PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 02/04/19
SUBJECT:
TITLE
RECEIVE AND FILE THE 2ND QUARTER BUDGET REPORT FOR FISCAL YEAR ENDING JUNE 30, 2019
Label
CITY MANAGER RECOMMENDATION
Recommendation
For Informational Purposes Only
BODY
COMPLIANCE STATEMENTS
General Fund Reserves Protection, Budget Spending Controls, and Increase Financial Transparency are adopted policy items under the FY 2018-21 Council Priority Workplan, effective November 1, 2017.
CEQA Compliance Statement
This is not a project as defined by CEQA.
BACKGROUND
Best Management Practices (BMP's) established by the Government Finance Officers Association (GFOA) urge local governments to fulfill their financial reporting responsibilities by providing timely financial statements regarding the entire financial reporting entity. This 4th quarter budget report, therefore, is provided to the City Council to support meeting the City's fiduciary responsibilities to the residents of San Pablo.
This report uses unaudited figures and is for budgetary control purposes only for the fiscal year ending June 30, 2019. The final year-end audited fund balance will be contained in the Comprehensive Annual Financial Report (CAFR) and is generally presented to City Council in January, seven months after the end of the fiscal year.
2nd Quarter Revenues
With half of the fiscal year passed, the City is in good shape, having collected $20.7 million (50%) of its $41.0 million of budgeted revenues. Casino Revenue, comprising 52% of all budgeted revenues, is the City's largest revenue source and leads the way with $14.2 million or 60% collected. Lagging behind is Intergovernmental Revenue, with only $516,000 collected (12%) of a $4.2 million budget; this is largely due to Vehicle License Fee revenues which are now included under property tax receipts. Sales Taxes, Utility Users Tax and Property Tax, the City's other largest revenue sources, are coming in as expected at 38%, 39% and 43% respective...
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