To: Honorable Mayor and Members of City Council
From: Rajneil Prasad, Finance Director
Prepared By: Rajneil Prasad, Finance Director
TITLE:
Title
Fiscal Year 2023/24 End of Year Report Update - Unaudited
LABEL
RECOMMENDED ACTION:
Recommendation
Receive the End of Year Financial update on the City's General Fund and the Proprietary Funds for the Fiscal Year Ending June 30, 2024.
Body
DISCUSSION:
The attached document is the City's End of Year Report for Fiscal Year 2023/24 which provides an overview of the full fiscal year and focuses on changes made during the latter half of the fiscal year (January 1 through June 30, 2024). The report includes a financial section which provides preliminary information on General Fund and proprietary fund revenue and expenditures through the end of the fiscal year. The report compares revenue sources and department expenditures to the budgeted amounts for each category, as well as to the prior year's revenue and expenditure trends for the same period. An analysis of each of the three major revenues categories (property tax, sales tax, and transient occupancy tax) is provided.
The numbers in this report are based on the preliminary, unaudited fiscal year close. The preliminary, unaudited numbers indicate that the City could have approximately $4.6 million in available General Fund balance for the fiscal year.
All General Fund Reserves are at their designated funding levels.
FINANCIAL IMPACTS:
There is no fiscal impact associated with this action. The attached report is for informational purposes and is intended to provide an update only. Staff will return with recommendations when the audit is completed.
CEQA:
The Finance Director has determined that the recommended actions described in this agenda report are not subject to CEQA, pursuant to CEQA Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - End-of-Year Report Update, Fiscal Year 2023/24
NOTIFICATION:
None