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    10.    
City Council Regular
Meeting Date: 02/14/2017  

SUBJECT:
MONTHLY FINANCIAL REPORT
RECOMMENDATION:
Receive and file the Financial Report for December 2016. 
BACKGROUND/ANALYSIS:
The Financial Report for December 2016 is attached for your review.  The purpose of the monthly Financial Report is to inform the City Council, the City’s citizens, and the City’s staff about the financial progress of the City in meeting its service mission.  The information includes the budgetary information for the City’s annual financial plan as well as the actual resources received and the use of these resources in fulfilling the financial plan.
 
The monthly Financial Report format was designed to present comparative information for the current fiscal year as well as the prior fiscal year:
 
Current Fiscal Year:  This section reports the original budget, the revised budget which includes any approved changes made during the fiscal year, and a proration of the revised budget based on the number of months that have lapsed during the fiscal year.  Following the budget presentation columns, the year-to-date actual expenditures for the fiscal year are reported and the dollar and percentage amounts that the year-to-date actual expenditures varied from the pro-rated (year-to-date) revised budget.  Any variance of 10 percent or more is explained in the footnotes that are attached to the Financial Report.  The footnote legend appears at the right of the column that reports the percentage variance.
 
Prior Fiscal Year:  This section reports the year-to-date prior fiscal year actual expenditures and the dollar and percentage amounts that the year-to-date prior year actual expenditures varied from the year-to-date current year actual expenditures.  The percentage variance footnotes relate only to the variance of the current year actual expenditures vs. the current year budget; the footnotes do not explain the prior year percentage variances.
 
Another design feature of the report is the schedule of revenues and expenditures by major fund types that are listed down the left margin of the report.  The principal discretionary resource fund, the General Fund, is listed first and discloses its major revenue categories and the City functions for which these revenues are a financing resource.  The Liability Insurance/Rate Stabilization Fund, the Community Services Fund, the Community Development Fund, the enterprise and non-enterprise funds are reported showing their respective revenue and expenditures in a consolidated format.
 
The report also will show each fund’s “bottom line.”  That is, the net revenues and expenditures for the governmental type funds (such as the General Fund, Development Fee Funds, and Lighting and Landscaping District Funds), and the net profit for the enterprise funds (such as the Water Fund and Sewer Fund).
 
All accruals are made at the end of the fiscal year.  Therefore, the amounts reported could be subject to significant adjustments, upward or downward, at the end of the fiscal year.
ENVIRONMENTAL (CEQA) REVIEW:
This proposed action is exempt from review under the California Environmental Quality Act (California Public Resources Code §§ 21000, et seq.; “CEQA”) and CEQA regulations (14 California Code 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)).
FISCAL IMPACT:
None.
REVIEWED BY OTHERS:
None.
Attachments
Financial Report - December 2016

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