Legislation Details

File #: 19-007    Version: 1 Name:
Type: Informational Report Status: Filed
File created: 12/9/2018 In control: City Council Work Session
On agenda: 8/12/2019 Final action: 8/12/2019
Title: City Financial Report Presenter: Charae McDaniel, Chief Financial Officer
Attachments: 1. Aug 12 Monthly Financial Report.Council

 

 

Title

City Financial Report

 

  Presenter: 

Charae McDaniel, Chief Financial Officer

 

Body

  Summary:

This financial update includes an overview of revenues and expenditures for the year to date, and a number of economic indicators.

 

  Previous Council Action: 

On November 27, 2018, per Ordinance No. 18-118 City Council approved the 2019 Budget.

 

  Background:

The monthly financial report 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.

 

  Financial Implications:

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 52% of budget through June 30.

 

  Board/Commission Recommendation:

N/A

 

  Stakeholder Process:

N/A

 

  Alternatives:

N/A

 

Recommended Action

  Proposed Motion:

N/A

 

Summary of Ordinance Language

N/A