REPORT TO COUNCIL
SUBJECT
Title
Action on FY 2018/19 Budget Year-End Report, Approve Seven New Positions, and Approve the Related Budget Amendments
Report
EXECUTIVE SUMMARY
This report provides the year-end financial condition of the City of Santa Clara on a budgetary basis for the fiscal year ended June 30, 2019 and recommends approval of the related budget amendments. Consistent with the Council pillar to enhance transparency, this report provides the Council and the public with the status of, and recommended increases to, reserves in key funds; detailed descriptions of recommended budget actions (Attachment 1 and 2); summary of year-end performance for the General Fund, Special Revenue Funds, Internal Service Funds, and Enterprise Funds as described in the body of this report (see Attachment 3 tables for other funds details); a summary of a reconciliation of carryover capital projects, special revenues, grants, and donations funds (Attachment 4); and a summary of beginning and ending fund balance adjustments for each fund due to actual results (Attachment 5).
This report also includes an adjustment to the City's budgetary basis for reporting revenues and expenditures. This change aligns the budget with the City's accounting of funds, presents budgetary information consistent with Government Accounting Standards Board (GASB), and transitions the budget to best practices for local government agencies. The actual results (actuals) discussed in this report include detail reflecting the change from a cash basis to a modified accrual budgetary reporting. Additional one-time fund balances are recognized in the majority of the City's funds due to this reporting change.
The General Fund is a major operating fund for the City and includes multiple programs, services, and activities for the residents of the City. Overall, the General Fund ended the year above the final budget by $57.7 million, primarily from one-time sources or savings. The table below summarizes ...
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