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First-quarter report shows slight revenue shortfall but strong fund balance, staff says
Summary
Finance Director John Regine told the Financial Affairs Committee June 3 that the city projects a small first-quarter revenue shortfall but remains in a healthy fund-balance position after accounting for prior-year carryovers.
Finance Director John Regine presented the city's February/first-quarter financial results on June 3 and told the committee the report is intended as an early warning system that projects where the general fund may end the year.
Regine said overall revenues show a modest projected shortfall of roughly $66,000 on an $80 million budget; expenditures were projecting a slight surplus. After accounting for $784,000 in approved carryovers from the prior year, the city's projected year-end position was a $760,000 positive balance, putting the unassigned fund balance at roughly $27 million, or 114% of the city's…
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