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City of San Leandro <br />Meeting Date: March 16, 2020 <br />Staff Report <br />Agenda Section:File Number:20-075 CONSENT CALENDAR <br />Agenda Number:8.F. <br />TO:City Council <br />FROM:Jeff Kay <br />City Manager <br />BY:James O'Leary <br />Finance Department <br />FINANCE REVIEW:Liz Warmerdam <br />Interim Finance Director <br />TITLE:Staff Report for a MOTION to Adopt the 2019-2020 Mid-Year Financial Report as <br />of December 31, 2019 <br />SUMMARY AND RECOMMENDATIONS <br />MOTION to Adopt the 2019-2020 Mid-Year Financial Report as of December 31, 2019. <br />BACKGROUND <br />The City Council adopted the Fiscal Year 2019-2020 and 2020-2021 General Fund, Enterprise <br />and Internal Service Funds, and the Parking Fund budgets on June 3, 2019. The approved <br />budgets are the annual expenditure plan and resource allocation guiding and ensuring <br />implementation of City Council policies and priorities. The budget implements the vision and <br />direction for the broad range of services meeting the needs of the community in accordance with <br />City Council policy. <br />This financial review as of December 31, 2019 provides the mid-year budget update to the City <br />Council for the current fiscal year. Analysis of the revenues collected and all expenditures through <br />December 31, 2019 measures operational adherence to the budgetary allocation plan. <br />DISCUSSION <br />The amended budget incorporates estimated revenues and planned expenditures for all funds. <br />The attached 2019-2020 Mid-Year Financial Report as of December 31, 2019 provides the <br />revenue and expenditure summary for the General Fund, Enterprise and Internal Service Funds, <br />and the Parking Fund. The following detailed discussion offers comparisons to the prior year and <br />focuses on variances from the revenue and expenditure plans and allocations contemplated in the <br />budget. <br />General Fund <br />The General Fund finances the operations of the City having no special or dedicated revenue <br />Page 1 City of San Leandro Printed on 3/11/2020 <br />238