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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF JULY 6,1999 <br />TO: HONORABLE MAYOR AND CITY COr <br />APPROVAL: HENRY T. GARCIA, CITY MANAGER <br />FROM: DILU DE ALWIS, ACTING FINANCE DIRECTOR <br />SUBJECT: MAY 1999 FINANCIAL ACTIVITY REPORT <br />DATE: JUNE 17,1999 <br />DISCUSSION/ANALYIS <br />Attached are preliminary revenue and expenditure recap reports for the month of May 1999 <br />The City's financial activity through the end of May 1999 (actual revenues and expenditures) should be 91.7% of the fiscal <br />year budgeted totals. Currently, the reports show the General Fund expenditures being 77.4% (including encumbrances) <br />and 67.2% of estimated revenues. Excluding encumbrances the expenditures are 74.4% of budget appropriations. <br />Overall,the total City expenditures are 98.1 % and revenues are 98. 1 %. <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 />nine months of receipts even though we are reporting for the eleventh 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 />May 1999 as well as graphs showing the flow of funds by month from two of our major revenue sources i.e. Sales & Use <br />Tax and Motor Vehicle -in -lieu Tax. <br />RECOMMENDATION: <br />Receive and file the May 1999 Financial Activity Report. <br />Attachments: 2 Recap Reports (spreadsheets) <br />4 Graphs <br />item # 10 <br />