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AGENDA ITEM <br />Prepared By: MLU Reviewed By: RJO Approved By: RJO <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. <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 will change as final year-end adjusting entries are made. Expenditures will <br />change as year-end journal entries are entered and any late arriving 2020 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.: 21 Date: March 8, 2021 <br />Item Description: Fourth Quarter Financial Report <br />Presenter: Maggie Ung <br />Acting Finance Director <br />Agenda <br />Section: <br />Finance Director Report <br />