FY16-17 MID-YEAR FINANCIAL REPORT
Staff Contact and Presenter: Vicki Rios, Director, Budget and Finance
Staff Presenter: Lisette Camacho, Assistant Director, Budget and Finance
Purpose and Policy Guidance
The purpose of this item is to present Council with a Fiscal Year 16-17 Mid-Year Financial Report for the major operating funds; thus providing information regarding the actual results of the city's revenue collections and expenditures through December 31, 2016 including budget to actual comparisons and an assessment of any foreseeable financial issues.
Background
December 31, 2016 marks the middle of the of the city's fiscal year. As part of the annual budget process, it is important to compare the actual financial results with the budgets and determine if adjustments to budgets or forecasts are necessary. Best financial practice calls for periodic analysis of the variances between the budget or forecast and the actual financial results. This variance analysis identifies any significant factors that may influence revenue collections and expenditure levels. The analysis also serves to improve future forecasts and identify any foreseeable financial issues so they can be proactively addressed.
Analysis
The attached report contains detailed results and analysis of the major operating funds. Overall, the results of the analysis for the major funds primarily show positive financial results for the fiscal year.
Staff will continue to monitor the actual results and prepare financial reports quarterly.
Previous Related Council Action
This analysis of revenues and expenditures is based on the budget for FY16-17 which was adopted by the Council on June 14, 2016.
An FY15-16 Mid-Year Financial Report was provided to council on February 16, 2016
An FY14-15 Mid-Year Financial Report was provided to council on February 17, 2015.
An FY13-14 Mid-Year Financial Report was provided to the council on March 4, 2014.
An FY13-14 Third Quarter Financial Report was pro...
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