Item # 5A.

(January 30, 2012)

CITY OF HALLANDALE BEACH, CITY COMMISSION/CITY MANAGER WORKSHOP

Date:                           January 12, 2012

Director’s Name:       Patricia Ladolcetta, Director

Department:               Finance

Subject: Discussion of Preliminary Financial Status as of September 30, 2011 CAD#001/12

____________________________________________________________________________

Information

Requested Action

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.

Summary Explanation/Background

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

Fiscal Impact/Cost Summary:

None

____________________________________________________________________________

Attachments

Exhibit 1 – Preliminary Fund Balances for the fiscal year ended September 30, 2011

Exhibit 2 – Quarterly Financial Report: October – December 2011 with Definitions/Legend.

Reviewed:

_______________________________                                                          __________

Mark Antonio, City Manager                                                                             Date

_____Approved                _____Disapproved                _____Hold for Discussion