Recommendation
Staff recommends that the Mayor and Council review and file the Fourth Quarter FY 2008 Financial Report.

Discussion
This report represents FY 2008 revenue and expenditure data for the City's General and Enterprise funds. This report includes the FY 2008 adopted budget, FY 2008 amended budget, FY 2008 actual expenditures and revenues as of August 14, 2008. Notes are included with the items that are unclear or that have significant variances from the FY 2008 amended budget. Please note that these numbers are unaudited, and are subject to year end adjustments.

Starting in FY 2009, at the end of each quarter, staff will review each department’s personnel actual expenditures and current vacancies and determine the amount of budgeted appropriations that were unspent for that quarter. At mid-year and in advance of the end of the year, budget staff would “pool” these personnel savings and recommend that they be used to fund one-time expenses, if warranted. This activity would identify and capture any personnel savings at mid-year and the end of each fiscal year, and strengthen the management of these accounts.

Mayor and Council History
October 22, 2007: First Quarter FY 2008 Financial Report

February 11, 2008: Second Quarter FY 2008 Financial Report

May 19, 2008: Third Quarter FY 2008 Financial Report

Fiscal Impact
This report summarizes the FY 2008 revenue and expenditures for the City's General and Enterprise funds as of August 14, 2008. Please note that these numbers are unaudited and may be adjusted.

Attachments
Attachment A - Fourth Quarter FY 2008 Financial Report

Department Head:



Gavin Cohen, Director of Finance
Approved on: 08/26/2008

City Manager:

Scott Ullery, City Manager
Approved on: 09/02/2008