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Department Approval <br />�� ,�: �� <br />Item Description: <br />l�'�, <br />Jy <br />REQUEST FOR COUNCIL ACTION <br />2009 3rd Quarter Financial Report <br />Date: 10/19/09 <br />Item No.: 7.c <br />City Manager Approval <br />� / <br />BACKGROUND <br />In an effort to keep the Council informed on the City's fiscal condition, a comparison of the 2009 revenues <br />and expenditures for the period ending Se�tember 30, 2009 (unaudited) is shown below. This comparison <br />is presented in accordance with the City's Operating Sudget Policy, which reads (in part) as follows: <br />The Finance Department will prepare regular reports comparing actual expenditures to <br />budgeted amounts as part of the budgetary control system. These reports shall be <br />distributed to the City Council on a periodic basis. <br />The comparison shown below includes those programs and services that constitute the City's core functions <br />and for which changes in financial trends can have a near-term impact on the ability to maintain current <br />service levels. Programs such as debt service and t� increment financing which are governed by pre- <br />existing obligations and restricted revenues are not shown. In addition, expenditures in the City's vehicle <br />and equipment replacement programs are not shown as these expenditures are specifically tied to pre- <br />established sinking funds. Unlike some of the City's operating budgets, these sinking funds are not <br />susceptible to year-to-year 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 have <br />been deposited and the actual expenditures that have been paid. This is in contrast with the City's audited <br />year-end financial report which attempts to measure revenues earned but not collected, as well as costs <br />incurred but not yet paid. <br />It should be noted that many of the City's revenue streams such as property t�es, are non-recurring or are <br />received intermittently throughout the year. This can result in wide revenue fluctuations from month to <br />month. In addition, some of the City's expenditures such as capital replacements are also non-recurring and <br />subject to wide fluctuations. To accommodate these differences, a comparison is made to historical results <br />to identify whether any new trends exist. <br />Page 1 of 14 <br />