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*J •0 <br />REQUEST FOR COUNCIL ACTION <br />CITYOFOBONO <br />DATE: Apr 17,1996 <br />ITEM NO: / <br />Department Approval: <br />Name: Chris Miller <br />Title: Asst. Finance Director <br />Administrator Reviewed:Agenda Section: <br />I City Administrator's Report <br />IrM' <br />jItem Description: <br />1996 First Quarter Revenue and E.xpenditurc Report <br />The following report summarizes the 1996 revenues and expenditures for the first quarter ending <br />March 31, 1996. <br />Summary of Revenues <br />The first quarter revenues in the General Fund total $350,477. This represents approximately <br />10.5% of the projected revenues for the calendar year of 1996. The revenues are at expected <br />levels, and along w ith beginning fund balances, have adequately funded first quarter <br />expenditures. The City expects to receive one half of its property tax share in July. <br />SummatT of Expenditures <br />The first quarter expenditures in the General Fund total $775,168. This represents approximately <br />23% of the projected expenditures for the calendar year of 1996. The expenditures paid are <br />generally at expected levels, with a few exceptions being noted in the Governmental Funds <br />Expenditure Report. All Governmental Fund expenditures have been adequately funded by first <br />quarter revenues and beginning fund balances. <br />Council Action Requested <br />Information purposes only, no Council action required,