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Controller reports projected $7,000,344 unappropriated general fund balance; council asks for monthly reconciled reports
Summary
Tamiko Smith reported a projected unappropriated general fund balance of about $7.0 million and council members requested monthly reconciled budget performance reports to track revenues and expenditures.
City Controller Tamiko Smith told the Finance Committee the projected unappropriated balance in the general fund — the cash expected to remain at year-end after revenues and expenses — is $7,000,344. "So our balance, projected balance for the end of the year… is $7,000,344," Smith said while explaining recent appropriations that reduced available funds.
Council members asked for regular reporting to monitor the city's finances. A council member asked whether the controller could provide reconciled budget performance reports, and Smith said staff could provide monthly or quarterly reconciled reports and recommended providing reconciled balances because of timing and reconciliation delays. "We can do it monthly if you like," Smith said; committee members urged monthly distribution.
