|
BACKGROUND
<br /> Annually staff presents the year-end financial report (Report) to Council for approval.
<br /> The Report summarizes the actual results of the financial activities for the fiscal year
<br /> and details changes in reserves and recommended budget amendments or
<br /> adjustments. The City's Comprehensive Annual Financial Report (CAFR) is still in
<br /> progress; therefore, the financial information included in this Report is based on
<br /> unaudited figures. The audited information will be presented to City Council in the
<br /> CAFR once the City's independent auditor has issued its opinion and the CAFR has
<br /> been reviewed by the Audit Committee. All of this is expected to occur in January 2012.
<br /> Any changes to the information presented in this Report as a result of the audit will be
<br /> brought to Council's attention at the time the audit is presented to Council for
<br /> acceptance in January.
<br /> DISCUSSION
<br /> General Fund
<br /> Table 1. General Fund Amended Bud et to Actual Revenues, Ex,enditures & Transfers
<br /> Proposed
<br /> Amended Budget %Actual vs
<br /> General Fund Budget Amendments Actual Variance Budget
<br /> Beginning Fund Balance 25,332,533 25,332,533 -
<br /> Plus Revenues 86,110,338 87,832,845 1,722,507 2.0%
<br /> Less Net Transfers (3,133,922) (2,331,866) (5,246,085) 219,703 -7.0%
<br /> Less Expenditures (82,976,416) (1,157,170) (82,586,760) 1,546,826 -1.9%
<br /> Ending Fund Balance 25,332,533 (3,489,036) 25,332,533 3,489,036
<br /> Change in Fund Balance - -
<br /> As shown in Table 1, in 2010-11FY actual revenues received were greater than the
<br /> Amended Budget by $1,722,507. The Amended Budget is the original budget plus all
<br /> budget amendments approved by Council through the adoption of the Two Year
<br /> Operating Budget on June 21, 2011. Net transfers and expenditures were less than the
<br /> Amended Budget by $219,703 and $1,546,826 respectively as shown in Table 1. The
<br /> reason for the reduction in net transfers was the grants for the Paratransit Downtown
<br /> Route were greater than staff had originally budgeted; therefore, requiring a smaller
<br /> subsidy (transfer) by the General Fund. A majority of the expenditure reductions were in
<br /> the area of materials, supplies and services. Staff is recommending through this Report
<br /> that Council approve additional budget amendments totaling $3,489,036 as shown in
<br /> Table 1. The recommended budget amendments are the following:
<br /> Description Amount
<br /> Establishment of a PERS Stabilization Fund for funding additional
<br /> annual payments that are needed to offset the impact of smoothing or
<br /> negative amortization of the City's Unfunded Pension Liability by PERS $1,000,000
<br /> Additional funding for the Self Insurance Fund for future insurance
<br /> liabilities and claims $1,000,000
<br /> Additional funding for the Repair and Replacement Funds for the City's
<br /> infrastructure, equipment, park and median funds, and computer
<br /> technology $1,000,000
<br /> Page 2 of 10
<br />
|