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THE CITY OF <br /> _ 1 <br /> pLEASANTON. CITY COUNCIL AGENDA REPORT <br /> 6, 2016 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2015/16 YEAR-END <br /> OPERATING BUDGET REPORT AND DESIGNATE GENERAL FUND <br /> RESERVES <br /> SUMMARY <br /> This report presents the results of operations for the FY 2015/16 Operating Budget <br /> (Budget) and recommends designations of the General Fund reserves This information <br /> is unaudited The audited information will be included in the City's Comprehensive <br /> Annual Financial Report (CAFR) and will be presented to Council once the City's <br /> independent auditor has issued its opinion on the CAFR and it has been reviewed by the <br /> Audit Committee which is expected to occur in January 2017 If there are any differences <br /> in the financial information presented in this report and the CAFR as a result of the audit, <br /> those changes will be highlighted for the Council at the time the CAFR is presented to the <br /> Council for acceptance in January <br /> RECOMMENDATION <br /> Staff recommends that Council adopt the attached resolution (Attachment 1) to accept <br /> the FY 2015/16 Year-end Operating Budget Report and designate the June 30, 2016 <br /> General Fund Balances as shown in Attachment 2 <br /> FINANCIAL STATEMENT <br /> The recommendation ratifies Council's actions since the last approved budget adjustment <br /> (Midyear Operating Budget adopted by Council on March 15, 2016) and designates the <br /> June 30, 2016 General Fund Balances as outlined in this report The proposed General <br /> Fund reserve designations will result in combined year-end General Fund reserves of$20 <br /> million which is approximately 20% of the total FY 2015/16 General Fund operating <br /> expenditures of $99 3 million The City's policy is to have total General Fund reserves <br /> equal to at least 20% of operating expenses <br />