1999 AGN MAY 04 I17 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OF MAY 4,1999 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: HENRY T. GARCIA, CITY MANAGERV- FROM: DILU DE ALWIS, ACTING FINANCE DIRECTOR SUBJECT: MARCH 1999 FINANCIAL ACTIVITY REPORT DATE: APRIL 26,1999 DISCUSSIONIANALYIS Attached are preliminary revenue and expenditure recap reports for the month of March 1999. The City's financial activity through the end of March 1999 (actual revenues and expenditures) should be 75.0% of the fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 64.8% (including encumbrances) and 53.6% of estimated revenues. Excluding encumbrances the expenditures are 61.5% of budget appropriations. Overall the total City expenditures are 87.3% and revenues are 80.3%. 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 seven months of receipts even though we are reporting for the ninth month of the fiscal year. Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of March 1999 as well as graphs showing the flow of funds by month from two of our major revenue sources i.e. Sales & Use Tax and Motor Vehicle -in -lieu Tax. RECOMMENDATION: Receive and file the March 1999 Financial Activity Report. Attachments: 2 Recap Reports (spreadsheets) 4 Graphs Item # 17