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AGENDA ITEM <br />Prepared By: RJO Reviewed By: DJR Approved By: DJR <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this item is to provide the Council year to date General Fund Budget <br />Information. <br /> <br />2. Background. Section 1-9 of Policy 1 – Operating Budget of the City’s Financial Management <br />Policies require a quarterly financial report to the City Council. Included in this report are: <br /> <br /> A comparison to budget of General Fund revenues and expenditures. <br /> Summary information of the City’s Enterprise Funds. <br /> Investment information including interest earnings and a listing of new investments. <br /> <br />Information in this report should be considered preliminary and will not be final until the completion of <br />the City’s annual audit in May. Revenue information with the exception of interest should have only <br />minor changes, if any, between now and the final numbers. Investment interest is allocated based on <br />average fund balances and may change as final year-end adjusting entries are made. Expenditures will <br />change as year-end journal entries are entered and late arriving 2019 invoices are processed. Any <br />changes should be relatively minor in comparison to the overall budget. <br /> <br />3. Staff Recommendation. This is for informational purposes only and no action is required. <br /> <br /> <br />COUNCIL ACTION REQUESTED <br /> <br />No action is required. <br /> <br /> <br /> <br /> <br />Exhibits <br />A. Fourth Quarter Budget Memo <br /> <br /> <br /> <br /> <br />Item No.: 10 Date: February 24, 2020 <br />Item Description: Fourth Quarter Financial Report <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Finance Director Report <br />