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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 CAFR
<br /> once the City's independent auditor has issued its opinion and the CAFR has been
<br /> reviewed by the Audit Committee. All of this is expected to occur in January 2018. Any
<br /> 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 or February of 2018.
<br /> DISCUSSION
<br /> The following discussion addresses the General Fund, Enterprise Funds, and Internal
<br /> Services Funds.
<br /> General Fund
<br /> As shown in Table 1, in FY 2016/17 actual revenues received were greater than the
<br /> Amended Budget by $3.7 million or 3.3%. The Amended Budget is the original budget
<br /> plus all budget amendments approved by Council through June 30, 2017. Transfers
<br /> In/Out (net transfers) were more than the Amended Budget by $215,812 and
<br /> Expenditures were $3.1 million or 3.0% less than the Amended Budget. Overall, inflows
<br /> of cash exceeded outflows of cash by $6.5 million. A detailed explanation of these
<br /> variances is included in Tables 2, 3, 4 and 5 in this Report.
<br /> Table 1. General Fund Amended Budget to Actual Revenues, Expenditures &Transfers
<br /> I •
<br /> •
<br /> d Ainendedh :, %a
<br /> General Fund 'P`Budget Actual Variance V,anance,._
<br /> Beginning Fund Balance $20,583,975 $20,583,975 $0 0.0%
<br /> Plus Revenues 112,076,453 115,734,082 3,657,629 3.3%
<br /> Transfers In/(Out) (8,130,041) (8,345,853) (215,812) 2:7%
<br /> Less Expenditures (103,775,323) (100,698,717) 3,076,606 -3.0%
<br /> IBndingliFtind.Balance 1201,55;064 $27,273`4871 '',:$6,5188,423 31.4%.
<br /> Staff is recommending allocating the $6.5 million surplus as follows:
<br /> Operating Reserve $1,831,729
<br /> Workers Compensation Reserve 1,000,000
<br /> CIP Reserves 1,843,347
<br /> Prefund PERS Liability 1,843,347
<br /> Total FY 2016/17 $6,518,423
<br /> Page 2 of 12
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