Honorable Mayor and Members of the Hermosa Beach City Council Regular Meeting of September 24, 2019
Title
REVENUE REPORT, EXPENDITURE REPORT,
AND CIP REPORT BY PROJECT FOR JULY 2019,
UPDATED JUNE 2019 CIP REPORT BY PROJECT
(Finance Director Viki Copeland)
Body
Recommended Action:
Recommendation
Staff recommends that the City Council receive and file the July 2019 Financial Reports and updated June 2019 CIP Report by Project.
Body
Summary:
Attached are the July 2019 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.
General Fund revenue is 2.8% received for 8.3% of the fiscal year. The General Fund revenue, particularly tax revenue, is not received incrementally. Adjusting for tax revenue would bring the total to 8.6%.
General Fund expenditures are 5.4% expended for 8.3% of the fiscal year. Expenditures do not necessarily occur on an incremental basis.
This CIP 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 CIPs appear at the end of each fund, therefore, the total funding is not displayed in one place.
The June 2019 CIP report has been updated to reflect payments made for purchases or services performed in Fiscal Year 2018-19, but not paid until 2019-20. This is not the final report for 2018-19.
Attachments:
1. July 2019 Revenue Report
2. July 2019 Expenditure Report
3. July 2019 CIP Report
4. June 2019 CIP Report Updated
Respectfully Submitted by: Viki Copeland, Finance Director
Approved: Suja Lowenthal, City Manager