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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF FEBRUARY 3,1998 <br />TO: HONORABLE MAYOR AND CIT <br />ff COUNCIL <br />APPROVAL: HENRY GARCIA, CITY MANA <br />FROM: ANNA A. VEGA, FINANCE DIRE6TORCL—�� <br />SUBJECT: DECEMBER 1997 FINANCIAL ACTIVITY REPORT <br />DATE: JANUARY 21, 1998 <br />DISCUSSION/ANALYIS <br />Attached are revenue and expenditure recap reports for the month of December 1997. <br />The City's financial activity through the end of December 1997 (actual revenues and expenditures) should be 50.0% of the <br />fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 52.1% (including <br />encumbrances) and 42.7% of estimated revenues. Excluding encumbrances the expenditures are 46.0% of budget <br />appropriations. Overall the total City expenditures are 47.1 % and revenues are 42.7%. <br />According to Governmental Accounting Standards, a portion of revenue received in July and August 1997 were accrued <br />back to June 1997. Therefore, the percent of revenue received, especially for the general fund, represents approximately <br />four months of receipts even though we are reporting for the sixth month of the fiscal year. <br />Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of <br />December 1997 <br />RECOMMENDATION: <br />Receive and file the December 1997 Financial Activity Report. <br />Prepared by: Dilu de Alwis <br />Attachments: 3 Recap Reports (spreadsheets) <br />3 Graphs <br />Item # 21 <br />