TITLE
Recommendation to receive and file the Fiscal Year 2013 First Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report includes information on the City’s Fiscal Year 2013 (FY 13) budget performance through December 31, 2012 for all funds, with particular emphasis on the General Fund.
Summary
As of the end of the first quarter, expenditures in all City funds are expected to end the year within budget. This report includes some reporting format changes to facilitate comparisons with the prior year budget.
FY 13 Expenditures - All Funds
There are no significant spending concerns to report at this time. Please see Attachment A for a complete summary of expenditures by fund.
FY 13 General Fund Expenditures
As of December 31, 2012, General Fund departments have estimated to end the year under budget by $2.2 million in aggregate, which can be attributed to the International Association of Machinists and Aerospace Workers (IAM) CalPERS pickup savings described on the second page of this report. See Attachment B for a summary of expenditure by department and attachment footnotes for an explanation of any relevant changes.
After the first quarter of FY 13, 23 percent of Adjusted General Fund Appropriations have been expended. This is roughly on pace with the spending pattern of the last fiscal year. Increased demands for City services during the summer months traditionally result in accelerated expenditures in the second and third quarters. City departments anticipate and incorporate the seasonality of expenditures into the estimates-to-close. Since these estimates represent only first quarter results, they should be considered early estimates only. Staff will continue to closely monitor expenses and report any significant changes.
FY 13 General Fund Revenue
General Fund revenues in the first quarter of FY 13 are being realized as expected in the Adopted Budget. New property tax revenues associated with the RDA dissolution were not refl...
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