TITLE
Recommendation to receive and file the Fiscal Year 2013 Year-End Budget Performance Report. (Citywide)
DISCUSSION
This report reflects the City’s Fiscal Year 2013 (FY 13) budget performance. The information provided is subject to change, as the books for FY 13 are not fully closed. However, it is anticipated that these numbers are close to final. While the financial report primarily discusses the General Fund, significant information for other funds is highlighted where applicable.
Summary
The City’s total FY 13 Adjusted Budget of $3.8 billion supports 21 departments, including the separately managed Water and Harbor Departments. The City has seven fund types divided into 41 funds that comprise the $3.8 billion Adjusted Budget. Most of these funds are restricted funds, such as the Harbor Fund, Gas Fund and Tidelands Funds, that are designated for specific and limited activities. The majority of core community services provided in the City, such as police and fire services, libraries and parks, are largely supported by the General Fund, which comprises only 11 percent of the Adjusted City budget.
The City ended FY 13 generally consistent with program and budget expectations. Citywide, year-end spending for each fund came in under budgeted appropriation. The largest deviation in the General Fund was an unexpected one-time revenue primarily due to the dissolution of the redevelopment agency. Adding to the one-time revenue was oil revenue over the $70/bbl budgeted levels. This contributed to an increase in funds available, much of which the City Council appropriated for one-time spending in the FY 14 Adopted Budget.
Please see Attachment A for a breakdown of citywide expenditures by fund. The balance of the report summarizes the General Fund and notable performance for selected other funds.
General Fund and Uplands Oil Fund Overview
The General Fund and Uplands Oil Fund ended the fiscal year with an ending funds available of approximately $3.3 million ...
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