City of Hermosa Beach - File #: REPORT 18-0653

File #:

REPORT 18-0653 Version: 1

Name:

Type:

Action Item

Status:

Consent Calendar

File created:

10/16/2018

In control:

City Council

On agenda:

10/23/2018

Final action:

Title:

REVENUE REPORTS, EXPENDITURE REPORTS, AND CIP REPORTS BY PROJECT FOR AUGUST & SEPTEMBER 2018 (Finance Director Viki Copeland)

Attachments:

1. 1. August 2018 Revenue Status Report, 2. 2. August 2018 Expenditure Report, 3. 3. August 2018 CIP Report by Project, 4. 4. September 2018 Revenue Report, 5. 5. September 2018 Expendture Report, 6. 6. September 2018 CIP Report by Project

Staff Report Text

Honorable Mayor and Members of the Hermosa Beach City Council Regular Meeting of October 23, 2018

Title

REVENUE REPORTS, EXPENDITURE REPORTS, AND

CIP REPORTS BY PROJECT FOR AUGUST & SEPTEMBER 2018

(Finance Director Viki Copeland)

Body

Recommended Action:

Recommendation

Staff recommends that the City Council receive and file the August and September 2018 Financial Reports, including the CIP Report by Project.

Body

Summary:

Attached are the August and September 2018 Revenue and Expenditure reports. The reports provide detail by revenue account and by department for expenditures, with summaries by fund at the back of each report.

As of September, General Fund revenue is 13.2% received for 25% of the fiscal year. The General Fund revenue, particularly tax revenue, is not received incrementally. Adjusting for tax revenue, the total would be 25.9%

As of September, General Fund expenditures are 21.7% expended for 25% of the fiscal year. Expenditures do not necessarily occur on an incremental basis.

New to the agenda packet: Also included is a CIP Report by Project for August and September 2018, which is a report Departments have used internally for quite some time. Staff mentioned at the Budget Workshop that staff would begin providing the CIP Report by Project to the City Council with the other financial reports. The report groups the funding for each project together, which is similar to how the projects are shown in the budget. In the regular Expenditure Report, the CIP’s appear at the end of each fund, therefore, the total funding is not displayed in one place. Some of the Public Works Commissioners have seen the CIP by Project Report and find it useful. As a result, the Public Works Director will begin providing it to the Public Works Commission in the commission packet.