TITLE
Recommendation to receive and file the Fiscal Year 2011 Second Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report reflects the City’s Fiscal Year 2011 (FY 11) budget performance through March 31, 2011. The report includes financial information for all funds and departments. While this budget performance report primarily discusses the General Fund, exceptional performance (both positive and negative) in other funds is highlighted where applicable.
Summary
As of March 31, 2011, the City’s Adjusted Budget for all funds was $3.1 billion. With 50 percent of the fiscal year complete, expenditure performance in all funds is at 34.8 percent of budget, or $1.1 billion. Year-to-date revenues for all departments and all funds were at $1.2 billion, or 56.1 percent of the $2.2 billion in budgeted revenue.
The total Adjusted General Fund Budget as of March 31, 2011 was $385.6 million. With 50 percent of the fiscal year complete, expenditure performance in the General Fund spending reached 45.5 percent of budget, or $175.4 million. Approximately $198.3 million, or 51.7 percent, of anticipated General Fund revenue has been collected year-to-date. Staff is projecting a $5.1 million revenue shortfall for FY 11, and recommendations are made later in the report to address this shortfall.
FY 11 Expenditures - All Funds
While it is not expected that department or fund expenditures will occur equally throughout the fiscal year, measuring fund performance in quarterly intervals allows for review of the revenue and expenditure trends, thus giving policymakers and administrators the ability to make the necessary changes to ensure a balanced budget.
The City’s Adopted FY 11 Budget for all funds includes $2.5 billion of annual funds, $397.9 million of carryover (multi-year grants and capital project funds), prior year encumbrances (goods and services ordered in FY 10 but received in FY 11) and City Council-approved budget amendments, which combined as...
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