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File #: 2110-2019    Version: 1 Name:
Type: Afternoon Administrative Report Status: Agenda Ready
File created: 10/25/2019 In control: CITY COUNCIL
On agenda: 11/5/2019 Final action: 11/5/2019
Title: Fiscal Year 2018/19 End of Year Report
Attachments: 1. ATCH 1 - Resolution with Ex A, 2. ATCH 2 - FY19 End of Year Report
To: Honorable Mayor and Members of City Council

From: Bret Prebula, Finance Director

Prepared By: Jessie Gooch, Finance Analyst

TITLE:
Title
Fiscal Year 2018/19 End of Year Report

LABEL
RECOMMENDED ACTION:
Recommendation

Adopt a resolution approving transfers from Fiscal Year 2018/19 General Fund Unassigned Fund Balance to the Information Technology Replacement Reserve ($2,000,000) and to the Non-Recurring General Fund (in the amount of the actual remaining balance, which is estimated at $1,250,000), based on the End of Year Report for Fiscal Year 2018/19.

Body
DISCUSSION:
The attached document is the City's End of Year Report for Fiscal Year 2018/19, 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, 2019). 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 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. Information about national, state and local economic indicators and concerns is also provided.
The numbers in this report are based on the preliminary, unaudited fiscal year close.
Unaudited figures indicate that the City will have approximately $3.25 million available from the FY 2018/19 surplus. Staff recommends moving $2.00 million to the IT Replacement Reserve to hold for future IT project needs. The City is currently working on contract negotiations for a new Enterprise Resource Planning (ERP) system and has several large projects in the pipeline to replace other software programs and update obsolete IT infrastructure. Committing these funds to the IT Replacement...

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