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l <br />REQUEST FOR COUNCIL ACTION <br />I A <br />Department Approval <br />Item Description.- 2008 3rd Quarter Financial Report <br />=Ic I <br />Date.- 10/27/08 <br />Item No..- 13.a <br />City Manager Approval <br />2 In an effort to keep the Council informed on the City's fiscal condition, a comparison of the 2008 revenues <br />1 11% <br />3 and expenditures for the period ending Septem - L)er _30, 2008 (unaudited) is shown below. This comparison <br />4 is presented in accordance with the City's Operating Budget Policy, which reads (in part) as follows.- <br />6 The Finance Department will prepare regular reports comparing actual expenditures to <br />"7 budgeted amounts as part of the budgetary control system. These reports shall be <br />.,o <br />'is tributedlo the ( .,It y (' uncil on a periodic basis. <br />I ('_) The comparison shown below includes those programs and services that constitute the City's core functions <br />"I'll and for which changes in financial trends can have a near-term impact on the ability to maintain current <br />12 service levels. Programs such as debt service and tax increment financing which are governed by pre- <br />13 existing obligations and restricted revenues are not shown. In addition, expenditures in the City's vehicle <br />14 and equipment replacement programs are not shown as these expenditures are specifically tied to pre- <br />I established sinking funds. Unlike some of the City's operating budgets, these sinking funds are not <br />16 susceptible to year-to-year fluctuations. In these instances, annual reviews are considered sufficient. <br />I ��7 <br />18 The information is presented strictly on a cash basis which measures only the actual revenues that have <br />19 been deposited and the actual expenditures that have been paid. This is in contrast with the City's audited <br />2 ('_) year-end financial report which attempts to measure revenues earned but not collected, as well as costs <br />2 1 incurred but not yet paid. <br />22 <br />23 It should be noted that many of the City's revenue streams such as property taxes, are non-recurring or are <br />24 received intermittently throughout the year. This can result in wide revenue fluctuations from month to <br />2 ° month. In addition,, some of the City's expenditures such as capital replacements are also non-recurring and <br />26 subject to wide fluctuations. To accommodate these differences, a comparison is made to historical results <br />27 to identify whether any new trends exist. <br />28 <br />Page I of 14 <br />