Title
FY 2021 First Quarter Analysis of Budget Compared to Actual Revenues and Expenditures for the Period Beginning October 1, 2020 and Ending December 31, 2020 With Projections Through September 30, 2021 (B)
Audit & Finance Committee to review FY 2021 budget to actual performance and projections through end of fiscal year.
Explanation
This quarterly report presents an overview of the City’s operating revenues and expenditures through the first quarter of fiscal year 2021, as compared to budgeted amounts, and explains any notable variances or trends in these numbers. It also provides a projection of revenues and expenditures through the end of the fiscal year.
The financial information in this report is organized by City funds as follows:
• General Fund
• Debt Service Fund
• Proprietary Funds
• Fiduciary Funds
The purpose of this quarterly public reporting on the City’s revenues and expenditures is twofold. First, it ensures that the City is consistently monitoring its revenues and expenditures so that it can proactively respond to unanticipated changes or emerging trends. Second, and equally important, these reports increase the transparency of City finances. The City is ultimately accountable to its neighbors to use the revenue it brings in efficiently and effectively to provide the highest quality services, and quarterly public reporting provides the information they need to hold the City to this standard.
Strategic Connection
This item is connected to Goal 5 “Best in Class” Neighbor Services.
Fiscal Note
This analysis of budget to actual operating revenues and expenses with projections through September 30, 2021 provides the status of the FY 2021 General Fund, Debt Service, Proprietary, and Fiduciary funds’ budget for the first three months of the fiscal year. Based on preliminary projections, all of the funds are expected to end the year on budget.
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