HomeMy WebLinkAboutCC AG PKT 2005-03-14 #I 1
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AGENDA REPORT
DATE: March 14, 2005
TO: Honorable Mayor and Council Members
THRU: John B. Bahorski, City Manager
FROM: Pamela Arends -King, Director of Administrative Services /Treasurer
SUBJECT: Fiscal Year 2004/05 Mid -Year General Fund Financial Update
SUMMARY OF REQUEST:
Staff requests Council receive and file report.
BACKGROUND:
The purpose of this report is to give the City Council a brief General Fund financial update for
Fiscal Year 2004/05.
At the time the Fiscal Year 2004/05 operating budget was adopted the General Fund was expected
to have a net operating loss of $1,180,694 primarily due to the transfer of General Fund
. undesignated fund balance for street improvements. Expenditures are expected to remain
relatively the same as what was adopted, however, revenues are up significantly more than
estimated when the operating budget was adopted. Staff expects Fiscal Year 2004/05 General
Fund revenues will exceed estimated expenditures by $231,000.
Estimated revenues are up due to the increase in sales tax from new businesses that moved to the
City after the Fiscal Year 2004/05 operating budget was adopted, an increase in utility users tax
revenue due to the cold and rainy winter, and the increase in business license revenue. The
business license revenue is up significantly more than what was budgeted due to the increase in
business license revenue from a major manufacturer and the dedicated effort by staff to ensure all
businesses operating within the City have a business license.
The expenditures for Fiscal Year 2004/05 are up due to the increase in liability and workers
compensation insurance premiums and retiree medical and dental insurance premiums, however,
all other expenditures are not expected to increase significantly.
At the end of April 2005 staff will be providing the City Council and the public a mid -point
budget review. The mid -point budget review will discuss in detail what the financial status of the
City is expected to be at the end of Fiscal Year 2004/05 and any changes to the Fiscal Year
2005/06 budget. The five -year financial forecast will also be updated.
Agenda Item I
1
RECOMMENDATION:
Council receive and file report.
Pamela Arends-King
Director of Administrative Services/Treasurer
NOTED AND APPROVED:
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n : ahorski
City anager