TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, City Controller
Julie Bondarchuk, Senior Accountant
Marcelo Serrano, Management Analyst
SUBJECT:Title
Fiscal Year 2019-20 Mid-Year Budget Report and Update on Fiscal Year 2020-21 Budget Development (Finance Director Charelian).
RECEIVE REPORT
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive the Mid-Year Budget Report for Fiscal Year 2019-20 and Update on Fiscal Year 2020-21 Budget Development.
Body
FISCAL IMPLICATIONS:
Current trends indicate the City's General Fund operating budget will finish Fiscal Year (FY) 2019- 2020 with revenues exceeding expenditures by approximately $4.1 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 $1.7 million. Taking into account year-end projections and these anticipated transfers, the unreserved General Fund balance is projected to be $9.0 million at fiscal year-end. Due to the anticipated amount of Capital Improvement Project (CIP) carryforwards, there will be no unreserved balance projected in the CIP Fund. Other Funds are trending as expected (Attachment 2).
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 2019-2020 Budget was adopted on June 4, 2019, with a General Fund operating budget surplus of $1,060,949.
Revenues $76,085,386
Expenditures 75,024,437
Adopted Surplus/(Deficit) $1,060,949
The adopted budget represents the organization's spending plan which takes into account all av...
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