TO: Mayor and Members of City Council
THRU: Telly Whitfield, Assistant City Manager
FROM: Jay Toland, Special Assistant to the City Manager - Finance
Cheryl Spivey, Chief Financial Officer
DATE: May 14, 2018
RE:
Title
Revenue and Expenditure Reports for the Annual and Multi-Year Funds for the Nine-Month Period Ending March 31, 2018
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Mission Principle 2 - The City Government is financially sound and provides a full range of quality municipal services that are valued by our customers and delivered by a dedicated workforce in a cost effective manner focused on customer service.
Executive Summary:
The City's revenue and expenditure reports for the nine-month period ended March 31, 2018 is provided for Council's information.
Background:
The attached reports consist of annual operating reports for the General Fund and Other Operating Funds. Revenue and expenditure reports for the Multi-Year Funds are also provided. The annual operating reports provide revenue and expenditure data for the current fiscal year as of March 31, 2018 with comparative data for the same period of the prior fiscal year. The current year annual budget along with positive or negative changes between the "Actuals" columns is also provided.
The revenue and expenditure reports for the multi-year funds provide revenue and expenditure data along with a listing of current projects and project authorizations, activity from inception, encumbrances and project balances.
Issues/Analysis:
Overall, the excess in General Fund revenues over expenditures and transfers out to other funds increased $3.1M over the previous year for the same time period. General Fund revenues are down $4.3M, due mainly to the revaluation of property that took effect January 1, 2017 which resulted in a decrease in Ad Valorem taxes of $2.8M and the reduction in payments from the County for district parks and recreation...
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