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CITY OF PLEASANTON <br /> STAFF <br /> REPORT <br /> <br />February 14, 1984 <br /> <br />HONORABLE CITY COUNCIL <br />Pleasanton, California <br /> <br />Mid-Year Budget Review - 1983-84 FY <br /> <br />Members of the Council: <br /> <br />Introduction <br /> <br />The Mid-Year Budget Review is prepared by staff to provide an <br />..updated status report on the financial condition of the General <br /> Fund, Water Enterprise Fund, and the Sewer Enterprise Fund based <br /> on the first six months of the fiscal year. Expenditure and revenue <br /> estimates are reviewed and adjusted to reflect any changes based on <br /> information available today. The Mid-Year Budget Review is also <br /> the first step in the budget process. The 1984-85 FY Operatlng <br /> Budget, along with the Three Year Capital Improvement Program <br /> will be submitted to Council for study the first week in May. <br /> <br />General Fund <br /> <br />The audited General Fund beginning fund balance as of June 30, 1983 <br />was $906,000 greater than estimated at the time the budget was <br />approved. This was due to prior period revenues identified in the <br />audit of $95,968 actual revenues exceeding revenue projections <br />($527,579), actual expenditures being less than projected ($47,963), <br />and loans made by the General Fund to several assessment districts <br />in 1970 being repaid ($138,000). The assessment district loans were <br />approved by Council and recorded, however, the collection in past <br />years had been doubtful. Therefore, in prior years the funds were <br />not included in staff's calculation of the fund balance. The <br />audited beginning fund balance is $3,623,441. <br /> <br />Revenue: <br /> <br />Based on revised staff estimates, revenues are $597,080 more than <br />originally p~ojected. The majority of the increase is in the <br />following categories of revenues: <br /> <br />SR 84:86 <br /> <br /> <br />