[ Council Communication ]  [ Financial Report ]

Council Communication

Title:	Quarterly financial report: January - March, 2002
Dept:	Finance Department
Date:	May 7, 2002
Submitted By:	Lee Tuneberg, Finance Director
Reviewed By:	Greg Scoles, City Administrator

Synopsis:	Attached is the City of Ashland financial report for the nine-month period ended March 31, 2002. The report includes: 1. A Cash Reconciliation comparison as of March 31 for the last two years (page 1) 2. A Combined Statement of Financial Position (page 2) 3. A Schedule of Budgetary Compliance per Resolution #2001-14 Amended (page 3) 4. A Schedule of Departmental Expenditures (Summary) (page 7) 5. A Departmental Expense Report (by department & division) (page 8) Items 1 - 4 include Parks and Recreation Commission information, report #5 includes only city department and divisions. The reports are intended to present interim information in formats consistent with the department, fund and business activity presentations included in the adopted FY 2001-2002 budget document. The departmental format presents the information across fund types showing 3/4 of a year activity for each department included in section three of this year's budget document. Also presented are the expenditures on a budget basis by fund consistent with the resolution adopting appropriation levels in the budget compliance section of the document. Resources at March 31, 2002 total $49,372,350 (excluding the working capital carryover of $30,508,514) as compared to total year-to-date requirements of $53,710,028 results in a $4,337,678 decrease to Unappropriated Ending Fund Balance from operations. The working capital carryover is $2,963,191 more than what was projected during last year's budget process and is primarily resultant of capital project continuations into this year. City-wide Requirements show a favorable position with regards to budget. Major operating categories are less than 75% except in those areas that do not follow monthly averages such as debt payments, internal loans and transfers. Unaudited, detailed balance sheets, revenues and expenditure reports are available for your review in the Finance Department office should you require any additional information. This information, updated for preliminary March data and projections to year end, are the basis for the supplemental budget and transfer of appropriations currently under consideration for the May 21 meeting.
Recommendation:	Staff recommends acceptance of this report.
Fiscal Impact:	No impact. This is an update on FY 2001-2002 operational activity as compared to budget.
Background:	There are three ways in which to change appropriations after the Budget is adopted. 1. A transfer of appropriations decreases an appropriation and increases another. This is the simplest budget change allowed under Oregon Budget law. This does not increase the overall budget. This is approved by a City council resolution. 2. A supplemental budget of less than 10 percent of total appropriations within an individual fund follows a process similar to the transfer of appropriations. 3. A supplemental budget in excess of 10 percent of total appropriations requires a longer process. This process includes a notice in the paper and a public hearing. There has been one supplemental budget and two transfers of appropriations this fiscal year. Staff is reviewing the need for another transfer and supplemental budget adjustment necessary by end of year per the definitions above.

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Quarterly Financial Report

This report is available in PDF format. Please click on the link below to download and view the report.

Quarterly Report - Finance.pdf (765.7KB)

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