1996 AGN NOV 05 I07 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OF NOVEMBER 5, 1996 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: MALIK D. FREEMAN, INTERIM CITY MANAGER FROM: ANNA A. VEGA, FINANCE DIRECTOR Cl-,� SUBJECT! SEPTEMBER, 1'386 FINANCIAL ACTIVITY REPORT DATE:. OCTOBER 24,1996 DISC USSIONiANALYIS Attached are revenue and expenditure recap reports for the month of September 1996. (These reports are generated by our new Financialsoftware.) The 'ADJUSTED APPROP." Column includes the prior year (1995.96) encumbrances carried forward into the 1996.97 fiscal year. The City's financial activity through the end of September, 1996 (actual revenues and expenditures) should be 25% cf the fiscal year budgeted totals. Currently, the repd€ts show the General Fund expenditures being' 29.5% (including encumbrances) and 17.1% of estimated revenges. Excluding encumbrances our expenditures are 21% of budget appropriations. Overall the total City expenditures. are 2?;2% and revenues are 17.6% Aecordi tg to ti e C,avernmental Accountinc Standards revenue and accounts payable acc€uaIs are necessary at the end of each fiscal year (June 0)`Therefore, some of the revenue received in July and August were accrued as a revenue in Ju€ie, 1996 Therefore the percent of revenue received, especially for the general fund, represents about one month of receipts even though we are reporting the third month of the fiscal year, Additionally. the first installment of property taxes for the general fund and property tax increment €crr the redevelopment agency are not received €ir€til Noyeanber and December. Because of this bi-annual receipt of property taxes, the revenues are reflected lower than projected. Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of Sia>ter€tber. 1996. RECOMMENDATIOtL Receive and file the September 1996 Financial Activity Report ITEM ,NO. 7