PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 09/16/19
SUBJECT:
TITLE
RECEIVE AND FILE THE FOURTH (4TH) 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.
4th Quarter Revenues
With the entire fiscal year behind us, the City is in excellent fiscal shape, having collected $57.4 million of its $47.6 million amended revenue budget. Casino Revenue, comprised of both Casino business tax and the Payment In-Lieu of Tax (PILOT), made up 51% of all budgeted revenues, and was the City's largest revenue source at $29.2 million (124% collected). At $7.0 million, Grants comprised the second largest source of revenue for the City at 12%. Intergovernmental Revenue (e.g. Gas Tax, Property Tax in Lieu of VLF, Measure C, etc.), ranked third in terms of actual revenues collected, totaling $4.4 million or 8% of all revenues. With $3.5 million collected of the $3.9 millio...
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