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 Third Quarter Budget Status Report
RECEIVE REPORT; APPROPRIATE PROPOSITION A FUNDS; TRANSFER MEASURE R FUNDS
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Recommended Action
RECOMMENDATION:
Staff recommends the City Council receive the third quarter budget status report.
Body
FISCAL IMPLICATIONS:
Considering year-end projections and anticipated transfers to the Insurance, Street Lighting and Storm Water Funds, staff projects a year-end unreserved General Fund balance of $3.0 million.
While current trends indicate the City's General Fund operating budget will finish Fiscal Year (FY) 2015-2016 with expenditures exceeding revenues by $1,675,750, this is primarily due to a one-time reimbursable expenditure outlay of $2.2 million; the City maintains a balanced budget with on-going revenues exceeding on-going expenditures.
Through March 2016, the Proposition A Fund, which is the primary fund used for Dial-A-Ride and other transportation related programs, is projected to exceed budgeted expenditures by $139,873. As a result, additional Measure R funds totaling $139,873 need to be transferred to Proposition A, and an additional appropriation of $139,873 is requested in Proposition A to accommodate one-time capital costs and increases in ongoing operational costs.
BACKGROUND:
The FY 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 the fiscal year. Those resources may include revenues received du...
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