DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Maria Villagomez (OMB)
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Financial Policies, FY 2014 Six Plus Six Financial Report, and Five Year Financial Forecast
SUMMARY:
A. Briefing on the recommended proposed updates to the City's Financial Management Policies. On February 12, 2014 staff provided a briefing on the City's current financial management policies and practices. During the May 14, 2014 "B" Session staff will present recommended updates to the City's Financial policies to be considered during the FY 2015 Budget Process.
B. FY 2014 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections), Mid Year Budget Adjustment Recommendations, and Five Year Financial Forecast. City Council will be provided with an informational briefing on the City's Fiscal Year (FY) 2014 Budget status through the second quarter (October through March) of the fiscal year and will be provided with projections on revenues and expenditures for the remaining six months of the fiscal year (April through September). City Council also will be presented with the City's Five Year Financial Forecast covering Fiscal Year 2015 through Fiscal Year 2019. The Forecast will focus on the City's General Fund, Development Services Enterprise Fund, Solid Waste Enterprise Fund, and the Hotel Occupancy Tax (HOT) Related Funds.
BACKGROUND INFORMATION:
A Briefing on the recommended proposed updates to the City's Financial Management Policies. The City of San Antonio strives to maintain a strong and solid financial position coupled with flexibility to adapt to changing economic conditions. Through adherence to comprehensive long-term financial planning, strong financial management, and focusing on sound financial principles and practices, San Antonio remains financially strong. Last summer, as part of the FY 2014 Budget Development process, City Council requested a briefing on the City's Financial Policies and Practices before the development of the FY 2015 Budget process.
The City currently has a set of financial policies and practices which guide the development and monitoring of the City's Budget, management of the City's debt, and maintenance of a strong financial position. On February 12, 2014 staff provided a briefing on the City's current financial management policies and practices. At the May 14th City Council "B" Session, staff will provide a briefing on recommended updates to the City's Financial Policies and Practices to be considered during the FY 2015 Budget Development Process.
FY 2014 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) and FY 2014 Mid Year Budget Adjustment Recommendations. On September 12, 2013, the City Council approved the FY 2014 Operating and Capital Budgets. As part of the City's financial management practices, City Council will be provided an update on the City's FY 2014 Budget. The FY 2014 Six Plus Six Budget and Financial Status Report will focus on the financial and operational performance through the Second Quarter (October through March) of the fiscal year and will provide projections for the remaining six months of the fiscal year (March through September).
Additionally, the FY 2014 Proposed Mid-Year Budget adjustment will be presented to the City Council. This adjustment recommends adjustments based on revenue and expense actual activity seen in the first six months of the fiscal year along with revenue and expense projections for the remainder of the fiscal year. The recommended FY 2014 Mid-year Budget Adjustment Ordinance will be considered during the May 15th City Council "A" Session.
FY 2015 to FY 2019 Five Year Financial Forecast. Also presented to City Council on May 14th will be the City's Five Year Financial Forecast covering Fiscal Year 2015 through Fiscal Year 2019. The Financial Forecast provides a current and long-range financial assessment addressing revenues, City services and programs, and financial reserves. The Forecast will focus on the City's General Fund, Development Services Enterprise Fund, Solid Waste Enterprise Fund, and the HOT Related Funds.
ISSUE:
City Council will be presented with the recommended proposed updates to the City's Financial Management Policies to be considered as part of the FY 2015 Budget Development Process. Additionally, the FY 2014 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) will be presented along with the FY 2014 Mid Year Budget Adjustment Recommendations to the operating and capital budgets. The recommended FY 2014 Mid-year Budget Adjustment Ordinance will be considered during the May 15th City Council "A" Session.
The City's Five Year Financial Forecast for FY 2015 to FY 2019 will be presented to the City Council. This forecast will provide the City Council with financial projections and help to identify significant issues that need to be addressed in the upcoming FY 2015 Budget Development Process. The Forecast will focus on the City's General Fund, Development Services Enterprise Fund, Solid Waste Enterprise Fund, and the HOT Related Funds.
ALTERNATIVES:
This is an informational briefing only.
FISCAL IMPACT:
This briefing is for informational purposes. The FY 2014 Mid-Year Adjustment recommendations will be considered at the May 15th City Council "A" session.
RECOMMENDATION:
A Briefing on the recommended proposed updates to the City's Financial Management Policies. This item is for briefing purposes only with no action required at this time.
FY 2014 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) and Mid Year Budget Adjustment Recommendations. The Six Plus Six Budget and Finance Report presentation is a briefing item with no staff recommendation to be considered by the City Council. The recommended Mid Year Budget Adjustment will be considered by City Council at the May 15th "A" Session.
FY 2015 to FY 2019 Five Year Financial Forecast. The Five Year Financial Forecast is a briefing item with no staff recommendation to be considered by the City Council.