RES 97057 - Laserfiche WebLink

SUMMARY: Each quarter a report of financial condition is presented to Council which includes any staff recommendations for budget amendments and technical corrections or actions needed. This is the third quarterly report for the fiscal year 1996-97. Additionally, staff is recommending amendments to the City's General Financial Policies to conform to the new Economic and Fiscal Element which was added to the General Plan when it was updated in 1996. Honorable Mayor and Members of the Council: BACKGROUND The purpose of this report is to present the status of operating and capital improvement budgets. The report was prepared while staff was in the process of preparing the 1997-98/1998-99 Operating Budget and 1997-98/2001-02 Capital Improvement Program. This review in the third quarter of 1996-97 helped facilitate a more accurate projection for the coming two years. Budget amendments already adopted through March 4, 1997 have been reflected as "adopted amendments" as of the third quarter report. The resulting projected fiscal year-end balances reflected in the third quarter report will be used as beginning balances for the 1997-98 Budget projections. The Budget is scheduled for adoption at the June l7 City Council meeting. Should the Council not approve any of the recommended third quarter amendments, staff will make any resulting adjustments to the 1997-98 Operating and CIP budgets in time for the June 17 meeting. In addition, staff is recommending amendments to the City's General Financial Policies to conform to the new Economic and Fiscal Element which was added to the General Plan when it was updated in 1996. OVERVIEW OF THIRD QUARTER 1996-97 The third quarter report reflects: · a significant increase in projected sales tax revenue for the year; · the close-out of the General Fund's Capital Reserve and Undesignated Reserve balances to the CIP; and · a few minor amendments and corrections. 2 SR97176