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File #: 19-702    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 5/28/2019 In control: Council and Authorities Concurrent Meeting
On agenda: 10/29/2019 Final action: 10/29/2019
Title: Action on Monthly Financial Status and Investment Reports for August 2019
Attachments: 1. Monthly Financial Report August 2019, 2. Monthly Investment Report August 2019
Action on Monthly Financial Status and Investment Reports for August 2019

In compliance with the Charter of the City of Santa Clara and the adopted Investment Policy, the following reports for August 2019 are submitted for your information. The financial review as of August 31, 2019 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 August 31, 2019 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.

In accordance with City Council Policy 051 - Donations to the City, included in this report is a monthly activity and annual summary of donations received by department. Although the requirement of the policy is to report quarterly, in its ongoing effort to streamline reporting, the City will include this information monthly in the financial status report.

Monthly Financial Status Report (Attachment 1)
The attached report summarizes the City's financial performances as of August 31, 2019. Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Funds.

With two months or 16.7% of the fiscal year complete, General Fund revenues are trending lower than budget at 12.8%, largely due the change in a cash basis to a modified accrual basis. For example, sales tax receipts for the months of M...

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