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BACKGROUND <br /> Budget updates are provided to the City Council on a quarterly basis. The City adopted <br /> its two -year budget in June, 2009 and the Midterm Budget in June, 2010. The Quarterly <br /> Financial Reports are intended to keep City Council informed regarding the financial <br /> status of major operating budgets in between major budget adjustments. The next <br /> major budget adjustment will be the Midyear Budget Review that will be presented to <br /> the Council in March 2011. <br /> DISCUSSION <br /> The attachment includes a discussion of the First Quarter 2010/11 FY Financial Report. <br /> Submitted by: Approved by: <br /> Emily Wagner Nelson Fialho <br /> Director of Finance City Manager <br /> Attachment: <br /> 1. Quarterly Financial Report <br /> Page 2 of 2 <br />