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 2016-2017 First Quarter Budget Status Report (Finance Director Moe).
RECEIVE REPORT
Line
_________________________________________________________
Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive the First Quarter Budget Update Status Report for Fiscal Year 2016-2017.
Body
FISCAL IMPLICATIONS:
Fiscal implications are discussed within this report. No budget amendments are proposed at this time.
BACKGROUND:
In an effort to keep the City Council and community fully informed of the City's fiscal performance, we are providing quarterly presentations of financial information to the City Council. While this information has, and will continue to be provided to the Council in the form of monthly written reports on the agenda, this presentation will provide for more interactive discussion on a periodic basis.
DISCUSSION:
The City Council and staff respond to the community's needs in part through the budget. The budget is both a spending plan for the City's available financial resources and the legal authority for City departments to spend the resources for public purposes. Through these resources, services are provided to meet the needs of Manhattan Beach residents.
First Quarter Budget Overview (July-September 2016)
General Fund
The General Fund is performing within expectations. FY 2016-2017 revenues are expected to exceed budgetary estimates, while expenditures are anticipated to come in below projections. Reserves remain healthy, and were increased in this most recent budget cycle, reflecting the City's strong fiscal position.
Through the first quarter, revenues are at 15.3% of full year estimates, which is typical for this time frame, while expenditures are at 24.4% of the adopted budget 25% of the way through t...
Click here for full text