TITLE
Recommendation to refer the Fiscal Year 2007 First Quarter Budget Performance Report to the Budget Oversight Committee. (Citywide)
DISCUSSION
This report provides an update on the City's Fiscal Year 2007 (FY 07) budget and operational performance through December 31, 2006. 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
Resources required to provide public safety, infrastructure maintenance, library, recreation and other general government services were reduced significantly the past four years, yet the public demand for City services continues to grow. With the elimination of the structural deficit providing a sense of stability, but by no means actual fiscal security, the pressure to provide services that the City cannot yet afford has begun to mount. As previously communicated, the additional compensation increases for police officers that were granted during the first quarter of the fiscal year have committed all projected growth in discretionary resources through Fiscal Year 2010. Therefore, it is imperative that the fiscal discipline that made the Financial Strategic Plan a success be steadfastly maintained.
As of December 31, 2006, the total adjusted General Fund expenditure budget was $378.7 million, with budgeted revenue of $377.4 million. The difference between budgeted revenue and expense reflects the one-time use of fund balance. After the first three months of the fiscal year, overall expenditures and revenues are on target. With 25 percent of the fiscal year complete, approximately 20 percent of anticipated General Fund revenue has been collected; revenues are not expected to be received evenly throughout the fiscal year. D...
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