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BACKGROUND <br />Annually staff recommends City Council acceptance of a year-end financial report <br />summarizing needed budget amendments or adjustments, year-end budget balances, <br />actual results for the fiscal year and budget carryovers to the following year. The <br />Operating Budget report will be presented to Council on December 16, 2008. The <br />following report describes the results of the 2007-08 CIP. Financial information in this <br />report is based on audited figures. The audited information will be presented separately <br />to City Council in the Comprehensive Annual Financial Report (CAFR). <br />DISCUSSION <br />This report presents the status of the Capital Improvement Program (CIP) as of June <br />30, 2008 (the end of the fiscal year 2007-08). It compares actual revenues and <br />expenditures to the projections for that year and asks Council to approve certain <br />increases, decreases or transfers of funds between projects and the carryover of project <br />funds from fiscal year 2007-08 to fiscal year 2008-09. <br />The Sewer CIP Funds ended the year with a favorable variance of actuals (plus <br />carryovers) to adjusted budget of $268,367. Four items make up this difference. There <br />was $100,655 less City staff time spent on sewer projects than projected, debt <br />payments were $70,922 less than expected, sewer connection fees received were <br />$50,786 more than expected, and interest income was $46,004 more than expected. <br />Quarter Four Adjustments: There were no budget adjustments needed during the final <br />quarter of FY 07-08. <br />SEWER <br />Tofal <br />Budgeted Ending Fund Balance $ 1,500,762 <br />Actual Fund Balance after Carryovers 1,769,129 <br />Variance favorable/(unfavorable) $ 268,367 <br />Page 2 of 5 <br />