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BACKGROUND
<br /> Annually staff presents the year-end financial report (Report) to Council for approval. The
<br /> Report summarizes the actual results of the financial activities for the fiscal year and details
<br /> changes in reserves and recommended budget amendments or adjustments. The City's
<br /> Comprehensive Annual Financial Report (CAFR) is still in progress; therefore, the financial
<br /> information included in this Report is based on unaudited figures. The audited information will
<br /> be presented to City Council in the CAFR once the City's independent auditor has issued its
<br /> opinion and the CAFR has been reviewed by the Audit Committee. All of the is expected to
<br /> occur in January 2013. Any changes to the information presented in this Report as a result of
<br /> the audit will be 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 /> As shown in Table 1, in 2011/12FY actual revenues received were less than the Amended
<br /> Budget by $185,421. The Amended Budget is the original budget plus all budget amendments
<br /> approved by Council through the adoption of the MidTerm Operating Budget on June 19, 2012.
<br /> Net transfers were less than the Amended Budget by $973,779 and expenditures were
<br /> $1,333,919 less than the Amended Budget as shown in Table 1. A detailed explanation of these
<br /> differences is included in this Report in Tables 2, 3, 4 and 5.
<br /> Table 1. General Fund Amended Budget to Actual Revenues, Expenditures &Transfers
<br /> Year-End
<br /> Recommended
<br /> Amended Budget
<br /> General Fund Budget Adjustments Actual $Variance %Variance
<br /> Beginning Fund Balance 25,332,533 25,332,533 -
<br /> Plus Re'enues 90,002,528 89,817,107 (185,421) -0.2%
<br /> Transfers In/Out (3,118,245) (1,561,000) (3,705,466) 973,779 -20.8%
<br /> Less Expenditures _ (86,884,283) (561,277) (86,111,641) 1,333,919 -1.5%
<br /> Ending Fund Balance 25,332,533 (2,122,277) 25,332,533 2,122,277
<br /> Change in Fund Balance - _
<br /> Staff is recommending through this Report that Council approve additional budget amendments
<br /> totaling $2,122,277 as shown in Table 1. The recommended budget amendments are the
<br /> following:
<br /> Description Amount
<br /> Transfer to the PERS Stabilization Fund for funding additional annual
<br /> payments that are needed to offset the impact of smoothing or negative
<br /> amortization of the City's Unfunded Pension Liability by PERS $1,000,000
<br /> Additional funding for the Capital Improvement Program for Phase II
<br /> Bernal Park Project $561,000
<br /> Additional funding for the Repair and Replacement Funds for the City's
<br /> infrastructure, equipment, park and median funds, and computer $561,277
<br /> technology
<br /> Total $2,122,277
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