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CC - CONSENT ITEM: Receive and File the Fiscal Year 2022-2023 Unaudited Financial Report for the General Fund
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Meeting Date: November 13, 2023
Contact Person/Dept: Lisa Soghor/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: [X]
Public Notification: (Email) Meetings and Agendas - City Council (11/07/2023); (Email) Ongoing Topics - Fiscal and Budget Issues (11/07/2023)
Department Approval: Lisa Soghor, Chief Financial Officer (11/06/2023)
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RECOMMENDATION
Staff recommends City Council receive and file the Fiscal Year 2022-2023 Unaudited Financial Report for the General Fund.
BACKGROUND/DISCUSSION
The attached Fiscal Year 2022-2023 Unaudited Financial Report presents City Council with a snapshot of unaudited General Fund expenditures and revenues through June 30, 2023. The report also provides an overview of the City’s General Fund operating revenues and expenditures as compared to budgeted and forecasted amounts, explaining any notable deviations or trends in the numbers.
Finance staff continues to monitor revenues and expenditures, with the intent to proactively respond to unanticipated changes or emerging trends.
FISCAL ANALYSIS
General Fund Revenues were $158.8 million or 103.3% of the Fiscal Year 2022-2023 Revised Budget. General Fund Expenditures were $150.3 million or 92.7% of Fiscal Year 2022-2023 Revised Budget. The Fiscal Year 2022-2023 Unaudited Financial Report also indicates that the General Fund’s Unassigned Reserves may have an estimated net increase of $1.3 million as shown on the table below. The $10.6 million dollar delta between revenues and expenditures is offset by a $2 million transfer to the Self-Insurance Fund. It is also reduced by contracted encumbrances and approved carryover funding for expenditures not fully accomplished during Fiscal Year 2022-2023.
ATTACHMENTS
1. 2023-11-13_ATT - FY 2022-2023 Unaudited Financial Report for the General Fund
MOTION
That the City Council:
Receive and file the Fiscal Year 2022-2023 Unaudited Financial Report for the General Fund.