Title
2016 Monthly Financial Update and 2017 Budget Outlook
Presenter:
Kara Skinner, Chief Financial Officer
Body
Summary:
This presentation will include the monthly financial update with an overview of end-of-year General Fund revenue and expenditure estimates, details regarding Sales and Use Tax collections, and a number of economic indicators, as well as a brief 2017 General Fund budget outlook.
Previous Council Action:
On November 24, 2015, per Ordinance No. 15-86, City Council approved the 2016 Budget. On April 12, 2016, per Ordinance No. 16-36, City Council approved a supplemental appropriation for City funded City projects from Fund Balance that was attributed to 2015 Public Works expenditure savings.
Background:
Beginning August, 2015, the Finance Department began presenting monthly financial reports to City Council at the second Worksession following the month through which the report was based. With that timing, the actual report could not be included in the agenda packet before the meeting. For the presentation to be included in the agenda packet the Finance Department moved the presentation to the first Worksession of the next month. This report follows that timeline.
The initial 2015 reports included end-of-year estimates. At the beginning of 2016, the reporting methodology was changed to report year-to-date budget to actual comparisons. At the June 13, 2016 City Council Worksession, City Council had many questions regarding the tables and the methodology used to present those year-to-date budget and actual comparisons. After further consideration, this monthly report reverts back to the methodology of providing end-of year revenue and expenditure estimates and provides a simplified format for more direct communication regarding those estimates.
The Finance Department considers these reports to be a work-in-progress and is open to modifying content and presentation as City Council requests.
Financial Implications:
Bas...
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