Title
City Financial Report - 2020 Wrapup, 2021 Update, 2022 Outlook
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
This update provides a wrapup of 2020 financials, a financial report for 2021, and an outlook for the 2022 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 2020 Annual Comprehensive Financial Report (ACFR). The yearend review includes a 2020 summary for the General Fund.
The monthly financial update provides revenue and expenditure through June compared to budget for 2021 and the prior four years. The report also includes a Sales and Use Tax collection overview and updates on economic indicators.
The 2022 Outlook includes a projection for sales tax, an outline of priorities for the 2022 Budget, and a calendar of important dates in the 2022 Budget process
Previous Council Action:
On December 8, 2020, per Ordinance No. 20-92, City Council approved the 2021 Budget.
Financial Implications:
N/A
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
N/A
Summary of Ordinance Language
N/A