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File #: 19-831    Version: 1
Type: Report Status: Agenda Ready
File created: 8/22/2019 In control: City Council
On agenda: 9/3/2019 Final action:
Title: Receive the 2019 2nd Quarter Financial Report
Attachments: 1. 6-Month Financial Review (8-20-19), 2. 2019 - P6 Budget Report (Fund Report), 3. 2019 - P6 Budget Report (Department Report), 4. 2019 - P6 Budget Report (Revenue and Expenses)
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CITY COUNCIL AGENDA ITEM

ACTION REQUESTED:
title
Receive the 2019 2nd Quarter Financial Report
body

DEPARTMENT: Finance Department

SUBMITTED BY: Rachel Mayer, Finance Director

BOARD/COMMISSION REVIEW:
The Financial Advisory Board (FAB) reviewed the financial report at the July 29 meeting.

BACKGROUND:
Attached is the 2019 2nd quarter financial report. Staff will present the information in this report during the August 20, 2019, City Council meeting to provide Council with an opportunity for discussion and questions.

This memo provides an overview of the City's financial status and highlights through the first six months of 2019 and a preview of the forthcoming budgetary discussions. More detailed financial information can be found in the attached documents.

DISCUSSION:
2019 Financial Performance to Date
Overall, the City performed close to expectations through the second quarter for both revenues and expenses. Items that significantly differ from expectations are explained below. Other differences are attributable to timing issues for both revenues and expenses.

* Citywide revenues came in at $208.99 million, which is 46.0% of budget. This is a 1.9% deviation from 2018 revenues and 6.6% lower than budget projections.
* Citywide expenses came in at $182.48 million, which is 40.4% of budget. Expenses were 0.8% higher than 2018 and 6.1% lower than budget projections.

The below chart displays revenues and expenditures among the City's major fund categories. It indicates where the City is in comparison to the total budget and a comparison to the City's six-month actuals from the prior year.

Fund

2019 Budget
2019 Q2 Actuals
% Spent
2018 Q2 Actuals
Q2 Actuals Variance
Maintenance & Ops
Revenue
373.9
175.5
46.9%
178.1
98.6%

Expense
370.8
159.6
43.0%
159.8
99.9%
Capital & Debt Service

Revenue
48.5
17.5
36.0%
17.9
97.2%

Expense
48.1
8.8
18.3%
8.7
101.1%
Special Funds
*In Millions
Revenue
31.7
15.9
50.4%
16.9
94.6%

Expense
32.6
14.1
43.3%
12.6
112.0...

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