DEPARTMENT: Office of Management and Budget (OMB)
DEPARTMENT HEAD: Justina Tate
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2018 Six Plus Six Financial Report, and FY 2019 - FY 2023 Five-Year Financial Forecast
SUMMARY:
City Council will be provided with an informational briefing on the City's FY 2018 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 FY 2019 through FY 2023. 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:
FY 2018 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) and FY 2018 Mid-Year Budget Adjustment Recommendations
City Council adopted a balanced budget on September 14, 2017 for the City's fiscal year that began October 1, 2017.
As part of the City's financial management practices, City staff meets with the City Manager on a monthly basis to review the financial status of the City. Additionally each quarter the Council is provided an update of the City's finances. During the April 18th B, Session the Council will be provided the FY 2018 Six Plus Six Budget and Financial Status Report which will focus on the financial 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 2018 Proposed Mid-Year Budget adjustment will be presented to City Council. This 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 fisc...
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