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7 <br />THE CITY OF <br />-- ~"' CITY COUNCIL AGENDA REPORT <br />[~L£~S~4NTONo <br />February 6, 2007 <br />Finance Department <br />TITLE: ADOPT A RESOLUTION TO ACCEPT THE FIRST QUARTER 2006-07 <br />FINANCIAL REPORT OF THE OPERATING BUDGET AND CAPITAL <br />IMPROVEMENT PROGRAM (CIP) BUDGET AND AMEND THE 2006-07 <br />CIP BUDGET <br />SUMMARY <br />This First Quarter 2006-07 Financial Report formally updates the current budget to <br />reflect carryovers and changes already approved by Council. <br />RECOMMENDATION <br />Approve resolution to accept the first quarter 2006-07 financial report of the Operating <br />Budget and Capital Improvement Program (CIP) Budget and amend the 2006-07 CIP <br />Budget. <br />FINANCIAL STATEMENT <br />The financial impact on the budget is included in the attachments to the Resolution and <br />explained in the discussion section of this agenda report. <br />