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File #: 21-3192   
Type: Staff Briefing - Without Ordinance
In control: City Council B Session
On agenda: 5/12/2021
Posting Language: Briefing on the FY 2021 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections), Mid Year Budget Adjustment Recommendations and Five-Year Financial Forecast. [Maria Villagomez, Deputy City Manager; Scott Huizenga, Director, Management and Budget]
Attachments: 1. Staff Presentation
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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DEPARTMENT: Office of Management and Budget (OMB)

DEPARTMENT HEAD: Scott Huizenga

COUNCIL DISTRICTS IMPACTED: City Wide

SUBJECT:

FY 2021 Six Plus Six Financial Report, Mid-Year Budget Adjustment Recommendations, and FY 2022-FY 2026 Five-Year Financial Forecast

SUMMARY:

City Council will be provided with an informational briefing on the FY 2021 Six Plus Six Financial Report, Mid-Year Budget Adjustment Recommendations, and the Five-Year Financial Forecast covering FY 2022 through FY 2026.

The City Council will be provided with an informational briefing on the City's FY 2021 Budget status through the second quarter (October through March) of the fiscal year and projections on revenues and expenditures for the remaining six months of the fiscal year (April through September). The City Council also will be presented with the City's Five-Year Financial Forecast covering Fiscal Year 2022 through Fiscal Year 2026. The Forecast will focus on the City's General Fund, Development Services Enterprise Fund, Airport Funds, and the Hotel Occupancy Tax (HOT) Related Funds.

BACKGROUND INFORMATION:

FY 2021 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) and FY 2021 Mid-Year Budget Adjustment Recommendations.

On September 17, 2020, the City Council approved the FY 2021 Operating and Capital Budget. As part of the City's financial management practices, the City Council will be provided an update on the City's FY 2021 Budget. The FY 2021 Six Plus Six Financial 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 (April through September).

Additionally, the FY 2021 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 reven...

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