REPORT TO COUNCIL
SUBJECT
Title
Action on Monthly Financial Status and Investment Reports for October 2020 and 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 October 2020 Monthly Financial Report and Investment Report 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 October 31, 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 30.4% through October 2020. Excluding transfers that occur at the beginning of the year, this figure drops to 17% of the General Fund revenues received through October. Some revenue categories are lower due to the timing of payments (e.g., property tax), but several 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 by $20+ million due to these COVID-19 induced impacts, with the largest impact to the Transient Occupancy Tax category.
As shown in Attachment 1, General Fund expenditures were at 35.2% of budget through October 31, 2020. Excluding transfers, this figure drops to 28.9% expended through October, which is below the par level of 33.3%. Several cost-control measures that were implemented last fiscal year r...
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