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THE CITY OF 11 pL'EASANTONe CITY COUNCIL AGENDA REPORT November 1, 2011 Finance TITLE: ADOPT A RESOLUTION ACCEPTING THE 2010-11FY YEAR-END FINANCIAL REPORT FOR THE OPERATING BUDGET AND AMENDING THE 2010-11FY OPERATING BUDGET SUMMARY This report presents the results of operations for the 2010-11 FY Operating Budget and recommended changes in designations of the fund balance reserves. This information is unaudited. The audited information will be reflected in the City's Comprehensive Annual Financial Report (CAFR) and will be presented to Council once the City's independent auditor has issued its opinion on the CAFR and it has been reviewed by the Audit Committee (expected to occur) in January 2012. If there are any differences in the financial information presented in this report and the CAFR as a result of the audit, those changes will be highlighted for the Council at the time the CAFR is presented to the Council for acceptance in January. RECOMMENDATION Staff recommends that Council adopt the attached resolution (Attachment 1) to take the following actions: 1. Amend the 2010-11 FY Operating Budget as shown in the schedules in Attachment 2. 2. Designate June 30, 2011, Fund Balances as shown in Table 2 herein and also in Attachment 2. FINANCIAL STATEMENT The recommendation ratifies Council's actions since the last approved budget adjustments (Two Year Operating Budget adopted by Council on June 21, 2011) and approves any further modifications to the Operating Budget as outlined in this report.