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BACKGROUND Annually staff presents the year-end financial report (Report) to Council for approval The Report summarizes the actual results of the financial activities for the fiscal year and details changes in reserves and recommended budget amendments or adjustments The City's Comprehensive Annual Financial Report (CAFR) is still in progress, therefore, the financial information included in this Report is based on unaudited figures The audited information will be presented to City Council in the CAFR once the City's independent auditor has issued its opinion and the CAFR has been reviewed by the Audit Committee All of this is expected to occur in January 2017 Any changes to the information presented in this Report as a result of the audit will be brought to Council's attention at the time the audit is presented to Council for acceptance in January or February of 2017 DISCUSSION The following discussion addresses the General Fund, Enterprise Funds, and Internal Services Funds General Fund As shown in Table 1, in FY 2015/16 actual revenues received were greater than the Amended Budget by $1 9 million or 1 8% The Amended Budget is the original budget plus all budget amendments approved by Council through June 30, 2016 Transfers In/Out (net transfers)were less than the Amended Budget by$128,981 and Expenditures were $2 3 million or 2 3% less than the Amended Budget Overall, inflows of cash exceeded outflows of cash by $4 4 million A detailed explanation of these variances is included in Tables 2, 3, 4 and 5 in this Report Table 1. General Fund Amended Budget to Actual Revenues, Expenditures & Transfers Amended &WEED Rad Budget Actual @ Variance Beginning Fund Balance $20,576,010 $20,576,010 $0 0 0% Plus Revenues 109,805,361 111,736,593 1,931,232 1 8% Transfers In/(Out) (9,094,354) (8,965,373) 128,981 -1 4% Less Expenditures (101,579,482) (99,272,847) 2,306,635 -2 3% Ending Fund Balance @cdgc o o&@ (24,38.3 K366,848 Staff is recommending allocating the $4 4 million surplus as follows Operating Reserve $868,475 Repair & Replacement Fund Reserves 498,373 CIP Reserves 1,500,000 Prefund PERS Liability 1,500,000 Total FY 2015/16 $4,366,848 Page 2 of 11