Older Quarterly Financial Reports

FY2016-17

• Q4 (Apr - Jun)
  • As of June 30, 2017, the “spendable” portion of the General Fund’s fund balance (i.e., Committed, Assigned, and Unassigned fund balance) was $10.4 million, while the total fund balance was $11.2 million. Total General Fund “spendable” fund balance represents 84% of total General Fund expenditures. The General Fund’s Unassigned fund balance was $4.9 million at June 30, 2017, and represents 40% of total General Fund expenditures.
• Q3 (Jan - Mar)
  • The General Fund’s spendable fund balance decreased by $400,000 through March 31. As shown in the attached charts, General Fund revenues totaled $6.6 million (64% of the amended budget) while expenditures totaled $6.7 million (68% of the amended budget) as of March 31, 2017. General Fund expenditures exceed revenues by $0.1 million. The remaining reduction in spendable fund balance is a result of $0.3 million transferred to the Capital Outlay Reserve Fund during the third quarter.
• Q2 (Oct - Dec)
  • General Fund revenues totaled $4.0 million (39% of the proposed amended budget) while expenditures totaled $4.7 million (47% of the proposed amended budget) as of December 31, 2016. The excess of expenditures over revenues equals the $0.7 million reduction in spendable fund balance.
• Q1 (July - Sept)
  • General Fund revenues totaled $1.3 million (14% of the budget) while expenditures totaled $2.6 million (26% of the budget) as of September 30, 2016. The excess of expenditures over revenues equals the $1.3 million reduction in spendable fund balance. The FY 2016-17 activity is similar to the prior year’s first quarter activity: FY 2015-16 General Fund revenues totaled $1.4 million and expenditures totaled $2.6 million through September 30, 2015.

FY2015-16

• Q4 (Apr - Jun)
  • Comprehensive Annual Financial Report - As of June 30, 2016, the unassigned fund balance for the General Fund was $961,000 or 10.0% of total General Fund expenditures. The “spendable” portion of the General Fund’s fund balance (i.e., Committed, Assigned, and Unassigned fund balance) was $11.5 million, while the total fund balance was $12.4 million or 120% of total General Fund expenditures. The General Fund had a net increase to fund balance of $164,289.
• Q3 (Jan - Mar)
  • General Fund revenues total $6.2 million (62% of the amended budget) and expenditures total $7.0 million (70% of the amended budget) through March 31, 2016. General Fund expenditures exceed revenues by $0.8 million. The remaining $0.6 million reduction in spendable fund balance is a result of $0.2 transferred to the Capital Outlay Reserve Fund and $0.4 transferred to the Risk Management Fund. By fiscal year-end, the City anticipates receiving the entire revised budgeted revenue of $10.1 million.
• Q2 (Oct - Dec)
  • General Fund revenues total $3.7 million (36% of the adopted budget and 37% of the proposed amended budget) and expenditures total $5.1 million (51% of the adopted budget and 50% of the proposed amended budget) through December 31, 2015. The City anticipates receiving revenue of $9.9 million by fiscal year end (96% of the adopted budget).
• Q1 (July - Sept)
  • Report not completed due to a financial system upgrade.

FY 2014-15

• Q4 (Apr - Jun)
  • Comprehensive Annual Financial Report - For the fiscal year ending June 30, 2015, the General Fund expenditures and transfers exceeded revenues by $857,775. General Fund expenditures of $8,789,680, were essentially at the amended budget amount of $8,822,791.
• Q3 (Jan - Mar)
  • General Fund revenue of $6.1 million is at 65% of the $9.5 million amended budget through the end of the third quarter. By fiscal year-end, the City anticipates receiving $9.4 million, which is just under the amended budgeted revenue of $9.5 million. The General Fund’s expenditures total $6.2 million at March 31 (70% of the $8.9 million amended budget). This is comparable to the prior year, where 71% of the General Fund’s annual expenditures were incurred by the end of the third quarter. Staff anticipates that expenditures within all departments will approximate the amended budget amounts at fiscal year-end; although efforts are being made to achieve additional savings due to the anticipated additional drop in sales tax revenues.
• Q2 (Oct - Dec)
  • With data for six months of the year’s revenue and expenditures, staff is proposing budget adjustments to bring the original budget estimates into line with the year’s actual activity. Due to the timing of major revenue receipts, total General Fund revenue is at 39% of the original budget of $9.7 million through the end of the second quarter. The General Fund’s expenditures total $4.3 million at December 31 (47% of the $8.9 million adopted budget). This is comparable to the prior year, where 50% of the General Fund’s annual expenditures were incurred by the end of the second quarter. With proposed budget amendments, Staff anticipates that expenditures within all departments will match the proposed amended budget amounts at fiscal year-end.
• Q1 (July - Sept)
  • As of the end of the first quarter, staff anticipates that actual revenues and expenditures will approximate the adopted budget at fiscal year-end. Although total General Fund revenues are at only 12% of the budget through the end of the first quarter, the City anticipates receiving the budgeted $9.7 million revenue by fiscal year end. General Fund’s expenditures total $1.8 million at September 30 (20% of the $9.1 million budget). This is comparable to the prior year, where 20% of the General Fund’s annual expenditures were incurred by the end of the first quarter. Consequently, staff anticipates that expenditures within all departments will match the budget at fiscal year-end.

FY 2013-14

• Q4 (Apr - Jun)
  • Comprehensive Annual Financial Report - For the year ending June 30, 2014, actual General Fund Revenue was $187,442 less than amended budgeted revenues and General fund Expenditures were $33,111 less than called for in the amended budget. Revenues decreased by $2.2 million when compared to the previous fiscal year. The decrease is mainly due to three factors: decreased property taxes of $1.0 million resulting from reduced amounts received from the dissolution of redevelopment agencies, decreased sales taxes of $2.1 million mainly resulting from a repayment of prior years’ over-receipt of sales tax, and increased grant receipts of $0.7 million. Expenses increased by $1.0 million when compared to the previous fiscal year.
• Q3 (Jan - Mar)
  • The City’s FY 2013-14 budget was challenging due to anticipated revenue reductions. Staff has worked diligently to contain costs within each department, and the result is that projected expenditures will be slightly less than the amended budget. General Fund FY 2013-14 revenues are projected to be $8.98 million with expenditures projected to be $8.8 million. Due to transfers to the Capital Outlay Reserve Fund and the $1.5 million payment to CalPERS for the reduction of the unfunded actuarial accrued liability of the City’s post-employment medical benefit plan with CalPERS, the General Fund is anticipated to have a reduction to spendable fund balance of approximately $1.7 million by the end of the fiscal year.
• Q2 (Oct - Dec)
  • Although second quarter financial data renders a much clearer picture of financial status than first quarter numbers, it is far from perfect. Projections indicate that General Fund expenditures will be $9.6 million, or approximately $600,000 more than the adopted budget. On the revenue side, General Fund revenues are estimated at $9.2 million. As part of the adopted budget, the City Council had approved a $400,000 transfer from the General Fund Reserve to the Capital Outlay Reserve (COR). The City Council also approved $200,000 worth of budget adjustments for several one-time carry-over projects, calculation errors, and other anomalies.
• Q1 (July - Sept)
  • Although it is very early in the year it appears from first quarter results that revenues for FY 2013-14 will likely exceed budget. Each department continues to monitor spending closely to help insure compliance with the adopted budget and it is estimated that General Fund spending will come in at or below levels approved in the FY 2013-4 budget.

FY 2012-13

• Q4 (Apr - Jun)
  • Final projections estimate that General Fund operating expenditures across all departments will be $9.13 million. That is $511,000 less than the adopted budget and $260,000 less than the amended budget. General Fund revenue is projected to be $11.17 million for Fiscal Years 2012-13, or $1.46 million higher than the adopted budget.
• Q3 (Jan - Mar)
  • The continued focus on cost containment by all departments has positively impacted the City’s financial condition. These efforts will continue into the foreseeable future, as the full impacts of the recently adopted FY 2013-14 budget are realized. The next quarterly operating report will include a preliminary projection of ending fund balances for all of the City’s funds (i.e., as of June 30, 2013).
• Q2 (Oct - Dec)
  • Since goals for 2013 were just recently adopted, this report presents a final status report on the 2012 goals, along with some annual or quarterly reports from selected Departments, and finally a presentation of 2013 goals with expected completion dates and other important milestones.
• Q1 (July - Sept)
  • With the announcement that a major sales tax provider is leaving La Palma, the City has been providing continuous updates on the City’s budget status and overall fiscal response plan. Overall, General Fund revenue is approximately $905,000 lower than the same period last year. This is primarily due to lower sales tax receipts and the effect that the dissolution of redevelopment is having.