TITLE
Recommendation to receive and file the Fiscal Year 2018 Second Budget Performance Report. (Citywide)
DISCUSSION
This report includes information on the City’s Fiscal Year 2018 (FY 18) budget performance through May 31, 2018, for all funds.
Summary
As of May 31, 2018, 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 proposed budget adjustments that will be presented to the City Council later in FY 18.
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, 2018, it is anticipated that the General Fund will end the year in balance with an estimated $515,790 in funds available and Uplands Oil Fund with an estimated $20,758. The estimated FY 18 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, 2018, the overall General Fund revenues are projected to be higher than previously expected. This is largely because of an additional $9.8 million one-time transfer from the Gas Fund, as approved by the City Council as part of the Second Budget Adjustments on May 22, 2018. Over the past several years, the City has actively taken steps to reduce the historical transfer in the Gas Fund in order to create a stronger fund balance, fund reserves, and in additional capital projects. As a result of those actions, strong fiscal management by the Department of Energy Resources, and above average performance, the Gas Fund is currently very healthy and in a position to resume the support that was previously held back intentionally. The City Charter specifically authorizes these transfers und...
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