MEETING DATE:
OCTOBER 14, 2014
SUBJECT:
Title
FOURTH QUARTER FISCAL YEAR 2013-14 FINANCIAL STATUS REPORT
Body
Recommendation
Recommendation
NOTE AND FILE Fiscal Year 2013-14 Fourth Quarter Financial Status Report.
Body
Commission Recommendation
Not applicable
Relevant Council Strategic Theme (If not applicable, please state not applicable below)
Financial Performance for Good Government
Relevant Department Goal
Complete and Distribute Quarterly Financial Reports.
Introduction
The fourth quarter 2013-14 Financial Status Report, which focuses on the General Fund, is attached. The fourth quarter of FY 13-14 performed well and although, unaudited, FY 13-14 financial results are fairly positive.
As of June 30, 2014, $62 million or 98% of the General Fund operating budget has been expended and functional areas in the General Fund were fairly on target with budget. This $62 million also includes approximately $320,000 for expenditures related to the COCOS Fire Incident back in May. We are still wrapping up the financial activity for the year-end audit but feel confident that expenditures will be at this level or just slightly above.
General Fund revenues outperformed budget by approximately $1.9 million. However, a large portion of that was due to a one-time generated revenue source in the amount of $1.2 million from the Hansen Property Sales Tax Settlement.
Overall, revenues exceeded expenditures by approximately $2.2 million. Reserves remained at approximately $55.7, after an equity transfer of $3.6 million to the replacement/rehabilitation funds as approved by City Council. Currently, General Fund Reserves are 70% of unassigned fund balance which is well over the reserve policy limit of 50%.
Staff hopes to complete the audit by mid-November and bring back to City Council the Comprehensive Annual Financial Statements for FY 13-14 showing final results by the end of December.
Discussion
The attached report provides revenue, expenditure, and capital project and fund balance activity for the fourth quarter of Fiscal Year 2013-14.
Fiscal Impact
There is no fiscal impact.
Attachment(s)
Fourth Quarter Fiscal Year 13-14 Financial Status Report
Prepared by: Laura Rocha, Finance Director
Approved by: Jack Griffin, City Manager