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File Number: <br />TO: <br />FROM: <br />BY: <br />14-426 <br />City Council <br />Chris Zapata <br />City Manager <br />David Baum <br />City of San Leandro <br />Meeting Date: November 17, 2014 <br />Finance Director <br />FINANCE REVIEW: David Baum <br />Finance Director <br />Staff Report <br />Agenda Section: CONSENT CALENDAR <br />Agenda Number: 8.D. <br />TITLE: Staff Report for the 2013-14 Year -End Financial Review <br />:•��1��ilJi/_1:T/_1�1�77x�Z�7►�il��il��l7_��[�7�1 <br />This report provides an update on the 2013-14 financial performance for all City funds through <br />June 30, 2014 and unaudited year-end results for the General Fund and the City's other <br />operating funds. This report is for information only. <br />BACKGROUND <br />The City Council adopted the 2013-14 budget on June 3, 2013, with General Fund <br />expenditures of $80 million. As reported to the City Council in May 2014, revised revenue and <br />expenditure projections at the third quarter showed a $1.8 million improvement to the original <br />General Fund budget. Economic conditions indicate recovery despite 7.3% statewide <br />unemployment, according to the State's Employment Development Department. San <br />Leandro's fiscal condition has improved over original projections, the City's unemployment <br />rate is 6.0% and the median home price is $445,000 according to Trulia.com. Lower mortgage <br />rates have spurred investments in housing. Despite the improving housing market, which <br />represents 63% of the City's tax roll, assessed values increased less than 1 % in 2013-14. <br />Lower interest rates have also boosted purchases of large ticket items, such as automobiles <br />and home improvements, which boosted sales tax revenue by 9.5% in the City. <br />DISCUSSION <br />This report provides the City Council with a summary of revenues and expenses through June <br />30, 2014, including modified year-end projections, with the books closed but prior to the <br />completion of the audited financial statements. <br />Now that most of the major revenues for the fiscal year have been received and expenditures <br />appropriately charged to last year have been posted, the Finance Department is better able to <br />City of San Leandro Page 1 Printed on 11113/2014 <br />