AGENDA TITLE:
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Receive and File Monthly Financial Report (FIN)
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MEETING DATE:
March 20, 2024
PREPARED BY:
Melissa Munoz, Accounting Manager
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RECOMMENDED ACTION:
Receive and File Monthly Financial Report.
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BACKGROUND INFORMATION:
Staff regularly prepares reports to Council and the public on the state of the City's finances, which is included in Council meeting agenda packets. This new report provides the revenue and expenditures through the previous month end and year to date budget to actuals. Staff's presentation will include an overview of information contained in the report and how to review and interpret it in the future. Future monthly reports will be presented on the consent calendar on the third Wednesday of the month or the meeting immediately following should there be a cancellation.
No accruals are recorded on the monthly financial report. Except at fiscal year-end, when accruals are recorded per accounting standards, revenue is essentially reported when cash is received and expenditures are reported when cash payments are made. Many revenue and expenditure transactions do not occur at uniform time or equal intervals throughout the year.
Making sense of the information presented in the monthly reports requires consideration of cash flow factors of major revenues and expenditures. For instance, while expenditure outflows for normal operations tend to be relatively even, the cash flow timing of capital expenditures and major revenues, such as property taxes, are not distributed as evenly. Staff will highlight these issues for Council and the public's ease of review on this and future reports through footnotes on the reports.
STRATEGIC VISION:
3A. Fiscal Health: Promote City's transparency & fiscal fluency.
FISCAL IMPACT:
Not applicable.
FUNDING AVAILABLE:
Not applicable.
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Melissa Munoz
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