TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
City Quarter 1 Preliminary Financial Report for Fiscal Year (FY) 2025
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance
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SUMMARY:
summary
During the adoption of the FY 2025 budget, City Council approved a motion for staff to return within 45 days of the end of each quarter with a financial report showing budget to actuals in the General Fund. The FY 2025 Quarter 1 Financial Summary reflects all activity posted through the closed months ending September 30, 2024.
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ISSUE:
Information only.
RECOMMENDATION:
recommendation
Information only.
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FACTS AND FINDINGS:
The City’s first quarter ended on September 30, 2024, and the period was officially closed October 10, 2024. This financial report reflects financial activity for 25% of fiscal year 2025. This report is preliminary due to the prior year FY 2024 not being officially close until the audit is complete. There are likely to still be changes that will impact the beginning balances that start FY 2025.
The report provides Citywide figures, General Fund specific figures, and a high-level overview of all other City funds. It includes the section showing a high-level overview of the City fund types.
In the first quarter, there were total resources of $484,913,664 and expenditures of $114,127,227.
On the first page of the quarterly report, the General Fund activity is shown by types of resources and expenditures by department.
In the General Fund, resources totaled $50,823,372. The largest portion is 68.9% from working capital and the smallest is from property taxes at 0.32% as current year taxes are not collected until the second quarter. Total resources are 24.2% of total budgeted amounts. Beginning working capital is lower by 4.2% compared with last fiscal year.
The largest expenditure category in the General Fund is personal services totaling $32,680,925 or 81.1% of total expenditures, and includes six of 26 pay periods, reflecting 23% of the pay periods for the year. Materials and services totaled $7,612,763, 18.9% of total expenditures. Overall fund expenditures are 21.1% of total budgeted amounts.
The second page shows all other City funds and the activity as of September 30, 2024. The Capital Improvements Fund had the largest expense at $145,710,416 or 33.62% of total expenditures.
The last page shows a summary of position vacancies across the City. The total number of authorized positions to start the period in July 2024 was 1,356.25 full time equivalent (FTE) positions. Four new positions were added to support the Enterprise Resource Planning Software implantation, bringing the citywide total to 1,360.25. The quarter started with vacancies of 123.05 FTE and ended with 126.75 FTE.
BACKGROUND:
The Budget Office has provided quarterly financial reports to the Budget Committee and published them online for over a decade. These reports are typically provided to the Budget Committee in the winter and spring months during forecast and budget. During adoption of the FY 2025 budget, City Council requested that these reports be provided directly to the City Council within 45 days of the end of a quarter.
Emese Bihari
Management Analyst II
Attachments:
1. City FY 2025 Preliminary Quarter 1 Financial Report