FOR THE COUNCIL MEETING OF MAY 16, 2023
COUNCIL AGENDA REPORT
TO: City Council
FROM: City Manager
Prepared by: Director of Finance
SUBJECT: Financial Report for the Third Quarter ending March 31, 2023
Description:
The City Council will receive the Third Quarter Financial Report summarizing the City’s financial status for the period ending March 31, 2023.
Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required.
RECOMMENDATION:
Receive and file the Financial Report for the Third Quarter Ending March 31, 2023.
BACKGROUND:
Four times each year, City staff completes a comprehensive analysis of City finances, including projected fund balances, revenues to date, departmental expenditures, encumbrances, and potential adjustments. This financial report summarizes the third quarter financial analysis.
DISCUSSION:
The attached report provides an overview of the current economic outlook on the State and National levels; General Fund, including Measure U revenues, expenditures, projected fund balances; and activity in the three En terprise Funds. Though this information is not audited and does not contain all the usual year -end adjustments, accruals, or disclosures, the information does provide a general picture of the City’s activity and the developing financial trends.
Impact to the Community
The interim financial statement provides the community with an understanding of the financial activity of the City’s primary funds.
ATTACHMENT A - Quarterly Financial Report Third Quarter Ending March 31, 2023_2023-05-16