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L <br />Cit Louisville <br />ill <br />COLORADO - SINCE 1878 <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 2A <br />SUBJECT: <br />DATE: <br />PRESENTED BY: <br />2017 YEAR -IN -REVIEW, LONG-TERM REVENUE <br />ASSUMPTIONS AND EXPENDTURE TARGETS, LONG-TERM <br />FUND FINANCIAL FORECASTS <br />JULY 12, 2018 <br />HEATHER BALSER, CITY MANAGER <br />KEVIN WATSON, FINANCE DIRECTOR <br />2017 YEAR -IN -REVIEW <br />When developing the 2018 budget, staff made various revenue and expenditure <br />projections for 2017 in order to estimate the beginning fund balances in all the main <br />operating funds for the 2018 fiscal year. It was necessary to make these projections <br />well in advance of the 2017 fiscal year-end. As the first step in developing the 2019- <br />2024 Capital Improvements Plan and the 2019-2020 Biennial Budget, staff has updated <br />the budget calculations by replacing the 2017 projections with the actual audited <br />amounts for 2017. <br />The table below summarizes and compares the 2017 projections and final audited 2017 <br />amounts for the General Fund. <br />General Fund <br />2017 Actual vs Original Projection <br />2017 <br />Projection Actual Variance <br />Beginning Fund Balance 5,305,765 5,305,765 <br />Plus: Revenue <br />Less: Expenditures <br />Less: Transfers -Out <br />20_276_410 20.432.313 166.903 <br />(19.314.426) (17.872. 942) 1.441.483 [1] <br />(106_250) (67.800) 38.450 <br />Ending Fund Balance 6,160,500 7,797,336 1,636,836 <br />Adjustment for Carry Forward Amendment <br />Net Variance <br />(109.770) <br />1,527,066 <br />[1] Equates to a 9% "Turnback" fi.e.. 9% positive actual -to -budget variance} <br />Equates to a 7% positive actual -to -projection variance <br />CITY COUNCIL COMMUNICATION <br />2 <br />