TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, City Controller
Libby Bretthauer, Financial Analyst
SUBJECT:Title
Receive the Fiscal Year 2018-2019 Mid-Year Budget Report and Update on Fiscal Year 2019-2020 Budget Development (Finance Director Charelian).
a) RECEIVE MID-YEAR BUDGET REPORT FOR FISCAL YEAR 2018-2019
b) RECEIVE UPDATE ON BUDGET DEVELOPMENT FOR FISCAL YEAR 2019-2020
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Recommended Action
RECOMMENDATION:
Staff recommends the City Council:
a) Receive the Mid-Year Budget Report for Fiscal Year 2018-2019; and
b) Receive an update on budget development for Fiscal Year 2019-2020.
Body
FISCAL IMPLICATIONS:
Current trends indicate the City's General Fund operating budget will finish Fiscal Year (FY) 2018-2019 with revenues exceeding expenditures by approximately $2.5 million. Expenditures were lower largely due to vacant staffing positions in various stages of recruitment. Projected year-end transfers to other funds, including the Stormwater Fund, Street Lighting Fund, and Pension Stabilization Trust Fund, total approximately $1.6 million. In addition, the adopted budget includes transfers out to the CIP Fund ($547,600) and IT Fund ($600,299) for one-time projects. Taking into account year-end projections and these anticipated transfers, the unreserved General Fund balance is projected to be $5.5 million at fiscal year-end. Other Funds are trending as expected.
BACKGROUND:
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. The Fiscal Year 2018-19 Budget was adopted on June 19, 2018, with a General Fund operating budget deficit of $184,754.
Revenues $75,505,117
Expenditures 75,689,871
Adopted Surplus/(Deficit) ($184,754)
Although ongoing operatio...
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