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2020_1130_CCPacket
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2020_1130_CCPacket
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1/13/2022 1:09:18 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
11/30/2020
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Attachment D <br />Memo <br />To: Roseville City Council <br />Pat Trudgeon, City Manager <br />From: Michelle Pietrick, Finance Director <br />Date: November 30, 2020 <br />rd <br />Re: Receive 2020 3 Quarter Financial Report <br />In an effort to keep the Council informed on the CityÓs financial condition and budget performance, <br />a comparison of the 2020 revenues and expenditures for the period ending September 30, 2020 <br />(unaudited) is shown below. This comparison is presented in accordance with the CityÓs Operating <br />Budget Policy, which reads in part as follows: <br />The Finance Department will prepare regular reports comparing actual <br />expenditures to budgeted amounts as part of the budgetary control system. These <br />reports shall be distributed to the City Council on a periodic basis. <br />The comparisons shown below includes those programs and services that constitute the CityÓs core <br />functions and for which changes in financial trends can have a near-term impact on the ability to <br />maintain current service levels. Programs such as debt service and tax increment financing which <br />are governed by pre-existing obligations and restricted revenues are not shown. In addition, <br />expenditures in the CityÓs vehicle and equipment replacement programs are not shown as these <br />expenditures are specifically tied to pre-established capital reserve funds. Unlike some of the <br />CityÓs operating budgets, these reserve funds are not typically susceptible to year-to-year <br />fluctuations. In these instances, annual reviews are considered sufficient. <br />The information is presented strictly on a cash basis which measures only the actual revenues that <br />have been deposited and the actual expenditures that have been paid. This is in contrast with the <br />CityÓs audited year-end financial report which attempts to measure revenues earned but not <br />collected, as well as costs incurred but not yet paid. <br />It should be noted that some of the CityÓs revenue streams such as property taxes, are non-recurring <br />or are received intermittently throughout the year. This can result in wide revenue fluctuations <br />from month to month. In addition, some of the CityÓs expenditures are also non-recurring and <br />subject to wide fluctuations. To accommodate these differences, a comparison is made to historical <br />results to identify whether any unusual trends exist. <br /> <br /> <br /> <br />Page 1 of 13 <br /> <br />
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