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THE CITY OF L^ 1 <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ASANTONa <br /> November 20, 2012 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION TO ACCEPT THE 2011/12FY YEAR-END <br /> FINANCIAL REPORT FOR THE OPERATING BUDGET AND AMEND <br /> THE 2011/12FY OPERATING BUDGET <br /> SUMMARY <br /> This report presents the results of operations for the 2011/12FY Operating Budget and <br /> recommended changes in designations of the fund balance reserves. This information is <br /> unaudited. The audited information will be reflected in the City's Comprehensive Annual <br /> Financial Report (CAFR) and will be presented to Council once the City's independent auditor <br /> has issued its opinion on the CAFR and it has been reviewed by the Audit Committee which is <br /> expected to occur in January 2013. If there are any differences in the financial information <br /> presented in this report and the CAFR as a result of the audit, those changes will be highlighted <br /> for the Council at the time the CAFR is presented to the Council for acceptance in January. <br /> RECOMMENDATION <br /> Staff recommends that Council adopt the attached resolution (Attachment 1) to amend the <br /> 2011/12FY Operating Budget and designate the June 30, 2012 Fund Balances as shown in <br /> Attachment 2. <br /> FINANCIAL STATEMENT <br /> The recommendation ratifies Council's actions since the last approved budget adjustments <br /> (Midterm Operating Budget adopted by Council on June 19, 2012) and approves any further <br /> modifications to the Operating Budget as outlined in this report. <br />