TITLE
Recommendation to receive and file the Fiscal Year 2011 First Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report reflects the City's Fiscal Year 2011 (FY 11) budget performance through December 31, 2010. 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
As of December 30, 2010, the City's Adjusted expenditure Budget for all funds was $2.9 billion. With 25 percent of the year complete, year-to-date expenditures in all funds is at 14.5 percent of budget, or $427.9 million. Year-to-date revenues for all departments and all funds were at $525.7 million, or 25.0 percent of the $2.1 billion in projected revenue.
The Adopted General Fund budget for FY 11 is $380.4 million and the Adjusted General Fund Budget as of December 31, 2010 is $380.7 million. With 25 percent of the fiscal year completed, the year-to-date General Fund spending reached $87.2 million, or 22.9 percent of the budget. After the first round of estimates-to-c1ose, the General Fund departments are projecting to end the fiscal year at $381.0 million, or $284,936 over the Adjusted Budget. Approximately 22.2 percent of anticipated General Fund revenue has been collected year-todate. General Fund revenue is currently projected to end the year at approximately $7 million or 1.8 percent under budget. It is too early to determine if revenues will remain weak through the end of the Fiscal Year. At mid year, staff will present to Council options in the event revenues are below projections.
FY 11 Expenditures - All Funds
While it is not expected that department or fund expenditures will occur equally throughout the fiscal year, measuring fund performance in quarterly intervals allows for review of the revenue and expenditure trends thus giving policymakers and administrators the ability t...
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