TITLE
Recommendation to receive and file the Fiscal Year 2012 Year-End Budget Performance Report, and increase appropriations in various funds across many departments for various purposes to reflect final expenditures. (Citywide)
DISCUSSION
This report reflects the City’s Fiscal Year 2012 (FY 12) budget performance and technical adjustments. The information provided is preliminary. The books for FY 12 are not fully closed and the audit for FY 12 will not be completed until approximately the end of March 2013. The report includes financial information for all funds and departments. While the financial report primarily discusses the General Fund, significant variances in other funds are highlighted where applicable.
The technical FY 12 year-end appropriation adjustments are included in the second part of this report to correct any funds that surpassed their appropriation limits.
YEAR-END PERFORMANCE REPORT
All Funds
The FY 12 Adopted Budget totals $2.8 billion and covered 21 departments, including the separately managed Water and Harbor Departments. After a poor start in terms of revenues, FY 12 ended better than expected from a revenue perspective. The information that follows is based on a preliminary close of the City’s financial books.
The City’s FY 12 Adopted Budget for all funds includes $2.8 billion of annual funds, $652.5 million of carryover (multi-year grants and capital project funds) and prior year encumbrances (goods and services ordered in FY 11 but received in FY 12), and $7.2 million of City Council-approved budget amendments, bringing the total Adjusted City Budget to $4.2 billion. Please see Attachment A for a breakdown of Citywide expenditures by fund.
The City has seven fund types divided into 39 funds that comprise the $4.2 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...
Click here for full text