File #: 23-0817    Version: 1
Type: Report Status: Filed
File created: 7/6/2023 In control: City Council
On agenda: 7/18/2023 Final action: 7/18/2023
Title: Receive the 2023 2nd Quarter Financial Report and 2024 Budget Preview
Attachments: 1. 2023 - YTD Budget Report through June 30,2023

Receive the 2023 2nd Quarter Financial Report and 2024 Budget Preview

DEPARTMENT: Finance Department

SUBMITTED BY: Raymond Munch, Deputy Finance Director


The City's Budget Team regularly monitors revenues and expenditures to identify trends that may positively or negatively impact 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 second quarter (Q2) of 2023.

Due to the size and complexity of the budget, revenues and expenditures are summarized in the tables below according to three major fund categories.

* Maintenance & Operating Funds - Responsible for funding core City's 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 and debt service on past capital projects.
* Special Funds - Responsible for funding special purposes not traditionally considered the City's core services, 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.

Through the year's second quarter, actual budget performance aligns with expectations in most areas. While some revenues and expenses are not in line with expectations, those differences have been compensated for in other others of the budge...

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