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THE CITY OF 8 <br /> CITY COUNCIL AGENDA REPORT <br /> pL E ASANTON® <br /> January 19, 2010 <br /> Finance Department <br /> TITLE: ACCEPT THE FISCAL YEAR 2009 -10 FIRST QUARTER FINANCIAL <br /> REPORT <br /> SUMMARY <br /> The First Quarter Financial Report covers the first three months of the current fiscal <br /> year from July 2009 through September 2009. <br /> RECOMMENDATION <br /> This is an informational item and no City Council action is being recommended other <br /> than accepting the 2009 -10 First Quarter Financial report. <br /> FINANCIAL STATEMENT <br /> YTD financial information is included in the attached report. <br /> BACKGROUND <br /> Quarterly budget updates are provided to City Council on a quarterly basis. The City <br /> typically adopts a two -year budget and staff recommends Mid -year updates half way <br /> through each of the two budget years along with a Mid -Term update just prior to the <br /> beginning of the second year of the two year budget. The Quarterly Financial Reports <br /> are intended to keep City Council informed regarding the financial status of major <br /> operating budgets in between major budget amendments. <br /> DISCUSSION <br /> The attachment includes a discussion of the First Quarter Financial Report. <br /> Submitted by: Approve. by: <br /> David P. Culver Nel on Fialho <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Quarterly Financial Report <br />