CITY COUNCIL AGENDA ITEM
Memo Date: June 25, 2024
Agenda Date: July 9, 2024
Prepared By: Dave Radford, Senior Budget Analyst
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director; Stockton Whitten, City Manager
Requested Action:
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In accordance with City Code, Section 2-74, at the beginning of each month during the fiscal year, the City Manager shall submit to City Council data showing the relation between the estimated and actual income and expenses to date.
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BACKGROUND:
The following reports for the period ending May 31st, 2024 (FY24) provide information for the three major funds: General Fund, Water/Sewer Fund, and the Storm Water Fund. This May 2024 (FY24) report is unaudited and preliminary.
Each of the major funds will have the following reports:
1. Budget by Account Classification Report
Summary of the annual budget, revenues collected and expenditures by fund. The detailed
back-up documentation is found in the Revenue Report and the Detailed Budget Report
Summary by Object
2. Revenue Report
Detail by account number of actual revenues collected vs. budget for the three major funds:
General Fund, Water & Sewer, and Storm Water. This report shows the current period, the
year to date totals, the annual budget and the unrealized balance.
• Estimated - represents either the current period or year to date prorated budget
• Actual - represents actual revenue received either in the current period or year to date
• % Rev - the percentage of actual revenue received vs. budget
• Annual Estimate - annual budget
• Unrealized Balance - annual estimate (budget less actual year to date received)
3. Detail Budget Report Summary by Object
Summary of expenditures by account description vs. budget for the three major funds: General Fund, Water & Sewer, and Storm Water. This report shows the current period, the year to date totals, encumbrances, the annual budget and the unencumbered balance.
• Budget - represents either the current period or year to date prorated budget
• Actual - represents actual cash expenditures either in the current period or year to date
• % Exp. - the percentage of actual expenditures vs. budget
• Encumbrance - encumbered amount
• Annual Budget - annual budget
• Unencumbered Balance - annual budget less actual year to date actual expenditures
plus encumbrances
• % Budgeted - the percentage of year to date actual expenditures plus encumbrances vs. budget
STRATEGIC PLAN CONNECTION:
Monthly reporting provides staff with an opportunity to monitor expenditure and revenue progression each month, to evaluate anomalies, and to determine corrective action (if necessary) for fiscal responsibility.
BUDGETARY IMPACT:
None
PREVIOUS ACTION:
None
RECOMMENDED MOTION:
Recommendation
Informational Item Only