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City of San Leandro <br />Meeting Date: February 19, 2013 <br />Staff Report <br />Agenda Section:File Number:13-052 ACTION ITEMS <br />Agenda Number:10.C. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for the Mid-Year Financial Report as of December 31, 2012 and a <br />Budget Amendment Reflecting Mid -Year Adjustments to the City’s Fiscal Year <br />2012-13 General Fund, Special Revenue Funds, Enterprise Funds and <br />Internal Service Funds Budget <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the City Council review and accept the Mid -Year Financial Report as of <br />December 31, 2012, and adopt a resolution approving a Budget Amendment Reflecting <br />Mid-Year Adjustments for the 2012-13 General Fund, Special Revenue Funds, Enterprise <br />Funds, and Internal Service Funds Budget. <br />BACKGROUND <br />The City Council-approved 2012-13 General Fund, Special Revenue Funds, and Enterprise <br />Funds Budget in the annual plan and resource allocation 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 December 31, 2012 provides the mid-year budget update to <br />the City Council for the new fiscal year. Analysis of the revenues collected and all <br />expenditures through December 31, 2012 measures the budget’s adherence to the <br />established resource allocation plan. <br />The City Council approves annual budgets based on the best revenue and expenditure <br />information available several months prior to the actual adoption of budget appropriations. As <br />a result, budget adjustments are periodically necessary for changes that arise and require <br />additional budget appropriations or re-appropriations between budget line items. The City <br />Council approved the current 2012-13 General Fund, Special Revenue Funds, Enterprise <br />Funds, and Internal Service Funds Budget on June 4, 2012. <br />Page 1 City of San Leandro Printed on 2/12/2013