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THE CITY OF O ii; ' "` CITY COUNCIL AGENDA REPORT 8 pLEASANT0\ November 6, 2018 Finance TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2017/18 YEAR-END OPERATING BUDGET REPORT AND DESIGNATE GENERAL FUND RESERVES SUMMARY This report presents the results of operations for the FY 2017/18 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 2019. 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 2017/18 Year-end Operating Budget Report and designate the June 30, 2018 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 6, 2018) and designates the June 30, 2018 General Fund Balances as outlined in this report. The proposed General Fund reserves will result in combined year-end General Fund reserves of $26.8 million which is approximately 25.3 percent of the actual FY 2017/18 General Fund operating expenditures and 23.3 percent of the FY 2018/19 budgeted General Fund expenditures. The City's policy is to have total General Fund reserves equal to at least 20 percent of operating expenses with a target of 25 percent.