1997 AGN AUG 05 I09 - Laserfiche WebLink

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TO: APPROVAL: FROM: SUBJECT: DATE: City of Colton AGENDA REPORT FOR COUNCIL MEETING OFAUGUST 5,1997 HONORABLE MAYOR AND CITY COUNCIL LEN WOOD, INTERIM CITY MANAGER ANNA A. VEGA, FINANCE DIRECTORQ�� JUNE 1997 PRELIMINERY FINANCIAL ACTIVITY REPORT JULY 22, 1997 DISCUSS IONIANALYIS Attached are preliminary revenue and expenditure recap reports for the month of June 1997. The "ADJUSTED APPROP." column includes the prior year (1995-96) encumbrances carried forward into the 1996-97 fiscal year. The City's financial activity through the end of June 1997 (actual revenues and expenditures) should be 100% of the fiscal year budgeted totals. Currently, the reports show the General Fund expenditures being 98.0% (including encumbrances) and 95.2% of estimated revenues. Excluding encumbrances the expenditures are 96.2% of budget appropriations. Overall the total City expenditures are 95.3% and revenues are 119.0%. According to the Governmental Accounting Standards, revenue and accounts payable accruals are necessary at the end of each fiscal year (June 30). Some of the revenue received in July and August were accrued as revenue in June 1996. Therefore, the percent of revenue received, especially for the general fund, represents about eleven months of receipts even though we are reporting the twelfth month of the fiscal year. We are in the process of accruing applicable revenues and expenditures to show a complete twelve-month accounting for 1996-97. Additionally, we have attached graphs representing the comparisons year to date (YTD) and actuals for the month of June 1997. RECOMMENDATION: Receive and file the -June 1997 Preliminary Financial Activity Report. Prepared by: Difu de Alwis Attachments: 4 Recap Reports (spreadsheets) 3 Graphs Item No. 9