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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF APRIL 6,1999 <br />TO: HONORABLE MAYOR AND CITY C CIL <br />APPROVAL: HENRY T. GARCIA, CITY MANAGERt',,, <br />FROM: DILU DE ALWIS, FINANCE ASSISTANT 0)*/ <br />SUBJECT: FEBRUARY 1999 FINANCIAL ACTIVITY REPORT <br />DATE: MARCH 22, 1999 <br />DISCUSSION/ANALYIS <br />Attached are preliminary revenue and expenditure recap reports for the month of February 1999. <br />The City's financial activity through the end of February 1999 (actual revenues and expenditures) should be 66.7% of the <br />fiscal. year budgeted totals. Currently, the reports show the General Fund expenditures being 58.7% (including <br />encumbrances) and 47.5% of estimated revenues. Excluding encumbrances the expenditures are 55.3% of budget <br />appropriations. Overall the total City expenditures are 79.2% and revenues are 72.5%. <br />According to Governmental Accounting Standards, a portion of revenue received in July and August 1998 was accrued <br />back to June 1998. Therefore, the percent of revenue received, especially for the general fund, represents approximately <br />six months of receipts even though we are reporting for the eighth 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 />February 1999 as well as graphs showing the flow of funds by month from two of our major revenue sources i.e. Sales & <br />Use Tax and Motor Vehicle -in -lieu Tax. <br />RECOMMENDATION: <br />Receive and file the February 1999 Financial Activity Report. <br />Attachments: 2 Recap Reports (spreadsheets) <br />4 Graphs <br />Item# I I <br />