Title
2018 Yearend Review, 2019 Monthly Financial Update, and 2020 Budget Outlook
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
This update provides a 2018 yearend review, the regularly scheduled monthly financial update, and a brief 2020 General Fund budget outlook.
Previous Council Action:
On November 27, 2018, per Ordinance No. 18-118, City Council approved the 2019 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 2018 Comprehensive Annual Financial Report (CAFR). The yearend review includes a summary of the major items found within the 2018 CAFR.
The monthly financial update provides an end-of year revenue estimate and a table comparing the percentage of current budget spent by appropriating department compared to the prior year. The report also includes a Grants overview, a Sales and Use Tax collection overview, and updates on economic indicators.
Finally, the brief 2020 General Fund budget outlook provides a preview of the challenges and opportunities in building the 2020 General Fund budget. The outlook also includes a calendar mapping out the remaining steps in the budget process.
Financial Implications:
As of December 31, 2018, the City’s total net position was $3.3 billion, an increase of $177.5 million or 5.7%. The combined governmental fund balances totaled $170.7 million, an increase of $8.5 million or 5.2%. The General Fund ended the year with a total fund balance of $73.5 million, of which $51.9 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 has expended 44% of budget through May 31.
Based upon current estimates, the City’s 2020 General Fund revenue will increase by 3.0% over the 2019 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