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Cit'y of !easanton <br /> <br /> REP RT <br /> I <br /> <br /> March 15, 1988 <br /> <br />SUBJECT: Mid-Year Review of Fiscal Year 1987/88. <br /> <br />STAFF RECOMMENDATION: <br /> <br /> Staff recommends that Council amend the <br /> 1987/88 FY budget to reflect the adjustments <br /> in the financial status and budget amendment <br /> of the General Fund, Sewer Fund, and Water <br /> Maintenance and Operation Fund as presented in <br /> this staff report and per Appendix B. <br /> <br />SUMMARY: The Mid-Year Budget review is prepared by <br /> staff to provide an updated status report on <br /> the financial condition of the General Fund, <br /> Water Enterprise Fund, and the Sewer <br /> Enterprise Fund based on the first six months <br /> of the fiscal year. Expenditure and revenue <br /> estimates are reviewed and adjusted based on <br /> information available today. <br /> <br /> The General Fund Balance as of June 30, 1988, <br /> is projected to be $2,344,501 or $1,005,842 <br /> more than originally projected. This is <br /> mainly attributable to a higher beginning fund <br /> balance by $2,021,201; and is offset by a <br /> decrease in projected revenues and net <br /> transfers of $172,115, and an increase in <br /> expenditures of $1f035,104. <br /> <br /> The Sewer and Drainage Fund balance as of June <br /> 30, 1988, is projected to be $1,302,436 or <br /> $229,981 more than originally projected. This <br /> is mainly due to a higher beginning fund <br /> balance by $309,079. <br /> <br /> The Water Maintenance and Operation Fund <br /> balance as of June 30, 1988 is projected to be <br /> $814,134. This is $347,321 more than <br /> originally projected last spring. This is <br /> <br /> - 1 - <br /> <br /> <br />