Share to Facebook Share to Twitter Bookmark and Share
File #: 2020-766    Version: 1 Name:
Type: Discussion Status: Agenda Ready
File created: 10/31/2020 In control: City Council
On agenda: 11/17/2020 Final action:
Title: FISCAL YEAR 2020-2021 FIRST QUARTER FINANCIAL REPORT AND CONSIDER ADOPTION OF RESOLUTION NO. 20-172 TO AMEND FISCAL YEAR 2020-2021 BUDGET (CITY COUNCIL).
Attachments: 1. Reso No. 20-172
Report to Mayor and City Council
Tuesday, November 17, 2020
Discussion


SUBJECT:
Title
FISCAL YEAR 2020-2021 FIRST QUARTER FINANCIAL REPORT AND CONSIDER ADOPTION OF RESOLUTION NO. 20-172 TO AMEND FISCAL YEAR 2020-2021 BUDGET (CITY COUNCIL).

Body
I. SUMMARY

The Finance Department performs an ongoing review of the City's financial performance and provides updates on the General Fund results to the Mayor and the City Council. This report presents the City's financial condition in the current Fiscal Year (2020-2021) based on actual revenue and expenditures for the July 1 through September 30, 2020. In addition, the report includes two funding requests from the Public Works and Public Safety departments.

II. RECOMMENDATION
Recommendation

1. RECEIVE and FILE First Quarter Fiscal Year 2020-2021 Report
2. Adopt Resolution No. 20-172, A RESOLUTION OF THE CITY OF CARSON CITY COUNCIL AMENDING THE FISCAL YEAR 2019-2020 BUDGET IN THE GENERAL FUND.


Body
III. ALTERNATIVES

Take another action deemed appropriate by City Council.


IV. BACKGROUND

Fiscal Year Ended 2019-2020
The City of Carson is projected to end Fiscal Year 2019-2020 with an estimated General Fund Balance Reserve of $39.4 million that includes a budget surplus in excess of $16 million above the City Council's reserve policy requirements. The audited fund balance will be available upon the completion of the ongoing financial audit, December 30, 2020.
Fund balance is the City's "reserve"; it provides a measure of the City's ability to mitigate future risks associated with providing important services in times of economic uncertainties. To provide funding for emergencies, the City Council has adopted a policy that requires fund balance to be maintained at a minimum level equal to 20% of General Fund's budget. The chart below provides a five year fund balance trend for the General Fund.

1st Quarter Fiscal Year 2020-2021
As of September 30, 2020, fiscal year 2020-2021 expenditures for all departments t...

Click here for full text