City Council Announcements
April 9, 2002
A. I. Decisions, Feedback & Information needed by staff
A. For Discussion and Response: Attached is the Interim Financial Statements for the period ending December 31, 2001. Three items of possible concern and impact are highlighted in the report.
1- There is a significant amount of Property Tax receivable. This is because of changes to financial reporting required by Statement #34 of the Government Accounting Standards Board. The Council has received some additional information that wasn’t included in this report that indicated that overall property tax collection for the General Fund will be approximately $1,800,000 lower than projected.
2- Parking ticket revenue is below the budgeted amount by $368,600. This negative variance is a result of a reduction in the hours dedicated to active parking enforcement.
3- Government Immunity Fund expenditures have increased due to a large settlement from a lawsuit against the Police Department. There may be a need to transfer additional funds into the Governmental Immunity Fund.
Attachment: Interim Financial Statements (Six Months Ending December 31, 2001)
II. Council Office Policies
B. III. For Your Information
C. IV. Meetings