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CITY OF SAN LEANDRO MEMORANDUM DATE: January 20, 2012 TO: Finance Committee FROM: Lianne Marshall, Interim City Manager BY: Jim O'Leary, Interim Finance Director SUBJECT: Receive Mid -Year Financial Report as of December 31, 2012 for the 2011 -12 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget SUMMARY AND RECOMMENDATION Staff recommends that the Finance Committee review and approve the Mid -Year Financial Report as of December 31, 2011 for the 2011 -12 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget. BACKGROUND The City Council- approved 2011 -12 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget is the annual plan and resource allocation that guides and ensures implementation of City Council policies and priorities. The budget implements the vision and direction for the broad range of services that meet the needs of the community in accordance with City Council policy. This financial review as of December 31, 2011 provides the first mid -year budget update to the City Council for the new fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2011 measures the budget's adherence to the established resource allocation plan. DISCUSSION The adopted budget incorporates the estimated revenues and planned expenditures for all funds. The attached Mid -Year Financial Report as of December 31, 2011 provides the revenue and expenditure summary for the General Fund, Redevelopment Agency, Enterprise Funds, and Internal Service Funds. The following discussion focuses on variances from the revenue and expenditure plans and allocations contemplated in the budgets. General Fund The General Fund finances the operations of the City that have no special or dedicated revenue sources and pays for basic municipal services. Budgeted 2011 -12 General Fund expenditures