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CITY OF COLTON <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF JULY 2,1996 <br />To: Honorable Mayor & City Council <br />Approval: Nabar Enrique Martinez, City Managed <br />From: Anna A. Vega, Finance Directoc)�-er' <br />Subject: Financial Activity Report <br />Date: June 24, 1996 <br />Attached is a copy of the 1995-96 Financial Activity Report, a Revenue Summary, and an <br />Expenditure/Encumbrance Summary. The summary reports reflect actual versus budget <br />year-to-date figures through May 31, 1996. <br />The revenue and expenditure summaries also include line item detail for the General <br />Fund. Through the end of May, these should be at 92% of the fiscal year totals. <br />Currently the reports show General Fund expenditures at 85% (including encumbrances) <br />and revenues received at 85% of the estimated budget. <br />In May, it was necessary to reverse many of the accrued revenues and expenditures that <br />resulted from the 1994/95 annual audit. Consequently, several May, 1996 Actual -Final <br />numbers have been adjusted and, in some instances, have resulted in negative revenues <br />for the month. Similar accruals will be made in June, 1996 relating to the 1995/96 fiscal <br />year end. <br />A schedule of cash and investments is also included, which reflects actual balances as of <br />May 31, 1996. <br />Recommendation: <br />Staff recommends that the City Council receive and file the Financial Activity Reports. <br />Prepared by Thomas Steele <br />ITEM 4 <br />