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RANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 02/19/2019 <br />AGENDA REPORT AGENDA HEADING: Consent Calendar <br /> <br />AGENDA DESCRIPTION: <br />Consideration regarding the FY 2018-19 Mid-year Financial Report and year-end <br />estimates. <br /> <br />RECOMMENDED COUNCIL ACTION: <br />1) Receive and file the FY 2018-19 Mid-year Financial Report. <br /> <br />FISCAL IMPACT: Year-end estimates will be updated at the close of the third-quarter <br />and budget adjustments will be recommended in that report. <br /> <br />Current Budget: Revenues: $30,923,100 <br /> Transfers In: $220,000 <br /> Expenditures: $28,542,500 <br /> Transfers Out: $4,564,700 <br /> <br />ORIGINATED BY: Christopher Browning, Senior Administrative Analyst <br />REVIEWED BY: Deborah Cullen, Director of Finance <br />APPROVED BY: Doug Willmore, City Manager <br /> <br /> <br />BACKGROUND AND DISCUSSION: <br /> <br />The Mid-Year financial report serves two purposes. First, it compares revenue and <br />expenditures for the first half of the fiscal year relative to the same point in time last year <br />while at the same time identifies any variances that may require adjustments in the <br />future. Second, the report offers a first look at where the City projects its revenues and <br />expenditures will end the year compared to the current budget amount. For this report, <br />Staff has reviewed all revenues and expenditures at mid-year for FY 2018-19 (July 1st <br />thru December 31st), with an emphasis on the General Fund. At the end of the third- <br />quarter (March 31st), Staff will perform another review of revenues and expenditures <br />and update the year-end estimates. A full analysis and presentation will be given at the <br />budget Workshop on March 13th. <br /> <br />At this time, the estimated revenues exceeded the estimated expenditures by about <br />$3.8 million. However, there is a negative impact on the beginning fund balance by <br />about ($500,000) due to the transfer of TOT revenue to the Capital Improvement Fund <br />during the fiscal year. The year-end estimated fund balance for the General Fund <br />Reserves at June 30, 2019, is $17.6 million with an estimated excess reserve of <br />approximately $4 million. Detailed analysis highlighting the major changes are <br />presented later in this report. A summary of the FY18-19 Fund Balance calculation is <br />illustrated below: <br />1