REPORT TO COUNCIL
SUBJECT
Title
Action on Monthly Financial Status and Investment Reports for September 2020 Approve the 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 September 2020 investment report and FY 2020/21 budget amendments are submitted for your information.
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.
DISCUSSION
Monthly Financial Status Report (Attachment 1)
The attached report summarizes the City's financial performance as of September 30, 2020. Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Program Funds.
Attachment 1 shows that General Fund revenues were trending below the budget at 10.6% through September 2020. Some revenue categories are lower due to the timing of payments (e.g., property tax), but many categories are tracking below as a result of COVID-19 impacts. While there is limited data available, revenue is expected to end the year below budget due to these COVID-19 impacts.
As shown in Attachment 1, General Fund departmental expenditures were at 21.9% of budget through September 30, 2020. Several cost-control measures that were implemented last fiscal year remain in place to generate expenditure savings to partially offset the drop in revenues associated with COVID-19. These measures include a hiring freeze and controls around overtime, as-needed staff, marketing, travel, technology and vehicle purchases. Expenditure savings are expected by year-end. The City off...
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