TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jeffery Yates, Assistant City Manager
Kimberly Leonard, CLGBO, CLGFO, CPA, MPA, Budget & Evaluation Director
Jody Picarella, CPA, Chief Financial Officer
DATE: May 6, 2024
RE:
Title
FY 2024 Financial Update
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V : Financially Sound City Providing Exemplary City Services.
Executive Summary:
The presentation and discussion focus on the City's financial performance through March 31, 2024. Included is a review of vacancies as of April 29, 2024, and a projection to the end of FY 2024
Background:
During the City Council's April work session, a financial update was provided that included data through the end of December 2023. At that time, the report referred to this work session. Staff has updated and provided additional information for the work session.
Issues/Analysis:
Several key takeaways emerge when the various reports are analyzed as a landscape. No single piece of information provides a complete picture, but when taken together, we can get a high-level picture of the City's financial condition and health.
The reports are attached for a detailed review, and we welcome any follow-up questions for clarity or explanation. The included reports offer three key takeaways:
1. The City's financial health is strong. As of June 30, 2023, the fund balance analysis indicates that the City maintains a fund balance above its policy goal. The policy goal is an unassigned fund balance of $25.2 million, and the unaudited unassigned fund balance is $28.2 million. We anticipate completing the projected FY 2024 results in time to provide an update when the presentation is provided.
2. The General Fund is performing as anticipated. The revenues and expenditures are in alignment with historical trends. Revenues, particularly Ad Valorem and Intergovernmental (sales taxes...
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