CITY COUNCIL STAFF REPORT
MEETING DATE: SEPTEMBER 7, 2016
PREPARED BY: Dat Nguyen, Finance Director/Administrative Services
APPROVED BY: City Manager
TITLE
JUNE 2016 FINANCIAL AND INVESTMENT REPORT
END
RECOMMENDATION(S)
RECOMMENDATION
Accept and file report.
BODY
COUNCIL PRIORITIES, GOALS & STRATEGIES:
Ongoing Priorities
Maintaining fiscal responsibility
Preserving and cultivating public trust
REPORT NARRATIVE:
As part of the City Council's expectation to maintain a high level of transparency and to be responsible stewards of public funds, attached are the preliminary fiscal year ending June 30, 2016 Monthly Financial and Investment Reports. The preliminary Revenue and Expense Summary for the fiscal year is included on the first page. Overall, revenue received for the year for all funds is approximately $4.1 million or 4% higher than the budgeted amount but approximately $7.6 million or 6% lower than the prior fiscal year primarily due to the absence of $17.3 million of Sewer revenue bond proceeds. Expenditures, including encumbrances, came in at 84% of the budget.
General Fund revenues totaled $36.0 million, $1.3 million or 4% higher than the prior fiscal year led by an increase in sales tax of approximately $646,000, secured/unsecured property tax of approximately $582,000, and recreation services revenue of approximately $468,000, partially offset by a reduction in other revenue category primarily due to the absence of approximately $696,000 of loan proceeds received from the California Energy Commission for various energy savings projects in prior year. The increase in sales tax revenue was primarily led by an increase in auto sales that was partially offset by a decrease in service stations as a result of declining fuel costs. The increase in recreation services revenue compared to the prior fiscal year was primarily due to the increase in the number of Centennial Recreation Center/Aquatics Center memberships. General Fund expen...
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