REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Dahle Bulosan, Interim Chief Financial Officer
Subject:
title
Approve Fiscal Year 2018/19 Year End Preliminary Unaudited General Fund Balance Designations
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Statement of Issue:
The Finance Department is currently undergoing the year-end closing process for the Fiscal Year (FY) 2018/19, which began on July 1, 2018, and ended on June 30, 2019. City Council authorization is requested to allocate the currently estimated increase in General Fund balance of $10.4 million and reallocate fund balance categories to finalize the City's Comprehensive Annual Financial Report (CAFR), subject to final certification by the City's independent, external auditors.
Financial Impact:
Authorization is requested to allocate the currently estimated increase in General Fund Balance of $10.4 million and reallocate fund balance categories to finalize the City's CAFR.
Recommended Action:
recommendation
Approve the assignments of preliminary FY 2018/19 year-end General Fund Balance increase of $10.4 million and reallocation of fund balance categories in the amounts and for the purposes indicated in Attachment 1.
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Alternative Action(s):
Do not approve the recommendation and direct staff accordingly.
Analysis:
For the Fiscal Year 2018/19, preliminary, unaudited figures reflect a total of approximately $232.1 million in recurring General Fund revenue and $4.5 million in one-time revenue for a total of $236.6 million in total estimated General Fund revenue. The total estimated General Fund expenditures and transfers is $226.2 million. After accounting for actual expenditures and transfers, there is a preliminary unaudited increase in fund balance of $10.4 million, or 4.4 percent of the General Fund revenues.
General Fund Designations
The City Council developed Strategic Initiatives at the City Council's Strategic Planning Retreat o...
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