TITLE
Recommendation to receive and file the Fiscal Year 2008 Year-End Budget Performance Report; and
Concur with the Budget Oversight Committee to transfer $3 million in General Fund ending fund balance into the Budget Stabilization Fund to assist with the FY 09 impacts of the economic crisis. (Citywide)
DISCUSSION
This report reflects the City's Fiscal Year 2008 (FY 08) budget performance through September 30, 2008. The information provided is unaudited as the audit for FY 08 will not be completed until approximately March 2009.
The report includes financial information for all funds and departments. While the financial report primarily discusses the General Fund, exceptional performance (both positive and negative) in other funds is highlighted where applicable.
Summary
The FY 08 Adopted Budget totaled $2.7 billion for the City's 22 departments, and was later amended to $3.3 billion during the fiscal year by the City Council, mostly due to the increased payments to the State for increased oil revenues, Redevelopment, and Housing Development. Of that amount, $391.9 million comprised the General Fund budget, which was subsequently increased to $392.3 million during the fiscal year, to provide core municipal services such as public safety, public works, recreation, and library services.
As of fiscal year-end, actual expenditures for all departments and all funds are $2.6 billion. Revenues for all departments and all funds are $2.7 billion. Unspent grant and capital project funds will be carried forward into subsequent fiscal years to support multi-year projects or grant-funded activities. For the General Fund, actual expenditures for all departments were $388.8 million, or $3.4 million less than the Adjusted Budget of $392.2 million, primarily due to savings generated through vacancies. Actual General Fund revenues for all departments totaled $400.1 million.
FY 08 was the fifth year of the City's Financial Strategic Plan (Plan). Approximately $107.6 mil...
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