REPORT TO COUNCIL
SUBJECT
Title
Receive and File the FY 2020/21 Second Quarter Budget Update
Report
REPORT IN BRIEF
This report summarizes the FY 2020/21 year to date financial position of the City's major funds, including an update on the receipt of revenue and current status of expenditures through November 2020. Overall, the City's operating expenditures are tracking at budget. FY 2020/21 revenue is tracking slower than budgeted in some categories, but at this point in the year information is still forming.
Staff is recommending that Council Receive and File the Second Quarter Budget Update.
BACKGROUND
As part of the FY 2020/21 Budget Adoption, staff committed to providing a report to Council detailing the current financial condition of the City on a quarterly basis. This is the second of these reports. This update compares the FY 2020/21 Adopted Budget with actual revenues and expenditures year to date.
Data early in the fiscal year, especially on revenues, is not yet fully developed. Many sources of revenue aren't received until several months into the year. For example, Business License Tax will appear low until the second half of the fiscal year after renewals occur. While operating expenditures tend to trend more evenly due to regular payroll costs, some expenditures also develop further into the year. Consequently, each Quarterly Report will provide a little more context for the year to date status of revenues and expenditures.
EXISTING POLICY
Pursuant to Sunnyvale Charter Section 1305, at any meeting after the adoption of the budget, the City Council may amend or supplement the budget by motion adopted by affirmative votes of at least four members so as to authorize the transfer of unused balances appropriated for one purpose to another, or to appropriate available revenue not included in the budget.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" with the meaning of the California Environmental Quality Act ("C...
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