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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 2019. 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 2019. DISCUSSION The following discussion addresses the General Fund, Enterprise Funds, and Internal Services Funds. General Fund As shown in Table 1, in FY 2017/18 actual revenues received were greater than the Amended Budget by $3.1 million or 2.6 percent. The Amended Budget is the original budget plus all budget amendments approved by Council through June 30, 2018. Transfers In/Out (net transfers) were less than the Amended Budget by $18,604 and Expenditures were $3.7 million or 3.4 percent less than the Amended Budget. Overall, inflows of cash exceeded outflows of cash by $6.7 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 Revenues,Transfers and FY 2017/18 FY 2017/18 Expenditures Midyear Actual Variance Variance % Revenues 117,963.500 121.066.577 3.103.077 2.6% Net Transfers (6,384.591) (6,365,987) 18.604 -0.3% Expenditures (109.380.758) (105,752,557) 3.628.201 -3.3% Difference $2,198,151 $8,948,033 $6,749,883 307.1% Staff is recommending allocating the $6.7 million surplus as follows: Operating Reserve $2,000,000 LPFD Workers Compensation Reserve 1 ,200,000 Downtown Beautification Reserve 1 ,000,000 CIP Reserves 1 ,274,942 Repair & Replacement Reserves 1 ,274,942 Total FY 2017/18 Surplus $6,749,883 The proposed allocations boosts the City's operating reserves as well as reserves available to cover future Livermore Pleasanton Fire Department (LPFD) Workers Page 2 of 11