REPORT TO COUNCIL
SUBJECT
Title
Action on Monthly Financial Status and Investment Reports for May 2021
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 May 2021 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 May 31, 2021. 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 82.7% through May 2021. Excluding transfers that occur at the beginning of the year, this figure drops to 78.9% of the General Fund revenues received through May. Some revenue categories are lower due to the timing of payments (e.g., sales tax), but several categories are tracking below as a result of COVID-19 impacts. Downward revenue adjustments of $17.3 million were approved on March 9, 2021 to address the majority of the lower revenue collections. While not reflected in this report, additional downward revenue adjustments were approved on June 21, 2021 as part of the April Monthly Financial Report, offset by expenditure savings.
As shown in Attachment 1, General Fund expenditures were at 83.4% of budget through May 31, 2021. Excluding transfers, this figure drops to 81.4% expended, which is below the par level of 91.7%. Several cost-control measures...
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