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CITY OF PLEASANTON <br /> <br /> STAFF REPORT <br /> <br /> Finance Department <br /> April 1, 1997 <br /> <br />SUBJECT: Second Quarter 1996-97 Financial Report and Midyear <br /> Review <br /> <br />STAff RECOMMENDATION: <br /> <br /> Staff recommends that Council adopt the attached resolution which <br /> amends the 1996-97 Operating and Capital Improvement Budgets <br /> as follows: <br /> <br /> 1. Amend the Operating Budget, as outlined in Appendix B, to <br /> reflect: An increase in revenue projections by $4,279,289 <br /> from $68,564,767 to $72,844,056; an increase in <br /> expenditure appropriations by $797,13 1 from $64,322,428 <br /> to $65,119,559; and a net decrease in transfers-in by <br /> $1,585. <br /> <br /> 2. Amend the Capital Improvement Budget, as detailed in <br /> Tables 1-5 in Appendix E, to reflect: an increase in <br /> revenue projections by $1,335,929; an increase in <br /> expenditure appropriations by $892,314; and a net decrease <br /> in transfers-out by $1,585. <br /> <br />SUMMARY: Each quarter a report of financial condition is presented to Council <br /> which includes any staff recommendations for budget amendments <br /> and technical corrections or actions needed. This is the second <br /> quarterly report for the fiscal year 1996-97. Since the second <br /> quarter marks the midyear point for the budget year, staff <br /> performed a more thorough "Midyear Review" in this quarter. <br /> <br />SR:97:110 1 <br /> <br /> <br />