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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 or February 2022. Any changes to the information presented in this Report as a result of the audit will be brought to Council's attention at that time. DISCUSSION The following discussion addresses the General Fund, Enterprise Funds, and Internal Services Funds. General Fund As shown in Table 1, in FY 2020/21 actual revenues received were greater than the Midyear budget by $3.4 million or three percent. The Midyear budget is the original budget plus all budget amendments approved by Council through June 30, 2021. Transfers In/Out (net transfers) were $358,997 less than the Midyear budget and Expenditures were $3.7 million or three percent less than the Midyear budget. Overall, inflows of cash exceeded outflows of cash by $7.5 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 Page 2 of 14 FY 2020/21 FY 2019/20 General Fund Actual Revised Actual Variance Revenues $124,353,299 $121,940,015 $125,351,102 ($3,411,088) Use of LPFD Reserve $1,230,000 $1,230,000 Net Transfers (6,987,676) (6,443,540) (6,084,543) (358,997) Expenditures (113,806,097) (116,726,474) (112,995,177) (3,731,298) Difference $3,559,526 $0 $7,501,382 ($7,501,382) Page 2 of 14