CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the 2023 first-quarter financial report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
The Financial Advisory Board received the Q1 budget report on April 24, 2023.
BACKGROUND:
The City's Budget Team regularly monitors revenues and expenditures to identify trends that may have a positive or negative impact on the annual budget and Capital Improvement Program (CIP). Regular financial reporting helps to inform the City Council and the public on important issues related to City finances, including discussions around short- and long-term financial strategies. This month's report focuses on the performance of the City budget through the first quarter (Q1) of 2023.
DISCUSSION:
Through the first quarter of the year, actual budget performance aligns with expectations in most areas. Due to the size and complexity of the budget, revenues and expenditures are summarized in the tables below according to three major fund categories. Those categories are defined as follows:
* Maintenance & Operating Funds - Responsible for funding core City services, such as public safety, public works, utilities and support services. This also includes the City's self-insurance fund.
* Capital & Debt Service Funds - Responsible for funding current and future capital projects, as well as debt service on past capital projects.
* Special Funds - Responsible for funding special purposes that are not traditionally considered to be core services of the City, such as the Library, Naper Settlement, and Special Events & Community Arts.
Staff measures year-to-date revenues and expenditures against three milestones: the full-year budget, a monthly projection based on five years of budget history, and the prior year's year-to-date actual. These three measures allow for the budget to be analyzed against a single point in time (last year) and a longer time.
A detailed report by indi...
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