DEPARTMENT: Office of Management and Budget (OMB)
DEPARTMENT HEAD: Justina Tate
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2018 Mid-Year Budget Adjustment
SUMMARY:
A mid-year budget adjustment is recommended to the FY 2018 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 and various Restricted Funds.
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.
City Council adopted a balanced budget on September 14, 2017 for the City's fiscal year that began October 1, 2017.
The FY 2018 Six Plus Six Budget and Finance Report (2nd Quarter Report) will be presented to the City Council at the April 18th "B" Session. At this presentation, City Council will be provided with a briefing and recommended Mid -Year Budget Adjustment for the General Fund and various restricted funds.
ISSUE:
The FY 2018 Six Plus Six Budget and Finance report to be presented to City Council during the April 18th "B" Session will provide City Council with an informational briefing on the City's FY 2018 financial status of revenues and expenses through the second quarter of the fiscal year (October to March) and projections for the remaining six months (April to September). At this briefing, City Council will be provided with information regarding specific areas within the FY 2018 Budget that are recommended for increases or decreases. The specific appropriation ...
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