TITLE
Recommendation to receive and file the Fiscal Year 2019 Second Budget Performance Report. (Citywide)
DISCUSSION
This report includes information on the City’s Fiscal Year 2019 (FY 19) budget performance through May 31, 2019, for all funds.
Summary
As of May 31, 2019, no significant concerns have been identified with the City’s General Fund or other funds. Any funds that are showing year-end estimates that exceed budgeted appropriations will be resolved with budget adjustments that will be presented to the City Council later in FY 19.
This report summarizes the General Fund performance and provides additional details on the status of other funds. Please see Attachment A for a breakdown of citywide expenditures by fund.
General Fund and Uplands Oil Fund Overview
Based on current estimates as of May 31, 2019, it is anticipated that the General Fund will end the year in balance with an estimated $249,256 in funds available and Uplands Oil Fund with an estimated $53,318. The estimated FY 19 sources and uses are summarized in the table below and described in further detail in the subsequent sections.
General Fund - Sources of Funds
Revenues
As of May 31, 2019, the overall General Fund revenues are projected to be higher than the previous projections. Several key revenue sources are trending better than projected and are helping to mitigate some revenue streams that are underperforming and cover expenses. Positive revenue trends include the following:
· The price of oil is budgeted at $55 per barrel and budgeted as a $9.1 million revenue transfer to the General Fund. Based on both barrel price and production efforts, the transfer to the General Fund from current net oil revenues is anticipated to be $10.4 million. This amount does not include $650,000 in one-time funding for the Police and Health and Human Service Departments appropriated in FY 19 from FY 18 Uplands Oil Fund ending funds available. While average price per barrel has been clo...
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