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File Number: 15-033 <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />City of San Leandro <br />Meeting Date: February 17, 2015 <br />Staff Report <br />Agenda Section: CONSENT CALENDAR <br />Agenda Number: 8.E. <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, 2014 and a <br />Budget Amendment Reflecting Mid -Year Adjustments to the City's Fiscal Year <br />2014-15 General Fund, Special Revenue Funds, Enterprise Funds and <br />Internal Service Funds Budget <br />���1►�il��i/_1:T/_V 1�7:7Xd�]��ild�l�►1�7_��[�7�1 <br />Staff recommends that the City Council review and accept the Mid -Year Financial Report as <br />of December 31, 2014, and adopt a resolution approving a Budget Amendment Reflecting <br />Mid -Year Adjustments for the 2014-15 General Fund, Special Revenue Funds, Enterprise <br />Funds, and Internal Service Funds Budget. <br />BACKGROUND <br />The City Council -approved 2014-15 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, 2014 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, 2014 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 the budget appropriations. <br />As 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 amended 2014-15 General Fund, Special Revenue Funds, Enterprise <br />Funds, and Internal Service Funds Budget on May 19, 2014. <br />City of San Leandro Page 1 Printed on 2111/2015 <br />