1 TO: City Council
FROM: Andrew Vialpando, City Manager
PREPARED BY: Susan Kamada, Administrative Services Director MEETING DATE: October 15, 2024
SUBJECT: Fiscal Year (FY) 2023/24 Quarterly Financial Report
RECOMMENDATION
Receive and file the Fiscal Year (FY) 2023/24 Quarterly Financial Report Fourth Quarter Ending June 30, 2024.
BACKGROUND
This financial report summarized the City’s financial position for the quarter ending June 30, 2024, for the General Fund, Water Funds, and Special Revenue Funds. The purpose of this report is to provide the City Council, City management, and the Lomita community an update on the City’s fiscal status based on the most recent financial information available.
The City operates on a biennial budget cycle. Through the City’s adopted biennial budget, the City Council approves revenue estimates and authorizes staff to exercise responsible fiscal stewardship over the City’s financial resources. Accordingly, this action provides a quarterly financial report on the City’s fiscal condition.
The Fourth Quarter Financial Report covers financial activity through the fourth quarter of FY 2023/24, ending June 30, 2024.
OPTIONS
None. Information only. Receive and file.
CITY OF LOMITA
CITY COUNCIL REPORT
Item No. {{section.number}}i
2 FISCAL IMPACT
None. Information only. Receive and file.
ATTACHMENT
FY 2023/24 Quarterly Financial Report Fourth Quarter Ending June 30, 2024.
Reviewed by: Approved by:
_______________________ ______________________
Gary Y. Sugano Andrew Vialpando
Assistant City Manager City Manager
Prepared by:
__________________________
Susan Kamada, Administrative Services Director