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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 2014.
<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 /> As shown in Table 1 ($ Variances), in 2012/13FY Actual revenues received were
<br /> greater than the Amended Budget by $1,007,359 or 1.1%. The Amended Budget is the
<br /> original budget plus all budget amendments approved by Council through the adoption
<br /> of the Midyear Operating Budget on March 19, 2013. Transfers In/Out (net transfers)
<br /> were less than the Amended Budget by $181,496 and Expenditures were $690,194 less
<br /> than the Amended Budget. Overall, inflows of cash exceeded outflows of cash by
<br /> $1,879,049. A detailed explanation of these variances is included in this Report in
<br /> Tables 2, 3, 4 and 5.
<br /> Table 1. General Fund Amended Budget to Actual Revenues, Expenditures & Transfers
<br /> Proposed
<br /> Amended Budget
<br /> General Fund Budget Actual $Variance Amendment Final Budget
<br /> Beginning Fund Balance $25,332,533 $25,332,533 $0 $25,332,533
<br /> Plus Revenues 91,284,522 92,291,881 1,007,359 92,291,881
<br /> Transfers In/(Out) (15,573,188) (15,391,692) 181,496 ($1,000,000) (16,391,692)
<br /> Less Expenditures (88,881,334) (88,191,140) 690,194 (88,191,140)
<br /> Ending Fund Balance $12,162,533 $14,041,582 $1,879,049 ($1,000,000) $13,041,582
<br /> Staff is recommending through this Report that Council approve additional budget
<br /> amendments/allocation of the excess funds totaling $1,879,049. The recommended
<br /> budget amendments/allocation of excess funds are the following:
<br /> Description Amount
<br /> • Transfer to the PERS Stabilization Fund for funding
<br /> additional annual payments to PERS that are needed to
<br /> offset the impact of smoothing or negative amortization of the
<br /> City's Unfunded Pension Liability by PERS $1,000,000
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