1999 AGN MAR 02 I12 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OF MARCH 2, 1999 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: HENRY T.. GARCIA, CITY MANAGER FROM: DILU DE ALWIS, FINANCE ASSISTANT SUBJECT: JANUARY 1999 FINANCIAL ACTIVITY REPORT DATE: FEBRUARY 18, 1999 DISCUSSION/ANALYIS Attached are preliminary revenue and expenditure recap reports for the month of January 1999. The City's financial activity through the end of January 1999 (actual revenues and expenditures) should be 58.3% of the fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 52.1% (including encumbrances) and 40.1% of estimated revenues. Excluding encumbrances the expenditures are 48.6% of budget appropriations. Overall the total City expenditures are 73% and revenues are 65.9%. According to Governmental Accounting Standards, a portion of revenue received in July and August 1998 was accrued back to June 1998. Therefore, the percent of revenue received, especially for the general fund, represents approximately five months of receipts even though we are reporting for 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 1999. RECOMMENDATION: Receive and file the January 1999 Financial Activity Report. Attachments: 3 Recap Reports (spreadsheets) 3 Graphs Item # 12