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Honorable Mayor and Members of the Council: <br /> <br />INTRODUCTION <br /> <br />The purpose of this report is to present the status of Operating and Capital Funds as of the end of <br />the fiscal year 1995-96, and to analyze any variances between actual revenues and expenditures <br />compared to previous projections for that year. Staff is also recommending Council actions, <br />relating to the designation of Fund Balances and the carryover of budgeted items from one fiscal <br />year to the next, which are done each year as the final step in closing the books. The 1995-96 <br />financial audit is not yet complete. Therefore, the information contained herein is noted as <br />"unaudited", although staff believes the figures are substantially correct. Any further audit <br />adjustments will be included in the next quarterly fmancial report. <br /> <br />OVERVIEW OF FISCAL YEAR 1995-96 <br /> <br />Fiscal year 1995-96 ended with all Operating Funds essentially on target with projections, with <br />the few exceptions discussed in detail below. Generally, revenues were on target with <br />projections. For all Funds, expenditures were below or on target with budget, with the few <br />exceptions described below. <br /> <br />DISCUSSION <br /> <br />Appendices <br /> <br />Appendix A provides an overview of all Operating Funds, displaying their beginning fund <br />balances, net income for 1995-96, and the resulting ending fund balances as of 6/30/96. <br /> <br />Appendix B contains tables comparing budgeted versus actual results of 1995-96 operations for <br />all Operating Funds, and staff recommended amendments for the fourth quarter. <br /> <br />Appendix C displays the recommended designations for General Fund Reserves. <br /> <br />Appendix D details the Operating Budget recommended carryovers from 1995-96 into 1996-97 <br />for encumbrances, and planned expenditures and transfers. <br /> <br />Appendix E contains tables showing the 1995-96 budgeted versus actual results for the Capital <br />Improvement Program Funds, and the recommended CIP carryovers from 1995-96 to 1996-97. <br /> <br />Appendix F contains numerous sales tax and property tax trend charts. <br /> <br /> 2 <br />SR 96:318 <br /> <br /> <br />