1997 AGN JAN 07 I09 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OF JANUARY 7,1997 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: MALIK D. FREEMAN, INTERIM CITY MANAGER FROM: ANNA A. VEGA, FINANCE DIRECTOR Q� SUBJECT: NOVEMBER, 1996 FINANCIAL ACTIVITY REPORT DATE: DECEMBER 19,1996 DISCUSS ION/ANALYIS Attached are revenue and expenditure recap reports for the month of November 1996. (These reports are generated by our new Financial software.) 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 November, 1996 (actual revenues and expenditures) should be 41.1% of the fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 48.8% (including encumbrances) and 30.2% of estimated revenues. Excluding encumbrances our expenditures are 41.0% of budget appropriations. Overall the total City expenditures are 36.2% and revenues are 31.1% According to the Governmental Accounting Standards, revenue and accounts payable accruals are necessary at the end of each fiscal year (June 30). Some of the revenue received in July and August were accrued as a revenue in June, 1996. Therefore, the percent of revenue received, especially for the general fund, represents about four months of receipts even though we are reporting the fifth month of the fiscal year. Additionally, the first installment of property taxes for the general fund in the amount of $575,000 was received in 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 November, 1996. RECOMMENDATION: Receive and file the November 1996 Financial Activity Report. Prepared by: Dilu de Alwis Attachments: 6 Graphs Item No. 9