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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 June 21, 2011. The Quarterly Financial Reports are intended to <br /> keep City Council informed regarding the financial status of major operating budgets in <br /> between major budget adjustments. The next major budget adjustment will be the <br /> Midyear Budget Review that will be presented to Council in March 2012. <br /> DISCUSSION <br /> The attachment includes a discussion of the First Quarter 2011-12FY Financial Report. <br /> Submitted by: Approved by: <br /> Emily E. Wagner Nelson Fialho <br /> Director of Finance City Manager <br /> Attachment: <br /> 1. Quarterly Financial Report <br /> Page 2 of 2 <br />