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• <br />-~. <br />6E <br />pi~~s,~NTON ~„y~o~~~,~ <br />Staff Report <br />April 7, 1998 <br />Finance Department <br />SUBJECT: SECOND QUARTER 1997-1998 FINANCIAL REPORT <br />AND MIDYEAR REVIEW <br />STAFF RECOMMENDATION: <br />Staff recommends that Council adopt the attached resolution which amends <br />the 1997-98 Operating and Capital Improvement Budgets as follows: <br />Amend the Operating Budget, as outlined in Appendix B, to reflect: <br />An increase in revenue projections by $1.46 million; an increase in <br />expenditure appropriations by $488,000; a net decrease in <br />transfers-in by $79,000; and corrections to beginning fund balances <br />of ($632,847). <br />2. Amend the Capital Improvement Budget, as detailed in Tables 1-5 in <br />Appendix E, to reflect: an increase in revenue projections by <br />$2,116,877; an increase in expenditure appropriations by <br />$2,052,141; a net increase in transfers-in by $19,425; and corrections <br />to beginning fund balances of $245,873. <br />SUMMARY: Each quarter a report of financial condition is presented to Council which <br />includes any staff recommendations for budget amendments and technical <br />corrections or actions needed. This is the second quarterly report for the <br />fiscal year 1997-98. Since the second quarter marks the midyear point for <br />the budget year, staffperformed a more thorough "Midyear Review" in this <br />quarter. <br />SR 98:63 <br />Page 1 <br />