Item # 5A.
(January 30, 2012)
CITY OF HALLANDALE BEACH, CITY COMMISSION/CITY MANAGER WORKSHOP
Date: January 12, 2012
Director’s Name: Patricia Ladolcetta, Director
Subject: Discussion of Preliminary Financial Status as of September 30, 2011 CAD#001/12
THE CITY COMMISSION TO REVIEW AND DISCUSS:
The unaudited Preliminary Revenues, Expenditures and Fund Balances for the fiscal year ended September 30, 2011, and the Quarterly Financial Report for the months of October – December 2011.
Why Action is Necessary
Per the new budget process and calendar, the City Commission has expressed interest in reviewing various information relative to the state of the City financially and as the Budget process progresses. As the previous year’s fund balances are a necessary starting point to the budget process, a review of those balances, even though the year end closing and audit is in process and balances are still subject to change, is a natural first step.
Furthermore, the City Commission has directed staff to provide quarterly financial reports that recap the activity of each quarter, as compared to budgeted amounts.
What Action Accomplishes
Provides the City Commission, the public and staff with preliminary information regarding the Fund Balances through the end of the last fiscal year (unaudited), and financial activity through the end of the first quarter of the current fiscal year, FY2013.
Is this Action Goal Related
This action is specifically related to the City’s Strategic Priority of Excellence in Government by ensuring that local government is accountable, accessible and transparent in its operations; communicates effectively both internally and externally; values and supports community input and participation; and is effective in its management of fiscal responsibilities.
Previous Action Taken
At the October 5, 2011 City Commission meeting, the City Commission discussed the consideration of an Alternative Budget Process to begin in January.
On December 6, 2011 the City Manager held a Senior Management Budget Planning meeting, and discussed the new budget process calendar as well as the Budget Awareness Town Hall meetings to be scheduled as part of the calendar.
The City Commission directed staff to provide quarterly Financial Reports that summarize the Financial Activity during the last quarter of 2011.
STAFF RECOMMENDS APPROVAL OF THE ABOVE MOTION:
The unaudited Preliminary Revenues, Expenditures and Fund Balances, for the fiscal year ended September 30, 2011, as well as the Quarterly Financial Report for October – December, 2011, are hereby submitted for discussion.
Fiscal Impact/Cost Summary:
Exhibit 1 – Preliminary Fund Balances for the fiscal year ended September 30, 2011
Exhibit 2 – Quarterly Financial Report: October – December 2011 with Definitions/Legend.
Mark Antonio, City Manager Date
_____Approved _____Disapproved _____Hold for Discussion