3/1/2018 11:31:57 AM
3/1/2018 11:31:55 AM
CITY CLERK - TYPE
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THE CITY OF /� <br /> :121 A i CITY COUNCIL AGENDA REPORT I <br /> 4 <br /> pLE ASANTONC <br /> March 6, 2017 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION ACCEPTING THE MIDYEAR FY 2017/18 <br /> OPERATING BUDGET AND AMENDING THE FY 2017/18 OPERATING <br /> BUDGET ACCORDINGLY <br /> SUMMARY <br /> The City follows a three step operating budget process that starts with the approval of a <br /> two-year Operating Budget (Budget); then after the first year of the Budget the adoption <br /> of a Midterm Budget; and the adoption of Midyear Budget adjustments during each of <br /> the two years of the Budget. This report is the Midyear Budget report for the first year of <br /> the Budget. This report recommends adjustments to the FY 2017/18 Operating Budget <br /> adopted by the Council on June 20, 2017. While these recommended changes <br /> primarily affect the General Fund, Water Fund, and Sewer Fund, minor adjustments are <br /> also recommended to the Special Revenue Funds. Included in the recommended <br /> Midyear Budget adjustments are recognition of grant funds, Council actions, and other <br /> Budget adjustments that have occurred since the adoption of the Operating Budget on <br /> June 20, 2017. A complete analysis of the adjustments for all funds is included in <br /> Appendix A. <br /> RECOMMENDATION <br /> Adopt the attached resolution approving Midyear adjustments to the FY 2017/18 <br /> Budget. <br /> FINANCIAL STATEMENT <br /> The recommended adjustments to various funds and the financial impact to each fund <br /> are outlined in Appendix 1. The discussion section of this report also summarizes the <br /> recommended adjustments and their respective impact to the Budget and fund <br /> balances. <br />
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