PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 04/15/19
SUBJECT:
TITLE
RECEIVE AND FILE THE 3RD QUARTER BUDGET REPORT FOR FISCAL YEAR ENDING JUNE 30, 2019.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Receive and file
BODY
COMPLIANCE STATEMENTS
Enhance Community Resilience (City Council) is a Top City Council Priority item under the adopted FY 2019-21 City Council Priority Workplan, effective March 1, 2019.
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 3rd 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.
3rd Quarter Revenues
With three-quarters of the fiscal year passed, the City is in good shape, having collected $34.0 million (84%) of its $40.3 million of its adopted revenue budget. Casino Revenue, comprising 52% of all budgeted revenues, is the City's largest revenue source and leads the way with $21.0 million or 89% collected. Intergovernmental Revenue (e.g. Gas Tax, Property Tax In-Lieu of VLF, Measure C, etc.), the City's second largest budgeted revenue, has picked up significantly, with $2.1 million collected out of its $4.2 million budget (50%); receipts typically lag behind by a fiscal quarter. With $2.7 million collected of the $3.9 million budget, sales tax, which lags behind a month or two, is ...
Click here for full text