; the City maintains a balanced budget with on-going revenues exceeding on-going expenditures. Other Funds are trending as expected.
Without the one-time reimbursable loan and carryforward encumbrances, but with other one-time budget adjustments, the General Fund is projected to generate a surplus this year of $1,121,202.
BACKGROUND:
The Fiscal Year 2015-2016 Budget was adopted on June 16, 2015 with a General Fund operating budget surplus of $87,338.
Revenues $63,652,500
Expenditures 63,565,162
Adopted Surplus/(Deficit) $87,338
A budget represents an agency's spending plan which takes into account all available resources that may be utilized to fund and achieve the City's priorities for...
Click here for full text