| | | | | | | |  | City Council
Staff Report
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| Subject: | Fiscal Year 2019-20 Mid Year Report |
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| | Date: | March 24, 2020 |
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| | Submitted By: | Ted Williams, Financial Analyst
Kim Sarkovich, Assistant City Manager/Chief Financial Officer |
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| | Department: | Administrative Services - Finance |
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| | | | | | | | Staff Recommendation: | | Report only. |
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| | | | | | | | | BACKGROUND: | This report is presented to the City Council to summarize the financial activity for the first two quarters of the fiscal year (July 1, 2019 through December 31, 2019). Specifically, the report addresses activity in the City’s general fund and other major funds.
In the first two quarters of the fiscal year, the City had $11,921,672 in general fund revenue (25.5% of budget) and $23,469,487 in expenditures (47.2% of budget). Some significant sources of revenue do not come in to the City in a linear fashion throughout the year. For example, this report reflects very little property tax and four months of sales tax. Expenditures, however, are mostly incurred in a linear fashion throughout the year.
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