City of Hermosa Beach - File #: REPORT 23-0704

File #:

REPORT 23-0704 Version: 1

Name:

Type:

Action Item

Status:

Passed

File created:

11/15/2023

In control:

City Council

On agenda:

11/28/2023

Final action:

11/28/2023

Title:

REVENUE REPORT, EXPENDITURE REPORT, AND CIP REPORT BY PROJECT FOR SEPTEMBER AND OCTOBER 2023 (Finance Director Viki Copeland)

Attachments:

1. 1. September 2023 Revenue Report, 2. 2. September 2023 Expenditure Report, 3. 3. September 2023 CIP Report by Project, 4. 4. October 2023 Revenue Report, 5. 5. October 2023 Expenditure Report, 6. 6. October 2023 CIP Report by Project

Staff Report Text

Honorable Mayor and Members of the Hermosa Beach City Council

Regular Meeting of November 28, 2023

Title

REVENUE REPORT, EXPENDITURE REPORT, AND CIP REPORT BY PROJECT

FOR SEPTEMBER AND OCTOBER 2023

(Finance Director Viki Copeland)

Body

Recommended Action:

Recommendation

Staff recommends City Council receive and file the September and October 2023 Financial Reports.

Body

Executive Summary:

Attached are the September and October 2023 Revenue and Expenditure reports. The reports provide detail by revenue account and by department for expenditures, with summaries by fund at the end of each report.

Discussion:

As of October 2023, General Fund revenue is 19.1 percent received for 33.3 percent of the fiscal year. The General Fund revenue, particularly tax revenue, is not received incrementally. The total would reach 35.3 percent when adjusting for tax revenue.

General Fund expenditures are 42.2 percent expended for 33.3 percent of the fiscal year. Expenditures do not necessarily occur on an incremental basis. The total would reach 29.4 percent when adjusting for encumbrances.

The Capital Improvement Project (CIP) reports group the funding for each project together, which is similar to how the projects are shown in the budget. In the regular Expenditure Report, the CIPs appear at the end of each fund; therefore, the total funding is not displayed in one place.

General Plan Consistency:

This report and associated recommendation have been evaluated for their consistency with the City’s General Plan. Relevant Policies are listed below:

Governance Element

Goal 1. A high degree of transparency and integrity in the decision-making process.

Policies:

• 1.1 Open Meetings. Maintain the community’s trust by holding meetings in which decisions are being made, that are open and available for all community members to attend, participate, or view remotely.

• 1.6 Long-term considerations. Prioritize decisions that provide long-term community benefit and discourage decisions that provide short-term community benefit but reduce long-term opportunities.