eComments During Meetings: When available, click here to submit eComments during a live meeting | Attendees must register here to attend all virtual meetings.

File #: 21-52    Version: 1 Name: Interim Finance 2019/2020 Report
Type: Minute Order Status: Action Item
File created: 7/7/2020 In control: FINANCE ADVISORY COMMITTEE
On agenda: 7/15/2020 Final action:
Title: Receive and Discuss the Interim Financial Report Through May 31, 2020
Attachments: 1. Interim Financial Report thru May 31, 2020.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

title

Receive and Discuss the Interim Financial Report Through May 31, 2020 

 

body

Meeting Date:  July 15, 2020

 

Contact Person/Dept:                     Onyx Jones/Finance Department

 

Phone Number:  (310) 253-5865

 

Fiscal Impact:  Yes []    No [X]                                                                General Fund:  Yes [X]     No []

 

Public Hearing:  []          Action Item:                     []          Attachments: Yes [X]  No[]  

 

Public Notification:   (E-Mail) Meetings and Agendas - Finance Advisory Committee (07/15/2020)

 

Department Approval:  Onyx Jones, Chief Financial Officer (07/10/2020)

_____________________________________________________________________

 

 

RECOMMENDATION

 

Staff recommends the Finance Advisory Committee (FAC) receive a report from the Chief Financial Officer and discuss the Interim Financial Report through May 31, 2020 (Attachment 1).

 

 

BACKGROUND/DISCUSSION

 

Interim Financial Report through May 31, 2020

 

The attached Interim Financial Report presents the FAC with a snapshot of General Fund expenditures and revenues through May 31, 2020.  The report will compare actual receipts and expenses to the FY 2019/2020 Revised Budget and Forecast.

 

 

FISCAL ANALYSIS

 

General Fund expenditures through May 31, 2020 are $108.9M or 93% of the Forecast amount, and 76% of the FY 2019/2020 Revised Budget.  There is also $7.3M in encumbrances.  General Fund operating revenues through May 31, 2020 are $108.3M or 98.8% of the Forecast amount, and 83.0% of the FY 2019/2020 Revised Budget. 

 

There is a net loss of ($579,336) as of May 31, 2020.  It is important to note that a portion of the $7.3M in encumbrances will still be paid out before the end of the fiscal year and there are also year-end audit entries that will be posted in the June.  Both of these factors will impact how the General Fund ends the fiscal year.  An overview of the various revenue categories is included in the attached Interim Financial Report, along with expenditure information by Department and by category. 

 

 

ATTACHMENTS

 

1.                     2020-07-13_ATT - Interim Financial Report through May 31, 2020

 

 

MOTION

 

That the Finance Advisory Committee:

 

Receive report and discuss the Interim Financial Report through May 31, 2020.