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CC - Receipt and Filing of the Interim Financial Report Through March 31, 2021.
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Meeting Date: July 12, 2021
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: (Email) Meetings and Agendas - City Council (07/07/2021);
Department Approval: Onyx Jones, Chief Financial Officer (07/07/2021)
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RECOMMENDATION
Staff recommends the City Council receive and file the Interim Financial Report through March 31, 2021 (Attachment 1).
BACKGROUND/DISCUSSION
Interim Financial Report through March 31, 2021
The attached Interim Financial Report presents the City Council with a snapshot of General Fund expenditures and revenues through March 31, 2021. The report will compare actual receipts and expenses to the FY 2020/2021 Revised Budget.
FISCAL ANALYSIS
General Fund operating revenues through March 31, 2021 are $73.3M, or 68% of the FY 2020/2021 Revised Budget of $107.5M. General Fund expenditures through March 31, 2021 are $91.1M, or 71% of the FY 2020/2021 Revised Budget of $128.1M. There is also $5.8M in encumbrances.
Through the third quarter of FY 2020/2021, revenues are $6.5M below the same period last year; however, they are likely to exceed the FY 2020/2021 Revised Budget amounts between 3% and 5%. Expenditures through the third quarter are $4.1M below the same period in the prior fiscal year. However, a portion of the $5.8M 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.
It should also be noted that the FY 2020/2021 Revised Budget of $128.1M did not include much needed capital projects and...
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