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BACKGROUND <br /> Budget updates are provided to the City Council on a quarterly basis. The City adopted <br /> the Two Year Operating Budget June 18, 2013. The Quarterly Financial Reports are <br /> intended to keep City Council informed regarding the financial status of major operating <br /> budgets in between major budget adjustments. The next major budget adjustment will <br /> be the Midyear Budget Review that will be presented to Council in March 2014. <br /> DISCUSSION <br /> The attachment includes a discussion of the First Quarter 2013/14FY Financial Report. <br /> Submitted by: Approved y: <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 />