Title
FISCAL YEAR 2014/2015 ANNUAL FINANCIAL STATUS REPORT
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RECOMMENDED ACTION
Recommended Action
Council accept the report.
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SUMMARY
This report is provided in order to meet the City Charter requirement of publishing the City’s Combined Statement of Revenues, Expenditures and Changes in Fund Equity (Schedule D) in the local newspaper within 120 days of the close of the fiscal year. The statement is scheduled for publication in the October 23rd issue of The Star News, which is the City’s adjudicated newspaper of general circulation.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” in accordance with Section 15378(b)(5) of the State CEQA because it involves only acceptance of the fiscal year 2014/15 annual financial status report and a commitment of fund balance, therefore it is an organizational or administrative activity of government that will not result in a direct or indirect physical change in the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no environmental review is necessary.
BOARD/COMMISSION RECOMMENDATION
Not Applicable
DISCUSSION
Annual Financial Status Report
This report is provided in order to meet the City Charter requirement of publishing the City’s Combined Statement of Revenues, Expenditures and Changes in Fund Equity (Schedule D) in the local newspaper within 120 days of the close of the fiscal year. The statement is scheduled for publication in the October 23rd issue of The Star News, which is the City’s adjudicated newspaper of general circulation.
We will provide the Council with a complete report of fiscal year 2014/15 financial data upon presentation of the City’s audited Comprehensive Annual Financial Report.
For the General Fund, actual Expenditures and Transfers-Out for the year amounted to $135.2 million, supported by Actual Revenues and Transfers-In of $139.7 million. The actual revenue and expenditures are subject to audit adjustments. The audited figures and the actual change in General Fund reserves will be presented when the audit is completed. Schedules A and B are summary statements of actual revenues and expenditures for fiscal year 2014/15. Schedule C provides a complete listing of all budget amendments approved for the 2014/15 fiscal year.
Schedule D is an unaudited Summary Report of Revenue, Expenditures, and Changes in Fund Equity (excluding Trust Funds and the Public Financing Authority) for the fiscal year ended June 30, 2015. Please note that the column titled “General Funds” includes not only the General Fund, but the Fire Equipment Lease fund and the Telecommunications Utility Tax fund (TUT Settlement money) and Public Liability Trust fund, which are combined with the General Fund for financial reporting purposes. A full analysis of the City’s various funds will be provided in the Management’s Discussion and Analysis section of the Comprehensive Annual Financial Report. As required by Charter Section 504 (f), this statement will be published in the local newspaper as discussed above.
The detailed data supporting this information is quite voluminous, but is available at your request. The published Comprehensive Annual Financial Report (CAFR) including the opinion of the independent auditors should also be available within the next 60 days and will be provided to City Council.
Schedule E provides a complete listing of all budget adjustments between summary accounts approved by the City Manager in accordance with Council Policy 220-02 “Financial Reporting and Transfer Authority” during fiscal year 2014/15.
DECISION-MAKER CONFLICT
Staff has reviewed the decision contemplated by this action and has determined that it is not site specific and consequently, the 500-foot rule found in California Code of Regulations section 18704.2(a)(1), is not applicable to this decision. Staff is not independently aware, and has not been informed by any Council member, of any other fact that may constitute a basis for a decision maker conflict of interest in this matter.
LINK TO STRATEGIC GOALS
The City’s Strategic Plan has five major goals: Operational Excellence, Economic Vitality, Healthy Community, Strong and Secure Neighborhoods and a Connected Community. The filing of the Annual Financial Status Report and Publishing of the Financial Statement in The Star News supports the goal of operational excellence by meeting the requirements of the City Charter.
CURRENT YEAR FISCAL IMPACT
There is no fiscal impact resulting from accepting the Annual Financial Status Report.
ONGOING FISCAL IMPACT
There is no fiscal impact resulting from accepting the Annual Financial Status Report.
ATTACHMENTS
1. Schedule A - General Fund Revenues by Department
2. Schedule B - General Fund Expenditures by Department
3. Schedule C - General Fund Budget Amendments
4. Schedule D - Combined Statement of Revenues, Expenditures and Changes in Fund Equity
5. Schedule E - General Fund Budget Transfers
Staff Contact: David Bilby, Finance Director, Finance Department