FOR THE COUNCIL MEETING OF AUGUST 20, 2024
COUNCIL AGENDA REPORT
TO: City Council
FROM: Interim City Manager Alex Posada
BY: Interim Finance Director Xenia Bradford
SUBJECT: Review of the Financial Report for the Fourth Quarter Ending June 30, 2024
The City Council will review and consider receiving the 2023-24 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, 2024.
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 Quarterly Financial Report Fourth Quarter Ending June 30, 2024 (Attachment A) provides an overview of the current economic outlook at the State and National levels; General Fund revenues, expenditures, projected fund balances; Measure U activity; 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 financial statement provides the community with an understanding of the financial activity of the City’s primary funds.
Attachment A - Quarterly Financial Report Fourth Quarter Ending June 30, 2024