TITLE
Recommendation to receive and file the Fiscal Year 2012 Second Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report includes information on the City's Fiscal Year 2012 (FY 12) budget performance through March 31, 2012 for all funds, with particular emphasis on the General Fund.
Summary
The actions initiated by the City Manager at the end of the first quarter to close the projected $11 million General Fund budget gap appear to be working and no further action is proposed at this time.
As of the end of the second quarter, expenditures in all City funds are expected to end the year under budget. General Fund revenue, however, is projected to end the year at about $392 million or 2.9 percent under budget. To close the mid-year shortfall as discussed in the First Quarter report, the City Manager directed the implementation of a 1 percent savings target and recommended the use of one-time revenue of $5 million from FY 11, which was reserved at year-end to address potential revenue shortfalls in FY 12. A remaining $150,000 shortfall is expected to be resolved before year-end.
FY 12 - All Funds
There are no significant spending or revenue concerns to report at this time. Please see Attachment A for a complete summary of expenditures by fund. Staff will update the City Council in the third quarter budget performance report if any new problems arise. All discussion of General Fund changes is included in separate sections below.
FY 12 General Fund Expenditures
As of March 31, 2012, all departments have estimated to end the year within their appropriations, except the Police Department. The Police Department estimated at the end of March that it will be over adjusted budget, but has committed to end the year within appropriations and their estimates at the end of April show they are on track to do so. See Attachment D for a summary of expenditures by department and Attachment footnotes for an explanation of any relevant changes. In addition, ...
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