Item Coversheet

Agenda Item - 8.A.


Agenda Memorandum



City Council Meeting
September  23, 2019

Financially Sustainable Government Providing Excellence in City Services
Subject:  
Financial Report August 2019

Prepared By: 
Tammy A. Hitchens, Finance Director 
Recommended City Council Action:
 
Accept the Financial Report and Financial Statements for August 2019.
Summary Statement:

 

City Council is requested to review and accept the attached monthly financial report and financial statements. The Shopping Center Report is also attached. Unless otherwise indicated, "budget" refers to the pro-rated budget. The budget numbers presented reflect the City's amended adopted budget. Both revenues and expenses are pro-rated primarily based on ten-year historical averages. 

Fiscal Impact:

$0 in expenditures.
Source of Funds:

Not applicable.

 

Policy Issue(s):

 

Does City Council want to review the City’s financial report on a monthly basis? 
Alternative(s):

 

Conduct a quarterly review. A monthly review of the City’s financial position is the standard City Council practice; the City Charter requires the City Manager to report to City Council on a quarterly basis.  A quarterly review is not recommended, as the City's budget and financial position are large and complex, warranting a monthly review by City Council.

Background Information:

 

The attached monthly financial report and financial statements are provided to keep City Council fully advised as to the financial condition and needs of the City pursuant to the City Charter. The financial report and statements provide highlights of each fund presented, and the Shopping Center Report, also attached, shows major centers in the City and their performance compared to the prior year.

 

Whereas, the City Charter mandates financial reporting to the City Council on a quarterly basis, Staff does not recommend providing only quarterly reports, as the City's budget and financial position are large and complex, warranting a monthly review by City Council. 

 

Unless otherwise indicated, "budget" refers to the pro-rated budget. The budget numbers that are presented reflect the City's amended adopted budget. Both revenues and expenses are pro-rated based primarily on ten-year historical averages.

This financial report and statements support the City’s Strategic Plan goal of Financially Sustainable Government Providing Excellence in City Services by communicating timely information on the results of the City operations to assist with critical decision making.

Respectfully submitted,


Barbara C. Opie
Acting City Manager
ATTACHMENTS:
DescriptionUpload DateType
Attachment A: August 2019 Monthly Financial Report9/17/2019Attachment
Attachment B: August 2019 Monthly Financial Statements9/12/2019Attachment
Attachment C: August 2019 Shopping Center Report9/16/2019Attachment