11/14/2018 4:21:34 PM
11/2/2018 9:01:50 AM
CITY CLERK - TYPE
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THE CITY OF O <br /> ii; ' "` CITY COUNCIL AGENDA REPORT 8 <br /> pLEASANT0\ <br /> November 6, 2018 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2017/18 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 2017/18 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 2019. 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 2017/18 Year-end Operating Budget Report and designate the June 30, 2018 <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 6, 2018) and <br /> designates the June 30, 2018 General Fund Balances as outlined in this report. The <br /> proposed General Fund reserves will result in combined year-end General Fund <br /> reserves of $26.8 million which is approximately 25.3 percent of the actual FY 2017/18 <br /> General Fund operating expenditures and 23.3 percent of the FY 2018/19 budgeted <br /> General Fund expenditures. The City's policy is to have total General Fund reserves <br /> equal to at least 20 percent of operating expenses with a target of 25 percent. <br />
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