AGENDA TITLE:
title
Receive and File Monthly Financial Report and Register of Claims Pursuant to Government Code Section 41004 (FIN)
end
MEETING DATE:
August 7, 2024
PREPARED BY:
Melissa Munoz, Accounting Manager
recommendation
RECOMMENDED ACTION:
Receive and File Monthly Financial Report and Register of Claims Pursuant to Government Code Section 41004.
body
BACKGROUND INFORMATION:
The Monthly Financial Report provides the revenue and expenditures through the previous month end. Year-to-date actuals are compared to budget and previous year actuals, for the time frame. No accruals are recorded on the monthly financial report. Except at fiscal year-end, when accruals are recoded 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. Understanding 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.
Financial Report:
The June 2024 report outlines that both revenues and expenditures are generally aligned with expectations. The City’s conservative budgeting practices and sound fiscal management demonstrate that the City is projected to end the fiscal year in an equal or better financial position than it began. This report is consistent with the adopted Fiscal Year 2023-24 (“Year”) budget and financial plan and any amendments approved by City Council during the Year. The report presents unaudited information as of June 30, 2024. Final audited June 30, 2024 numbers will be presented with the annual comprehensive financial report later this year. Accounting or accrual adjustments may be made between now and the final report to ensure all revenue and expenditures are recorded per Generally Accepted Accounting Principles (GAAP).
General Fund revenue saw increases in the following accounts:
1) Licenses and Permits as a result of increased issuance of alarm permits and false alarm calls;
2) From Use of Money/Proceeds due to receiving the lease payment associated with the power plant at Lodi Lake; and
3) Miscellaneous Revenue increased for contractual services for the Waste Management Contract.
Library Fund saw an increase in revenue related to a grant received.
On the expenditure side, General Fund expenditures for non-departmental are under budget due to the one-time reserve allocation for long term projects. The American Rescue Plan ACT funds are allocated to capital projects and will be spent as the projects progress. The largest allocation of these funds is to the Access Center. The contract award for construction is scheduled for late 2024 with construction expected to begin in 2025.
Parks, Recreation and Cultural Services is under their revised budget due to salary and benefits from vacant positions. Parks, Recreation and Cultural Services also came under budget for contracted services related to a project that will be ongoing in FY2025.
Public Safety funds are grant related expenditures and dependent on purchases relating to equipment to public safety and overtime cost associated with specific grant related purposes.
Capital Outlay, Impact Mitigation Fees, Community Projects, Water, Wastewater, and Transit funds are used all or in part for capital projects. These funds are under budget due to ongoing projects that will draw down on budgeted resources as projects progress.
Register of Claims:
Transactions shown in the register are consistent with the adopted Fiscal Year 2023-2024 budget and any amendments approved by City Council during the year.
These reports are provided to comply with Government Code Section 41004.0
STRATEGIC VISION:
3A. Fiscal Health: Promote City's transparency & fiscal fluency.
FISCAL IMPACT:
Not applicable.
FUNDING AVAILABLE:
Not applicable.
_______________________________________
Andrew Keys
Assistant City Manager
_______________________________________
Scott R. Carney
City Manager