city of Chula Vista

File #: 14-0278    Name: FY14 Third Quarter Financial Report
Type: Consent Item Status: Passed
In control: City Council
On agenda: 5/20/2014 Final action: 5/20/2014
Title: QUARTERLY FINANCIAL REPORT FOR THE QUARTER ENDING MARCH 31, 2014 AND CONSIDERATION OF AMENDMENTS TO THE FISCAL YEAR 2013/2014 BUDGET A. RESOLUTION NO. 2014-078 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MAKING VARIOUS AMENDMENTS TO THE FISCAL YEAR 2013/2014 BUDGET TO ADJUST FOR VARIANCES AND APPROPRIATING FUNDS THEREFOR (4/5 VOTE REQUIRED) B. RESOLUTION NO. 2014-005 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA AMENDING THE REDEVELOPMENT OBLIGATION RETIREMENT FUND BY TRANSFERRING $45,660 FROM THE PERSONNEL SERVICES CATEGORY TO THE OTHER EXPENSES CATEGORY (4/5 VOTE REQUIRED)
Attachments: 1. Item 7 - Resolution A - FY14 Third Quarter Financial Report, 2. Item 7 - Resolution B - FY14 SA Third Quarter Financial Report, 3. Item 7 - Attachment 1 - FY14 Third Quarter Financial Report
Title
QUARTERLY FINANCIAL REPORT FOR THE QUARTER ENDING MARCH 31, 2014 AND CONSIDERATION OF AMENDMENTS TO THE FISCAL YEAR 2013/2014 BUDGET

A. RESOLUTION NO. 2014-078 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MAKING VARIOUS AMENDMENTS TO THE FISCAL YEAR 2013/2014 BUDGET TO ADJUST FOR VARIANCES AND APPROPRIATING FUNDS THEREFOR (4/5 VOTE REQUIRED)

B. RESOLUTION NO. 2014-005 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA AMENDING THE REDEVELOPMENT OBLIGATION RETIREMENT FUND BY TRANSFERRING $45,660 FROM THE PERSONNEL SERVICES CATEGORY TO THE OTHER EXPENSES CATEGORY (4/5 VOTE REQUIRED)

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RECOMMENDED ACTION
Recommended Action
Council/Agency accept the report. Council adopt resolution A and Agency adopt resolution B.

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SUMMARY
The Finance Department prepares quarterly financial reports for the General Fund that reflect budget to actual comparisons, projected revenues and expenditures, and highlight major variances that may require additional action or changes. The quarterly financial reports are in compliance with Section 504 (f) of the City Charter, which requires that quarterly financial reports be filed by the Director of Finance through the City Manager.

In preparing the quarterly financial projections, staff has identified various budget changes that are needed to better reflect actual revenues and expenditures or address changes in budgetary needs. For government entities, a budget creates a legal framework for spending during the fiscal year. After the budget is approved there are circumstances, which arise that could require adjustments to the approved budget. Council Policy 220-02 "Financial Reporting and Transfer Authority" was established in January of 1996 and allows for budget transfers to be completed. This report discusses budget adjustments that staff is recommending in the current year General Fund as well as various other funds.

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