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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 2015.
<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, in 2013/14FY Actual revenues received were greater than the
<br /> Amended Budget by $2,134,187 or 2.26%. The Amended Budget is the original budget
<br /> plus all budget amendments approved by Council through the adoption of the Midyear
<br /> Operating Budget on March 18, 2014 and any additional Council approved budget
<br /> amendments through the last Council meeting of the 2013/14FY (June 17, 2014).
<br /> Transfers In/Out (net transfers) were less than the Amended Budget by $179,340 and
<br /> Expenditures were $2,508,864 or 2.7% less than the Amended Budget. Overall, inflows
<br /> of cash exceeded outflows of cash by $4,822,391. A detailed explanation of these
<br /> variances 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 /> Proposed Year-End
<br /> Amended Budget Recommended
<br /> General Rind Budget Actual $Variance Amendment Actual
<br /> Beginning Fund Balance $13,041,582 $13,041,582 $0 $13,041,582
<br /> Plus Revenues 94,371,951 96,506,138 2,134,187 96,508,138
<br /> Transfers Inf(Out) (1,583,492) (1,404,152) 179,340 ($928,584) (2,332,736)
<br /> Less Expenditures (92,788,459) (90,279,595) 2,508,864 ($1,893,807) (92,173,402)
<br /> Ending Fund Balance $13,041,582 $17,863,973 $4,822,391 ($2,822,391) $15,041,582
<br /> Staff is recommending through this Report that Council approve additional budget
<br /> amendments/allocation of the excess funds totaling $2,822,391. 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 CaIPERS that are needed to
<br /> offset the impact of smoothing or negative amortization of the
<br /> City's Unfunded Pension Liability by PERS $928,584
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