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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF OCTOBER 6, 1998 <br />TO: HONORABLE MAYOR AND CITY CO NCIL <br />APPROVAL: HENRY T. GARCIA, CITY MANAGE <br />FROM: DILU DE ALWIS, FINANCE ASSISTANT Or <br />SUBJECT: AUGUST 1998 FINANCIAL ACTIVITY REPORT <br />DATE: SEPTEMBER 22, 1998 <br />DISCUSSION/ANALYIS <br />Attached are preliminary revenue and expenditure recap reports for the month of August 1998 <br />The City's financial activity through the end of August 1998 (actual revenues and expenditures) should be 16.7% of the <br />fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 18.4% (including <br />encumbrances) and 2.6% of estimated revenues. Excluding encumbrances the expenditures are 11.9% of budget <br />appropriations. Overall the total City expenditures are 14.0% and revenues are 12.0%. <br />According to Governmental Accounting Standards, a portion of revenue received in the August 1998 was accrued back to <br />June 1998. Due to this accrual method the actual revenue reported is lower than projected. <br />Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of <br />August 1998. <br />RECOMMENDATION: <br />Receive and file the August 1998 Financial Activity Report. <br />Attachments: 3 Recap Reports (spreadsheets) <br />3 Graphs <br />Item # 12 <br />