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2010-02-16 CC Agenda - PRESENTATION - ITEM F12 - FY 2008-2009 Year End ResultsVoo IT Y 079 4StZGj3t;j �FPF,Y 2008m2OO9 Year-end Results/ FY 2009m2010 First Quarter Financial Review s of the Financial Review -7- aW 9-, y e-,a ,.Review W"Mp results. 2 Review the status of FY 2009-2010 revenues and expenditures through _ December 31, 2009 with an emphasis on the General Fund. nges/Limitations - --- rrent economic condition jaDecline in Sales Tax revenue Gantinued soft investment returns and credit crunch gnant revenues in the near future Continued impact on Sales &Use Tax, TOT, Utility User taxes and slow recovery of Building and Safety fees Escalating PERS rates driven by higher salaries and portfolio losses • Other Post Employment Benefits (OPEB) Funding • Sustaining current service levels dry Revenue and ditures FY 08/09 11ERA L RJND Budget 08/ 09 Projected Yea r- End 08/ 09 Year -End 08/ 09 60,784,950 58,236,235 60,382,365 enditures 60f784f950 59,288,190 62/645/801 D.eficnit @ 9/30/09: - (1,051,955) (2,263,436) Plus: Cont. Approp. & Encumbr. - - (547,890) Surplus/ (Deficit) $ - (1,0511955) (2,8111,326) and Revenue bnue Sources Compariso _{ ■ 07-08 Actual ❑ 08-09 Budget ❑ 08-09 Actual r 0 o` -1,000,000 d ii", -2,000,000 -3,000,000 wfund Revenue - evenue Sources CoWarison 4 _ ■ 07-08 Actual ❑ 08-09 Budget ❑ 08-09 Actual a��eo 4z�� J���`• C��yiD`c `ce�SeS� lr~ S�o�� GO,; r u7es By Function — General6fu,- m(1 ❑ 07-08 ACTUAL ❑ 08-09 BUDGET © 08-09 ACTUAL '000 000 9 000 :0,000 490009000 290009000 0 r 4111OQ o O�O�QP ,141- NSF !�alFund Reserves Policy states that the unreserved/ signated fund balance in the General d should be 20% of General Fund enditures !%74s of September 30, 2009, unreserved/ undesignated fund balance is at 19.05% of General Fund expenditures eral Fund gnated/Unreservedj,-.-IFand T OL Unreserved/ signated: 09 Unreserved/ Undesignated: Amounts needed to meet 20% Unreserved/Undesignated: $12,466 $11,875 591 imw -und Reserves- endation Mlewed-the fund balances orkers' Compensation and General r ty Funds and has estimated ending ances through September 30, 20101 �-Based on this review and concurrence from our auditors, staff has identified a surplus of fund balances which can be transferred to the General Fund without impairing the required funding levels. Fund Reserves�,.r-y mendation, oomme°nd`s-transferring th"e-excess balances at FY 2008-2009 yearend these two Internal Service Funds, net the FY 09/10 budgeted transfers of R.2 million as follows: 1. Transfer $591,000 to the General Fund to maintain the General Fund u ndesig nated/u n reserved balance at 20% 2. Transfer excess fund balances to the Economic Uncertainty Fund FY 2009=2010 First Quarter �`- Financial Review =uRevenue - r Revenue Comparison - - 10.000/0 5100% 0.00% ye ,�a+ y��`Ge� c�-a`e5 Qt oGG�Q eGtit� 2"\ ,fit ■ Q1 2008-09 % Received ❑ 7-yr Avg. % Received ❑ Q1 2009-10 % Received G ta�Gr taN?-6, F �e �e G° I o Ce a�J 13y Function — General Funds parter Comparison 24.31% El Q1 FY 2008-2009 0 Q1 FY 2009-2010 24.16% 00 - 1000 ,000 .%,000 1,50F090-0-0 190009000 5009000 0 19� Nk 41- 00 Q\,P �Q- jig Budgetary Controls g freeze has been instituted for all to,, fi I ( vacant �scret o ��of the City Manage positions only at gal positions will be considered; has been asked to review all consulting tracts and reduce where possible; overtime in the �` re uced by staffing instead of 19 and; Fire Department is being 17 firefighters per shift � 14 City Miscellaneous employees retired as of January 2010, manof those positions will remain vacant or filyedwith part time employees with no benefits. Projected savings at yearend are estimated at $815,000. r GtIT Y INCO RPORAI J A N 18, I917 l\�