Title
2017 Yearend Review, 2018 Monthly Financial Update, and 2019 Budget Outlook
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
This update provides a 2017 yearend review, the regularly scheduled monthly financial update, and a brief 2019 General Fund budget outlook.
Previous Council Action:
On December 12, 2017, per Ordinance No. 17-116, City Council approved the 2018 Budget.
Background:
As required by state law, the City annually prepares a complete set of audited financial statements. The City recently fulfilled this requirement by publishing the 2017 Comprehensive Annual Financial Report (CAFR). The yearend review includes a summary of the major items found within the 2017 CAFR.
The monthly financial update provides end-of year revenue and expenditure estimates, including a table showing the percentage of current budget spent by appropriating department. The report also includes a Grants overview and a Memorial Health System update.
Finally, the brief 2019 General Fund budget outlook provides a preview of the challenges and opportunities in building the 2019 General Fund budget. The outlook also includes a calendar mapping out the remaining steps in the budget process.
Financial Implications:
As of December 31, 2017, the City’s total net position was $3.2 billion, an increase of $120.6 million or 3.9%. The combined governmental fund balances totaled $162.2 million, an increase of $9.9 million. The General Fund ended the year with a total fund balance of $73.7 million, of which $50.6 million was unrestricted.
Based upon the current end-of-year estimates, the City’s General Fund, its most significant fund used to provide core municipal services, is trending 1% above budget for revenue and approximately 0.2% under budget for expenditures.
Based upon current estimates, the City’s 2019 General Fund revenue will increase by 3.3% over the 2018 Budget.
Board/Commission Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
N/A
Summary of Ordinance Language
N/A