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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF MARCH 3, 1998 <br />TO: HONORABLE MAYOR AND CITY CCWNCIL <br />APPROVAL: HENRY GARCIA, CITY MANAGER 219, <br />FROM: ANNA A. VEGA, FINANCE DIRECTOR(����� <br />SUBJECT: JANUARY 1998 FINANCIAL ACTIVITY REPORT <br />DATE: FEBRUARY 23,1998 <br />DISCUSSION/ANALYIS <br />Attached are revenue and expenditure recap reports for the month of January 1998. <br />The City's financial activity through the end of January 1998 (actual revenues and expenditures) should be 58.3% of the <br />fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 58.3% (including <br />encumbrances) and 50.2% of estimated revenues. Excluding encumbrances the expenditures are 53.3% of budget <br />appropriations. Overall the total City expenditures are 55.5% and revenues are 50.5%. <br />According to Governmental Accounting Standards, a portion of revenue received in July and August 1997 were accrued <br />back to June 1997. Therefore, the percent of revenue received, especially for the general fund, represents approximately <br />five months of receipts even though we are reporting for the seventh 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 />January 1998 <br />RECOMMENDATION: <br />Receive and file the January 1998 Financial Activity Report. <br />Prepared by: Dilu de Alwis <br />Attachments: 3 Recap Reports (spreadsheets) <br />3 Graphs <br />ITEM #8 <br />�Jc <br />