To: Honorable Mayor and Members of City Council
From: Bret Prebula, Finance Director
Prepared By: Jessie Gooch, Finance Analyst
TITLE:
Title
Fiscal Year 2019/20 End of Year Report
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution (1) Removing the Appropriation of $2.6 million of General Operating Reserve for the Civic Center Exclusive Negotiation Agreement (FC15PW02) as initially approved by R2017-110; (2) Approving a Transfer of General Fund Unassigned Fund Balance of approximately $1.2 million to Non-Recurring General Fund; (3) Approving a Transfer of $2.2 million of Non-Recurring General Fund Unassigned Fund Balance to the CIP Facilities Reserve; and (4) Approving an appropriation of $1.2 million to CIP Fund revenues and expenditures for the Civic Center Project budget (FC15PW02), for existing obligations under the Exclusive Negotiation Agreement (FC15PW02).
Body
DISCUSSION:
The attached document is the City's End of Year Report for Fiscal Year 2019/20 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, 2020). 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 included.
The numbers in this report are based on the preliminary, unaudited fiscal year close.
The COVID-19 pandemic caused City General Fund operating revenues to drop by $8.9 million as compared to the original adopted budget. The City mitigated the decrease in reven...
Click here for full text