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BACKGROUND
<br />Annually staff recommends City Council approval of a year-end financial report
<br />summarizing budget activity and detailing any carryovers, changes in reserves, required
<br />budget amendments or adjustments, etc. Because the City's financial audit is still in
<br />progress, financial information included in this report is based on un-audited figures.
<br />The audited information will be presented to City Council in the Comprehensive Annual
<br />Financial Report (CAFR) once the City's independent auditor has issued its opinion on
<br />the report
<br />DISCUSSION
<br />GENERAL FUND
<br />General Fund Financial Condition. Revenues were below budget estimates by
<br />$246,000 (0.27% variance), net transfers were $1,404 higher than the budget estimate,
<br />and expenditures were $3.2 million less than the budget estimate. The combination of
<br />these factors produced a $1.3 million increased in fund balance, as opposed to reducing
<br />fund balance by $1.7 million as contemplated in the adjusted budget, resulting in an
<br />overall variance of $3.0 million.
<br /> .-
<br />
<br />Beginning Fund Balance 24,707,872 24,707,872 -
<br />Plus Revenues 92,892,721 92,646,721 (246,000)
<br />Less Net Transfers (7,466,360) (7,464,956) 1,404
<br />Less Expenditures (87,149,926) (83,865,859) 3,284,067
<br />Ending Fund Balance 22,984,307 26,023,778 3,039,471
<br />Change in Fund Balance (1,723,565) 1,315,906 3,039,471
<br />Staff is recommending that the variance ($3.0 million) be used as reflected in the table
<br />below.
<br />Reserve for Carryovers (from above)
<br />- Department Requests, Purchase Orders, Contracts
<br />- Add to current budgeted Contingency
<br />- Energy Programs
<br />- EIP Report for Stoneridge/Staples Ranch
<br />- General Plan Update
<br />- Grant Revenue Carryover
<br />Net Carryover
<br />$ 1,341,005
<br />441,486
<br />225,000
<br />120,769
<br />150,175
<br />22( 9,802)
<br />$ 2,048,633
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<br />Based on the above, staff is recommending the reserve for carryover be appropriated
<br />as follows:
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