TITLE
Recommendation to receive and file the Fiscal Year 2011 Third Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report reflects the City’s Fiscal Year 2011 (FY 11) budget performance through June 30, 2011. The report includes financial information for all funds and departments.
Summary
Overall, the General Fund expense is coming in slightly under budget, with the exception of a couple departments, as reported in the second quarter performance report. This trend is expected to continue through the remaining part of the fiscal year, but we do not anticipate any issues to end the year within budgeted appropriation. The General Fund revenue is currently estimating to come in $942,657 under budget. While this is of some concern, we anticipate that the revenue shortfall will close during the last quarter and, by year-end any shortfall will be nominal. At this time, we will not be highlighting any other funds. We will provide updated information regarding specific funds, such as Prop H Fund and Towing Fund, in the year-end report
As of June 30, 2011, the City’s Adjusted Budget for all funds was $3.5 billion. With 75 percent of the fiscal year complete, expenditure performance in all funds is at 50 percent of budget, or $1.7 billion. Year-to-date revenues for all departments and all funds were at $2 billion, or 76.9 percent of the $2.6 billion in budgeted revenue.
The total Adjusted General Fund Budget as of June 30, 2011 was $389.1 million. With 75 percent of the fiscal year complete, expenditure performance in the General Fund spending reached 71.6 percent of budget, or $278.6 million. Approximately $314.1 million, or 81.3 percent, of anticipated General Fund revenue has been collected year-to-date.
...
Click here for full text