TITLE
Recommendation to receive and file the Fiscal Year 2008 First Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report provides an update on the City's Fiscal Year 2008 (FY 08) budget and operational performance through December 31, 2007. The report covers a broad spectrum of financial information for all funds and departments with multi-year comparisons, charts and graphs to provide a clear picture of the City's financial situation. While the focus of the financial report is the General Fund, exceptional performance (both positive and negative) in other funds is highlighted where applicable.
Summary
The total Adjusted City Budget for all funds as of December 31,2007 was $2.74 billion. With 25 percent of the year complete, expenditure performance in all funds is at approximately 18.8 percent year-to-date. The total adjusted General Fund expenditure budget was $393.2 million, with budgeted revenue of $392.6 million. The difference between budgeted revenue and expense reflects carry over appropriations. After the first three months of the fiscal year, based on current appropriation authority, overall expenditures and revenues are on target, however, some departmental performance warrants closer review and possible corrective action. With 25 percent of the fiscal year complete, approximately 22.3 percent of anticipated General Fund revenue has been collected.
FY 08 General Fund Revenue
Current and projected revenue performance is based upon a variety of factors, and includes both structural and one-time revenues. It's important to note the risks inherent in projecting revenue, as the City has limited, if any, authority to affect certain revenue streams. Overall, year-to-date General Fund revenue is $87.5 million, or approximately 22.3 percent of total projected revenue, and is close to the expected performance after the first quarter of the year. Performance to date numbers for revenue are above FY 07 primarily due to the posting of transfe...
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