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SUMMARY: <br /> <br />Annually staff presents a year end financial report to the City <br />Council giving the status of the City's funds, and recommending <br />various actions regarding budget carryovers, amendments, <br />reserves, etc. The following report describes the results of the <br />1991-92 financial year and its impact on the current year <br />(1992-93). <br /> <br />Honorable Mayor and Members of the Council: <br /> <br />INTRODUCTION <br /> <br />The purpose of this report is to present the status of all City funds as of the end of the fiscal <br />year 1991-92, and to analyze any variances between actual revenues and expenditures compared <br />to previous projections for that year. Staff is also recommending Council actions, relating to <br />the appropriation of fund balances and the carryover of budgeted items from one fiscal year to <br />the next, which are done each year as the final step in closing the books. <br /> <br />OVERVIEW OF FISCAL YEAR 1991-92 <br /> <br />Fiscal year 1991-92 ended with all operating funds either on target or with favorable variances <br />from projections. Generally, sales tax and interest earnings exceeded projections. <br /> <br />Revenues in the Sewer, Water, Park, and Miscellaneous Capital Improvement Funds slightly <br />exceeded the minimal amounts projected. However, this is due primarily to the timing of the <br />receipt of revenues actually occurring sooner than projected. Thus these are not unexpected <br />funds, they were simply received earlier than projected. Therefore, these funds will need to be <br />carried over into 1992-93 to fund projects planned for that year. <br /> <br />DISCUSSION <br /> <br />Detail by Fund Type <br /> <br />Appendix A lists all the City's Funds by fund type. The table shows all the beginning balances <br />as of July 1, 1991, and the revenues, expenditures and transfers that resulted in 1991-92. The <br />total ending balances as of June 30, 1992, are shown, and are also broken down into three <br />categories. The three categories are: <br /> <br />Other Equity - These are fund balances which represent the equity of parties other than the <br /> City, and amounts which are held by the City to meet the debt service requirements of <br /> various Assessment Districts. These balances are not available to the City for any other <br /> uses. They total $50.1 million. <br /> <br />SR 92:432 <br /> <br />2 <br /> <br /> <br />