REPORT TO COUNCIL
SUBJECT
Title
Action on Monthly Financial Status and Investment Reports for May 2024
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 report and monthly investment report for May 2024 are submitted for your information. The financial review as of May 31, 2024 provides 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 Report provides the actual revenue and expenditure summaries for the General Fund, Special Revenue Funds, and Enterprise Operating Funds. The Report also includes 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), this report includes 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 Report (Attachment 1)
The attached report summarizes the City's financial performance as of May 31, 2024 (Attachment 1). This report contains 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 87.8% of the budget through May 2024. Overall, revenues are tracking within estimated levels through May. As shown in Attachment 1, General Fund expenditures, excludi...
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