For City Council Meeting [April 24, 2018]
TO: Honorable Mayor and City Council
APPROVAL: Robb Steel, Interim City Administrator
FROM: Ron Carr, Interim Finance Director
Title
Request City Council to Approve Budget Resolution No. 7327, Rialto Successor Agency Resolution No. SA4-18, Rialto Utility Authority Resolution No. 01-18 and Rialto Housing Authority Resolution No. 003-18 to Amend Estimated Revenues and Appropriations for the Fiscal Year 2017/2018 Budgets of the City, Redevelopment Successor Agency, Rialto Utility Authority, and Rialto Housing Authority.
(ACTION)POWERPOINT
Body
BACKGROUND:
The current fiscal year began in July 2017 with an adopted budget. This budget represented the City of Rialto's best estimate of the City's financial performance in the coming year. In order to balance the current year's budget, the City Council froze 11 positions, reduced service/supply levels, eliminated General Fund capital outlay, and deferred 57% of the annual OPEB payment obligation. The adopted budget estimated General Fund revenues at just under $90 million and expenditures of approximately $81 million.
As fiscal circumstances change throughout the year, revenues and expenditures vary from the estimates of the adopted budget. In order for the adopted budget to continue to be a useful management tool, the Finance Department captures changes to revenue and expenditures throughout the year and updates the budgetary numbers. The City Council previously approved a number of these changes in the form of supplemental appropriations and revenue adjustments. One of the primary purposes of this report is to present for the City Council's consideration, further adjustments of revenue and expenditures.
The City's mid-year budget review process involves both a review of current results and the identification and investigation of variances to the established budget along with ongoing consultations with departmental personnel to estimate the resources needed for t...
Click here for full text