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APPENDIX B <br />THE CITY OF <br />„ _~~: ~„ <br />[~L£ ~S~4NTONa <br />°r , <br />Quarterly Financial Report <br />Operating Budget <br />First Qusrter of FY 2008-09 <br />As of September 30, 2008 <br />Current Financial Condition <br />This report summarizes the City's overall financial position for the fiscal year through <br />September 30, 2008. The City's financial condition at the end of the quarter is stable. <br />However, revenue estimates will need to be adjusted to reflect a likely downturn in <br />property tax, sales tax, and development fees. The Mid-Year budget update will <br />provide more year to date information and a plan to keep the budget in balance. <br />General Fund <br />With 25% of the fiscal year completed, 5.6% of budgeted revenues have been received <br />and 20.2% of budgeted expenditures have been realized. The reason that only 5.6% of <br />revenues have been realized is the timing of receipts. First, certain tax revenues, such <br />as sales tax, that is received in the first quarter was actually earned in the fourth <br />quarter of the prior year and is accrued back into the prior fiscal year. Also, the first <br />property tax payment received in the first quarter only includes the unsecured property <br />tax. In addition, the hotel/motel tax earned in the first quarter isn't due until October <br />315tand therefore is not reflected in first quarter receipts. <br />~~~ Good. Positive Indicator Caution. Unsettled Indicator ~ Problem. Negative Indicator <br />B-I <br />