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

Discussion
This report presents FY08 revenue and expenditure data for the City's General and Enterprise funds. This report includes the FY08 adopted budget, FY08 amended budget, FY08 actual expenditures and revenues as of December 31, 2007, and the FY08 end of year projections listed by expenditure category or revenue source. Notes are included with the items that are unclear or that have significant variances from the FY08 amended budget to the FY08 end of year projections.

New in the Second Quarter FY 2008 Financial Report is a section called "FY08 Beginning and Ending Unreserved Fund Balance / Working Capital" (page 2). This section shows the beginning and projected ending unreserved fund balance (or, in the case of an enterprise fund, working capital as defined as unrestricted net assets) for each of the City’s funds that are represented in the Financial Report. This section was added in response to a request from the Mayor and Council.

Mayor and Council History
The Mayor and Council reviewed and filed the First Quarter FY 2008 Financial Report at the Mayor and Council meeting on October 22, 2007.

Fiscal Impact
There is no fiscal impact associated with this agenda item, as this report only provides information regarding the status of the City's General and Enterprise funds.

Attachments
Second Quarter FY 2008 Financial Report

Department Head:



Gavin Cohen, Director of Finance
Approved on: 01/28/2008

City Manager:

Scott Ullery, City Manager
Approved on: 01/29/2008