TITLE
Recommendation to receive and file Fiscal Year 2019 Year-End Budget Performance Report and increase appropriations in several funds across several departments for various purposes to reflect final expenditures and carryover clean-up. (Citywide)
DISCUSSION
This report reflects the City's Fiscal Year 2019 (FY 19) budget performance. The information provided is unusually preliminary as the books for FY 19 are not as close to final as they normally would be at this time of year. This is the result of the implementation of LBCOAST, Phase I. The implementation has resulted in delays in closing the books and analyzing the City's financial status. This delay and difficulty in closing the books is not atypical for transitions to a major new financial system. If there are any significant changes to figures, staff will provide an update to the City Council.
YEAR-END BUDGET PERFORMANCE REPORT
This financial report primarily discusses the General Fund and highlights significant information for other funds where applicable. All numbers are unaudited and subject to change, particularly for FY 19 as the City is still in the stabilization stage for Phase I of the new financial system.
Overall Financial Summary
The City has 139 financial funds summarized and reported as 37 budgetary fund groups (35 fund groups with expenditures) covering 23 departments, including the separately managed Water and Harbor Departments. The FY 19 Adjusted Budget for these funds and departments was $4.2 billion. In this report, any reference and discussion of "funds" will be referring to the budgetary fund groups. Most of these funds are restricted funds, such as the Harbor Fund, Gas Fund, and Tidelands Funds, designated for specific and limited activities. The majority of core community services provided by the City, such as police and fire services, libraries and parks, are largely supported by the General Fund that comprises only 15 percent of the City's Adjusted Budget.
The General Fun...
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