TITLE
Recommendation to refer the Fiscal Year 2005 Year-End Budget Performance Report to the Budget Oversight Committee. (Citywide)
DISCUSSION
This report provides a summary update on the City's Fiscal Year 2005 (FY 05) budget performance through September 2005, the FY 05 fiscal year-end. The information provided is unaudited since audited financial statements for FY 05 will not be available until March 2005, due to the City's complex accounting activities.
The report covers a broad spectrum of financial information for all funds and departments with multi-year comparisons, charts and graphs to provide a clearer picture of the City's financial situation. While the focus of this report is on the General Fund, significant issues in other funds are noted accordingly.
Summary
On September 7, 2004, the City Council adopted an annual expenditure budget for FY 05 that totaled $2.17 billion for the City's 22 departments. Of the total amount, a $375 million General Fund budget was adopted, and later amended to $385.4 million throughout the fiscal year, to provide core municipal services such as public safety, public works, recreation and library services.
As of fiscal year-end, actual expenditures for all departments and all funds are $1.86 billion.
Revenues for all departments and all funds are $2.15 billion. For the General Fund, actual expenditures for all departments are $381.3 million, or $4.1 million less than the Adjusted Budget of $385.4 million and $750,000 less than the estimates-to-close of $382 million.
Actual General Fund revenues for all Departments are $373.1 million, or $2.8 million more than the estimate-to-close of $370.3 million. The difference between budgeted revenue and expense reflects the use of fund balance, transfers and bond proceeds.
FY 05 is the second year of the Financial Strategic Plan (Plan). As such, over $72 million in structural budget solutions have been included in the General Fund and related fund budgets over the past two fi...
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