REPORT TO COUNCIL
SUBJECT
Title
Action on Monthly Financial Status and Investment Reports for March and April 2024 and Approval of Related Budget Amendments
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
In compliance with the Charter of the City of Santa Clara and the adopted Investment Policy, the monthly financial reports and monthly investment reports for March 2024 and April 2024 are submitted for your information. The financial review as of March 31 and April 30, 2024 provide a year-to-date financial update to the City Council for fiscal year 2023/24. The revenue/expenditure analysis measures the level of adherence to the established budget and allows the City to monitor and project revenues and expenditures throughout the year.
The FY 2023/24 Budget incorporates the estimated revenues and planned expenditures for all funds. The attached Financial Status Reports provide the actual revenue and expenditure summaries for the General Fund, Special Revenue Funds, and Enterprise Operating Funds. The Reports also include an expenditure summary for Capital Improvement Funds and Fund Reserve Balances. Any significant variances are explained in the reports.
In accordance with City Council Policy 051 (Donations to the City), these reports include monthly activity and annual summary of donations received by each department. Although the requirement of the policy is to report quarterly, the City will provide this information monthly in the Financial Status Report.
DISCUSSION
Monthly Financial Status Reports (Attachments 1 and 3)
The attached reports summarize the City's financial performance as of March 31 and April 30, 2024 (Attachments 1 and 3). These reports contain financial analysis for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Program Funds.
Attachment 1 shows that General Fund revenues (excluding transfers) are at 66.6% of the budget through March 2024, while At...
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