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LCity,/ <br />Louisville <br />COLORADO • SINCE 1878 <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 2A <br />SUBJECT: <br />DATE: <br />2018 YEAR -IN -REVIEW <br />JULY 16, 2019 <br />PRESENTED BY: HEATHER BALSER, CITY MANAGER <br />KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY <br />When developing the 2019-2020 biennial budget, staff made various revenue and <br />expenditure projections for 2018 in order to estimate the 2018 ending fund balance, which <br />is the beginning fund balance for the 2019-2020 biennium. <br />It was necessary to make these 2018 projections well in advance of the 2018 fiscal year- <br />end. Therefore, as the first step in developing the 2020 Budget, the new 2019-2024 <br />Capital Improvements Plan, and the new 2019-2024 Long -Term Financial Plan, staff has <br />updated all financial calculations by replacing the 2018 projections with the actual audited <br />amounts for 2018. <br />The purpose of this agenda item is to briefly review the differences between the 2018 <br />projections and the final audited 2018 actuals for the City's main operating funds. The <br />table below summarizes and compares these amounts for the General Fund. <br />General Fund <br />2018 Projections & 2018 Audited Actuals <br />2018 <br />Projection Actual Variance <br />Beginning Fund Balance 1,191,331 7,797,337 <br />Plus: Revenue <br />Less: Expenditures <br />Less: Transfers -Out <br />23.491.460 23.980.822 489.362 <br />(21.052_390) (18.778.361) 2.274.029 [1] <br />(2_484.100) (2.471.660) 12.440 <br />Ending Fund Balance 7,752,307 10,528,139 2,775,832 <br />Adjustment for Carry Forward Amendment (146.720) <br />Net Variance 2,629,112 <br />[1] Equates to a 9.7% "Tumback" (i.e.. 9.7% positive actual -to -budget variance) <br />Equates to a 10.8% positive actual -to -projection variance <br />CITY COUNCIL COMMUNICATION <br />