1997 AGN JUL 01 I24 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OFJULY 1, 1997 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: GRACIE FERNANDEZ HARMON, ACTING CITY MANAGER FROM: ANNA A. VEGA, FINANCE DIRECTOR 0?�� SUBJECT: MAY, 1997 FINANCIAL ACTIVITY REPORT DATE: JUNE 24,1997 DISCUSSION/ANALYIS Attached are revenue and expenditure recap reports for the month of May, 1997. 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 May, 1997 (actual revenues and expenditures) should be 91.7% of the fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 88.1% (including encumbrances) and 87.6% of estimated revenues. Excluding encumbrances our expenditures are 85.1% of budget appropriations. Overall the total City expenditures are 86.8% and revenues are 110.0%. 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 ten months of receipts even though we are reporting the eleventh month of the fiscal year. Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of May, 1997. RECOMMENDATION: Receive and file the May 1997 Financial Activity Report. Prepared by: Dilu de Alwis Aftachments : 4 Recap Reports (spreadsheets) 3 Graphs Item # 24