Receive and file the Monthly Financial Report for November 2024.

This report provides an update on the City's financial status as of November 30, 2024. The financial data is reported on a cash basis, meaning we record revenue when we actually receive the money, and we record expenses when we make payments.

Revenues in the General Fund come in at different times throughout the year, with most of the money coming in during the last six months of the fiscal year. On the other hand, we have monthly expenses that need to be paid regardless of when the revenue arrives. This is why it's crucial to keep a reserve to manage cash flow during the slower months.

At the end of the fiscal year, we switch to an accrual basis of accounting. This means we account for revenue that was earned and expenses that were incurred during the year, even if the cash was received or paid in July or August. This aligns with Generally Accepted Accounting Principles (GAAP), which help ensure that financial transactions are matched to the correct period.

Please note that this report does not include certain accounting adjustments required by the Governmental Accounting Standards Board (GASB), such as adjustments to reflect the fair market value of investments. These adjustments, which don't involve actual cash transactions, are mainly for year-end financial statement purposes.

This proposed action is not subject to review under the California Environmental Quality Act (California Public Resources Code §§ 21000, et seq., "CEQA") and CEQA Guidelines (Title 14 California Code of Regulations §§ 15000, et seq.), because it does not involve any commitment to a specific project which could result in a potentially significant physical impact on the environment; and, constitutes an organizational or administrative activity that will not result in direct or indirect physical changes in the environment. Accordingly, this action does not constitute a "project" that requires environmental review (see specifically 14 CCR § 15378(b)(4-5)).