FOR THE COUNCIL MEETING OF AUGUST 15, 2023
COUNCIL AGENDA REPORT
TO: City Council
FROM: City Manager
Prepared by: Director of Finance
SUBJECT: Financial Report for the Fourth Quarter Ending June 30, 2023
Description:
The City Council will consider receiving the 2023 Fourth Quarter Financial Report.
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 Fourth Quarter ending June 30, 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 fourth 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 Enterprise 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 f inancial statement provides the community with an understanding of the financial activity of the City’s primary funds.
ATTACHMENTS A – Quarterly Financial Report Fourth Quarter Ending June 30, 2023 _2023-08-15