DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Maria Villagomez (OMB)
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2014 Mid-Year Budget Adjustment
SUMMARY:
A mid-year budget adjustment is recommended to the FY 2014 Adopted Budget that will result in a revised budget based on actual revenues and expenditures for the six months of the fiscal year (October to March) and projections for the remaining six months of the fiscal year (April to September) in the General Fund, various Restricted Funds, and the Capital Budget.
BACKGROUND INFORMATION:
As part of the City's financial management practices, the City Manager recommends a Mid-Year Budget Adjustment for City Council consideration annually. This Adjustment aligns revenues and expenses based on actual activity for the first six months of the fiscal year (October to March) and updated projections for the remaining six months of the fiscal year (April to September). The result of this adjustment is a revised Budget for the Fiscal Year.
The City Council adopted a balanced operating and capital budget for Fiscal Year 2014 on September 12, 2013. The City's fiscal year starts on October 1 and ends on September 30. The appropriations within the operating budget were based on a defined set of assumptions and economic conditions. Actual revenues and expenditures are reviewed monthly by the City Manager, Chief Financial Officer, and the Finance and Budget Department Directors. Quarterly financial reports are prepared and presented to the City Council.
On March 20, the City council was presented with the FY 2014 Three Plus Nine Financial report (1st Quarter Report) that included the financial status of revenues and expenditures for the first three months of the fiscal year (October to December) and projections for the remaining nine months of the fiscal year (January to September).
The FY 2014 Six Plus Six Financial Report (2nd Quarter Report) will be present...
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