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THE CITY OF 13 CITY COUNCIL AGENDA REPORT pL£ASANTONo November 17, 2015 Finance TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2014/15 YEAR-END OPERATING BUDGET REPORT AND DESIGNATE GENERAL FUND RESERVES SUMMARY This report presents the results of operations for the FY 2014/15 Operating Budget (Budget) and recommends designations of the General Fund reserves. This information is unaudited. The audited information will be included 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 reviewed by the Audit Committee which is expected to occur in January 2016. 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 accept the FY 2014/15 Year-end Operating Budget Report and designate the June 30, 2015 General Fund Balances as shown in Attachment 2. FINANCIAL STATEMENT The recommendation ratifies Council's actions since the last approved budget adjustment (Midyear Operating Budget adopted by Council on March 17, 2015) and designates the June 30, 2015 General Fund Balances as outlined in this report. The proposed General Fund reserve designations will result in combined year-end General Fund reserves of $20.6 million which is approximately 22% of the total FY 2014/15 General Fund operating expenditures of$94.6 million. The City's goal is to have total General Fund reserves equal 20% of operating expenses.