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THE CITY OF 17 PL£rASANTON. CITY COUNCIL AGENDA REPORT December 7, 2010 Finance Department TITLE: ADOPT A RESOLUTION ACCEPTING THE 2009 -10FY YEAR -END FINANCIAL REPORT FOR THE OPERATING BUDGET AND AMENDING THE 2009 -10FY OPERATING BUDGET SUMMARY This report presents the results of operation for the 2009 -10FY Operating Budget; recommended carryovers of outstanding purchase orders, contracts and obligations from 2009/10FY to 2010/11 FY (Carryovers); and changes in designations of the fund balance reserves. This information is unaudited. The audited information will be reflected in the City's Comprehensive Annual Financial Report (CAFR) and will be presented to Council once the City's independent auditor has issued its opinion on the CAFR and it has been accepted by the Audit Committee (expected to occur) in January 2011. If there are any differences in the financial information presented in this report and the CAFR as a result of the audit, those changes will be highlighted for the Council at the time the CAFR is presented to the Council for acceptance in January. RECOMMENDATION Staff recommends that Council adopt the attached resolution (Attachment 1) to take the following actions: 1. Amend the 2009 -10FY Operating Budget as shown in Attachment 2. 2. Designate June 30, 2010, Fund Balances as shown in Table 2 and also in Attachment 2. 3. Approve the Operating Budget Carryovers as shown in Attachment 3. FINANCIAL STATEMENT The recommended actions will formalize Council's decisions since the last approved budget adjustments (Third Quarter Report adopted by the Council on May 4, 2010 and the Midterm Budget Review approved June 1, 2010) and approve any modifications to the Operating Budget as outlined in this report.