Quarterly Financial Report: October - December 2005
|Meeting Date:||February 7, 2006||Primary Staff Contact:||Lee Tuneberg, 552-2003|
|Contributing Departments:||N/A||Secondary Staff Contact:||N/A|
|Approval:||Gino Grimaldi||Email:||20 minutes|
This is the quarterly financial report for the City (including Parks & Recreation) providing the financial position of the City relating to cash & investments, budgetary revenues and expenditures. Council acceptance of this report is requested.
The Administrative Services Department submits reports to Council on a quarterly basis to provide assurance of budget compliance and for informational and comparative purposes throughout the year. Information can be provided in differing formats and timetables at Council's request.
Unaudited, detailed balance sheets, revenues and expenditure reports are available for your review in the Administrative Service Department office should you require any additional information.
The reports are intended to present information in formats consistent with the department, fund and business activity presentations included in the adopted FY 2005-06 budget document and the manner in which it will be shown in the end of year report.
Financial numbers for the second quarter are more telling than those of the first quarter and are the basis for preliminary estimates of the current budget year and for the creation of the proposed budget for the following year. At this time departments are reviewing operations and capital projects to remain within budget, preparing for the construction season and projecting how changes will impact this and the following budget.
Cash remains higher than the prior year balance. This is primarily due to the larger than predicted cash carry forward from FY 2004-05 maintained at an elevated level through under spending on operations and projects.
Revenues are at 54.03% of budget. Personal Services and Materials & Services are below the 50% budget mark, city-wide, with Debt Service at 57.5% adhering to payment schedules. Capital Outlay is 16.07% of the annual budget representing projects waiting to be started or better weather. Contingency is at $1,770,544 - down $60,726 (3.3%) from the original budget of $1,831,270. Total Ending Fund Balance is $12.7 million above budget but will drop as projects progress.
Over all the City is doing well on its budget but disconnects between resources and requirements in several (Streets, Airport, Capital Improvements and Telecommunications) funds will need to be resolved as part of the coming budget process.
|Related City Policies:|
City of Ashland Financial Management Policies, Budget Document Appendix
Council may accept this report as presented, recommend modifications as discussed or defer acceptance (takes no action) awaiting further information or clarification.
Staff recommends acceptance of this report as presented.
Council moves to accept the quarterly report as presented.
Council moves to accept the report as modified by discussion.
Council takes no action pending further information or clarification.
Click on the PDF file below to view the following attachments:
• City of Ashland Financial Report for the six months ended December 31, 2005.
This report includes:
The numbers presented are unaudited and unadjusted.
The above document(s) are Adobe® Acrobat® PDF files and may be viewed using the free Adobe® Acrobat® Reader™. Most newer web browsers already contain the Adobe® Acrobat® Reader™ plug-in. However, if you need it, click on the "Get Acrobat® Reader™" icon to download it now.