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CITY OF SAN LEANDRO <br />MEMORANDUM <br />DATE: October 21, 2011 <br />TO: Finance Committee <br />FROM: Lianne Marshall, Interim City Manager <br />BY: Jim O'Leary, Interim Finance Director <br />SUBJECT: Receive Quarterly Financial Report as of September 30, 2011 for the 2011 -12 <br />General Fund, Special Revenue Funds, and Enterprise Funds Budget <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Finance Committee review and approve the Quarterly Financial <br />Report as of September 30, 2011 for the 2011 -12 General Fund, Special Revenue Funds, and <br />Enterprise Funds Budget. <br />BACKGROUND <br />The City Council- approved 2011 -12 General Fund, Special Revenue Funds, and Enterprise <br />Funds Budget is the annual plan and resource allocation that guides and ensures implementation <br />of City Council policies and priorities. The budget implements the vision and direction for the <br />broad range of services that meet the needs of the community in accordance with City Council <br />policy. This financial review as of September 30, 2011 provides the first quarterly budget update <br />to the City Council for the new fiscal year. Analysis of the revenues collected and all <br />expenditures through September 30, 2011 measures the budget's adherence to the established <br />resource allocation plan. <br />DISCUSSION <br />The adopted budget incorporates the estimated revenues and planned expenditures for all funds. <br />The attached 2011 -12 Quarterly Financial Report as of September 30, 2011 provides the revenue <br />and expenditure summary for the General Fund, Redevelopment Agency, Enterprise Funds, and <br />Internal Service Funds. The following discussion focuses on variances from the revenue and <br />expenditure plans and allocations contemplated in the budgets. <br />General Fund <br />The General Fund finances the operations of the City that have no special or dedicated revenue <br />sources and pays for basic municipal services. Projected 2011 -12 General Fund expenditures <br />total $71,692,500. Expected revenues of $71,760,500, including interdepartmental fund <br />transfers, finance the anticipated expenditures. <br />