REPORT TO COUNCIL
SUBJECT
Title
Action on Monthly Financial Status and Investment Reports for the months of July and August 2018
Report
BACKGROUND
In compliance with the Charter of the City of Santa Clara and the adopted Investment Policy, the following reports for the months of July and August 2018 are submitted for your information. The financial review provides a year-to-date financial update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through July 31, 2018 and August 31, 2018 measures the level of adherence to the established resource allocation plan and allows the City to monitor and project revenues and expenditures throughout the year.
The Adopted Budget incorporates the estimated revenues and planned expenditures for all funds. The attached Financial Status Report provides the budget to actual revenue and expenditure summaries for the General Fund, Special Revenue Funds and Enterprise Operating Funds, as well as expenditure summary for Capital Improvement Funds and Fund Reserve Balances. Any significant variances are explained in the report.
These reports provide year-to-date revenue and expenditure summaries and summary investment schedules. Typically these reports are presented one month at a time; however, July and August are being presented together due to delays caused by competing priorities within the Finance Department which includes the PeopleSoft financial system upgrade, annual audit, and preparing the City's Comprehensive Annual Financial Report (CAFR).
DISCUSSION
Monthly Financial Status Report
The attached reports summarize the City's financial performances for the months ended July 31, 2018 and August 31, 2018. Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Funds.
For July 2018 and August 2018, with 8% and 17% of the year complete, General Fund revenues are trending...
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