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COUNCIL AGENDA REPORT ITEM NUMBER: C
FROM: William C. Statler, Director of FinanceVl
Prepared by: Linda Asprion, Revenue Manager
SUBJECT: MID-YEAR BUDGET REVIEW
CAO RECOMMENDATION
1. Receive and file the mid-year budget review for 1992-93.
2. Approve mid-year budget requests for operating programs in the amount of$125,800
summarized as follows:
Parks and Landscape - Water $ 98,600
Elections 8,800
Child Care 2,500
Business Improvement Association 15.900
TOTAL $125,800
DISCUSSION
The City's two-year Financial Plan provides for the submittal of a report on-the financial
status of the City to the Council every six months. Although quarterly financial reports are
distributed to the Council on an ongoing basis, the formal submittal of a review at the mid-
point of the fiscal year provides an opportunity to identify and present any fiscal problem
areas to the Council and to recommend corrective action or additional funding if required.
Accordingly, the enclosed Mid-Year Budget Review document has been prepared in order
to present a summary of the City's financial position at the mid-point of Fiscal Year 1992-
93, and to provide projections of the City's financial position at the end of the fiscal year
compared with original budget estimates. The report document includes a transmittal
memorandum which provides a comprehensive review and analysis of the City's financial
position at this time, and compares the projected year-end fiscal position with the five year
financial forecast presented to the Council on November 10, 1992.
REPORT ORGANIZATION
The Mid-Year Budget Review document for 1992-93 is organized into the following four
sections:
Section A - Transmittal Memormrdum
The transmittal memorandum provided in this section summarizes the City's financial
position at the mid-point of the fiscal year, and highlights significant trends and concerns.
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city of San , S OBISpo
COUNCIL AGENDA REPORT
Section B - Excerpt from the December Quarterly Fmmccial Report
The Quarterly Financial Report (QFR) for December 1992 has been previously distributed
to the Council. For reference purposes, the transmittal memorandum from the December
QFR along with selected graphics included in that document have been provided in this
section of the Mid-Year Budget Review.
Section C - Financial Condition Summmy
This section summarizes the City's financial condition at the mid-point of the fiscal year, and
provides projections of the City's financial position at the end of the fiscal year compared
with original budget estimates. This section is organized into three major parts:
■ Summary of actual revenues for 1991-92 and a comparison of current projections for
1992-93 with original budget estimates.
■ Summary of the current operating budget by function and program for 1992-93 based
on the original budget as adopted by the Council, carryovers and Council approved
reductions made by Council during the fiscal year as of December.31, 1992, and the
mid-year budget requests.
■ Summary of actual revenues, expenditures, and changes in fund balance for 1991-92
for each of the City's operating funds and a comparison of current projections for
1992-93 with original budget estimates.
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Section D - Mich-Year Budget Requests
This section contains the four mid-year budget requests totaling $125,800 for Council's
review.
SUMMARY
The Mid-Year Budget Review for Fiscal Year 1992-93 has been prepared in order to
present the .Council with a formal review of the City's financial condition at the mid-point
of the fiscal year. Four appropriation changes are recommended from the current 1992-93
budget totaling $125,800. It is recommended that the Council receive and file.the Mid-Year
Budget Review report for 1992-93 and approve the mid-year budget requests.