TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Interim Finance Director
Henry Mitzner, City Controller
Libby Bretthauer, Financial Analyst
SUBJECT:Title
FY 2017-2018 Mid-Year Budget Report and Update on Budget Development for FY 2018-2020 Biennial Budget (Interim Finance Director Charelian).
DISCUSS AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends the City Council:
1) receive the Mid-Year Budget Report for Fiscal Year 2017-18;
2) receive an update on budget development activities for the Fiscal Year 2018-2020 Biennial Budget; and
3) discuss and provide direction.
Body
FISCAL IMPLICATIONS:
Current trends indicate the City's General Fund operating budget will finish Fiscal Year 2017-18 with revenues exceeding expenditures by $3.1 million. 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 $6.1 million at fiscal year-end. Other Funds are trending as expected.
BACKGROUND:
The Fiscal Year 2017-2018 Budget was adopted on June 20, 2017 with a General Fund operating budget surplus of $613,383.
Revenues $71,013,648
Expenditures 70,400,265
Adopted Surplus/(Deficit) $613,383
The adopted budget represents the organization'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.
DISCUSSION:
Overall, the fiscal year 2017-2018 General Fund budget-to-actuals through mid-year are performing as expected. Revenues are estimated to exceed the adjusted budget by $510,588 (0.7%). Expenditures (including all budget adjustments subsequent to adoption) are expected to total $2,335,886 (3.3%) under the adjusted budget (the adjusted budget includes City Council-approved amendments during the current year as ...
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