Long Beach, CA
File #: 13-0806    Version: 1 Name: FM - FY13 3rd Qtr Budget Performance Report
Type: Agenda Item Status: Approved
File created: 9/3/2013 In control: City Council
On agenda: 9/17/2013 Final action: 9/17/2013
Title: Recommendation to receive and file the Fiscal Year 2013 Third Quarter Budget Performance Report. (Citywide)
Sponsors: Financial Management
Indexes: Report
Attachments: 1. 091713-R-22sr&att.pdf
Related files: 14-0111
TITLE
Recommendation to receive and file the Fiscal Year 2013 Third Quarter Budget Performance Report. (Citywide)

DISCUSSION
This report includes information on the City's Fiscal Year 2013 (FY 13) budget performance through June 30, 2013 for all funds, with particular emphasis on the General Fund.

Summary

As of the end of the third quarter, expenditures in all City funds are still expected to end the year within budget, General Fund revenues are anticipated to exceed expenses by $36.9 million, which will be reserved at year-end for one-time use in accordance with the FY 14 Adopted Budget. The current estimate of the FY 13 General Fund ending fund balance is $675,000.

FY 13 General Fund Expenditures

After the third quarter of FY 13, 71 percent of Adjusted General Fund appropriations have been expended, which is roughly on pace with the spending pattern of the previous fiscal year. The current FY 13 Budget includes adjustments to capture the savings from the agreement with the International Association of Machinists and Aerospace Workers (lAM) to have employees pay their total employee contribution rate to CaIPERS. The estimated savings to the City's General Fund of approximately $2.5 million ($6.3 million in All Funds) in FY 13 is reserved as part of the available one-time funds to be used in FY 14. Current estimates also include the repayment to the Successor Agency for debt service payments in FY 12 and the release of reserve to offset that expense.

As a result of the timing of the Third Quarter Budget Adjustment report scheduled to be heard by the City Council with this performance report, a few departments appear to be over-budget. This is the result of a timing issue; once the third quarter budget adjustments, with offsetting revenues are approved, the General Fund will be back within appropriation. Staff will continue to closely monitor expenses and report any significant changes.

FY 13 General Fund Revenue

Revenue projections as of the thi...

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