REPORT TO COUNCIL
SUBJECT
Title
Receive and File the FY 2020/21 Third 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 February 2021. Overall, the City's operating expenditures are tracking within budget. FY 2020/21 revenue is tracking lower than budgeted in some categories.
Staff is recommending that Council Receive and File the Third 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 third of these reports. This update compares the FY 2020/21 Adopted Budget with actual revenues and expenditures year to date.
Fiscal year data, especially on revenues, has now begun to fully develop. Operating expenditures trend more evenly due to regular payroll costs with some expenditures that also develop further into the year. Consequently, each Quarterly Report provides a little more context for the year to date status of revenues and expenditures with the third quarter results informing the current year revised revenue estimates in the FY 2021/22 Long Term Financial Plan.
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 ("CEQA") pursuant to CEQA Guidelines section 15378 (b) (4) in that it is a fiscal activity that does not involve any commitment to any specific...
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