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CC - Presentation of the Fiscal Year (FY) 2019/2020 Unaudited Financial Report for the General Fund
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Meeting Date: September 29, 2020
Contact Person/Dept: Onyx Jones/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification: (Email) Meetings and Agendas - City Council (09/23/20); (Email) Ongoing Topics - Fiscal and Budget Issues (09/23/20)
Department Approval: Onyx Jones, Chief Financial Officer (09/21/2020)
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RECOMMENDATION
Staff recommends City Council receive a presentation of the FY 2019/2020 Unaudited Financial Report for the General Fund.
BACKGROUND/DISCUSSION
The attached FY 2019/2020 Unaudited Financial Report presents City Council with a snapshot of unaudited General Fund expenditures and revenues through June 30, 2020. The report also provides an overview of the City's General Fund operating revenues and expenditures as compared to budgeted and forecasted amounts, explaining any notable deviations or trends in the numbers.
As a result of COVID-19, Finance's focus is on monitoring revenues and expenditures, with the intent to proactively respond to unanticipated changes or emerging trends. Secondly, the report also provides fiscal transparency of the City's finances during these most tenuous economic times.
FISCAL ANALYSIS
General Fund Revenues were $124M or 113% of the forecast amount and 95% of the FY2019/2020 Revised Budget. General Fund Expenditures were $120.8M or 103% of the forecast and 83.5% of FY 2019/2020 Revised Budget. The FY 2019/2020 Unaudited Financial Report also indicates that the General Fund's Unappropriated Reserves will have an estimated net increase of $966,329 as shown on the table below.
ATTACHMENTS
1. 2020-09-28_ATT - FY 2019/2020 Unaudited Financial Report for the...
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