1997 AGN MAR 04 I10 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OF MARCH 4,1997 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: MALIK D. FREEMAN, CITY MANAGER_�'��,-e— FROM: ANNA A. VEGA, FINANCE DIRECTOR /*/ SUBJECT: JANUARY, 1997 FINANCIAL ACTIVITY REPORT DATE: FEBRUARY 24,1996 DISCUSS] ON/ANALYIS Attached are revenue and expenditure recap reports for the month of January, 1997. (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 January, 1997 (actual revenues and expenditures) should be 58.3% of the fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 63.3% (including encumbrances) and 50.1% of estimated revenues. Excluding encumbrances our expenditures are 57.8% of budget appropriations. Overall the total City expenditures are 49.5% and revenues are 53.9% 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 six months of receipts even though we are reporting the seventh month of the fiscal year. Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of January, 1997. RECOMMENDATION: Receive and file the January 1997 Financial Activity Report. Prepared by: Dilu de Atwis Aftachments 7 Graphs Item No. 10