11/29/2017 12:17:00 PM
11/29/2017 12:16:59 PM
CITY CLERK - TYPE
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THE CITY OF _ <br /> - 4• 1 5 <br /> - CITY COUNCIL AGENDA REPORT <br /> pL£ASANTONo <br /> December 5, 2017 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2016/17 YEAR-END <br /> OPERATING BUDGET REPORT AND DESIGNATE GENERAL FUND <br /> RESERVES <br /> SUMMARY <br /> This report presents the results of operations for the FY 2016/17 Operating Budget <br /> (Budget) and recommends designations of the General Fund reserves. This information <br /> is unaudited. The audited information will be included in the City's Comprehensive <br /> Annual Financial Report (CAFR) and will be presented to Council once the City's <br /> independent auditor has issued its opinion on the CAFR and it has been reviewed by <br /> the Audit Committee which is expected to occur in January 2018. If there are any <br /> differences in the financial information presented in this report and the CAFR as a result <br /> of the audit, those changes will be highlighted for the Council at the time the CAFR is <br /> presented to the Council for acceptance in January. <br /> RECOMMENDATION <br /> Staff recommends that Council adopt the attached resolution (Attachment 1) to accept <br /> the FY 2016/17 Year-end Operating Budget Report and designate the June 30, 2017 <br /> General Fund Balances as shown in Attachment 2. <br /> FINANCIAL STATEMENT <br /> The recommendation ratifies Council's actions since the last approved budget <br /> adjustment (Midyear Operating Budget adopted by Council on March 21, 2017) and <br /> designates the June 30, 2017 General Fund Balances as outlined in this report. The <br /> proposed General Fund reserve designations will result in combined year-end General <br /> Fund reserves of$22.6 million which is approximately 22.2% of the total FY 2016/17 <br /> General Fund operating expenditures of$101.7 million. The City's policy is to have total <br /> General Fund reserves equal to at least 20% of operating expenses with a target of 25%. <br />
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