PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 02/18/20
SUBJECT:
TITLE
RECEIVE AND FILE THE SECOND QUARTER BUDGET REPORT FOR FISCAL YEAR ENDING JUNE 30, 2020
Label
CITY MANAGER RECOMMENDATION
Recommendation
Receive and file
BODY
COMPLIANCE STATEMENTS
Providing the City Council with a quarterly budget report is not related to a specific policy in the adopted FY 2019-21 City Council Priority Workplan, effective March 1, 2019, but is a best management practice for city operations and transparency.
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 second 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, 2020. 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
At the second quarter mark, the City is on target, having collected $21.7 million (48%) of its $45.6 million adopted revenue budget. Revenue receipts typically lag each fiscal quarter by two or three months, and this quarter is no different. At $12.9 million, Casino Revenue, the City's largest revenue source, only shows five months of revenue, which when projected out for the entire fiscal year, totals approximately $30.0 million. Similarly, at this time last fiscal year, the City had collected only $18.7 million, or 46% of its $41.1 million revenue budget. Intergovernmental Revenues, the City's sec...
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