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<br />Honorable Mayor and Members of the City Council: <br /> <br />BACKGROUND <br /> <br />AmlUally staff recommends City Council approval of a year-end financial report summarizing <br />budget activity and detailing any carryovers, changes in reserves, required budget amendments <br />or adjustments, etc. Because the City's financial audit is still in progress, financial information <br />included in this report is based on un-audited figures. The audited information will be presented <br />to City Council in the Comprehensive Annual Financial Report (CAFR). The CAFR will be <br />presented to City Council once the City's independent auditors have issued their opinion on the <br />report for the fiscal year ending June 30, 2006 and the Audit Committee has sufficiently <br />reviewed the CAFR. <br /> <br />GENERAL FUND <br /> <br />General Fund Financial Condition. Revenues exceeded budget estimates by $1.5 million, net <br />transfers were $1,660 higher than the budget estimate, and expenditures were $3.8 million less <br />than the budget estimate. The combination of these factors produced $1.9 million that increased <br />fund balance, as opposed to reducing fund balance by $3.4 million as contemplated in the <br />adj usted budget, resulting in an overall variance of $5.3 million. <br /> <br />Genel dl FUlld Bllclget ACtll,ll VZlrl~1rlCe <br />Beginning Fund Balance 22,804,027 22,804,027 - <br />Plus Revenues 84,545,342 86,057,094 1,511,752 <br />Less Net Transfers (6,700,000) (6,701,660) (1,660) <br />Less Expenditures 181,254,947\ 177,451,589\ 3,803,358 <br />Endina Fund Balance 19,394,422 24,707,872 5,313,450 <br />Chanoe in Fund Balance 13,409,605\ 1,903,845 5,313,450 <br /> <br />Staff is recommending that the overall positive variance of $5.3 million be used as reflected in <br />the table on the next page. <br /> <br />SR 06:259 <br /> <br />2 <br />