CITY COUNCIL: Policy Direction on Financial Information

CITY OF CARMEL-BY-THE-SEA
STAFF REPORT
TO: MAYOR McCLOUD AND COUNCIL MEMBERS
FROM: RICH GUILLEN, CITY ADMINISTRATOR
DATE: JANUARY 25, 2011
SUBJECT: PROVIDE POLICY DIRECTION ON FINANCIAL
INFORMATION RECEIVED BY COUNCIL
RECOMMENDATION
Receive report and provide policy direction.

BACKGROUND
Occasionally, staff will request Council approval of an unanticipated expense that wasn’t
included in the approved budget. It may not be clear what the financial impact of an
unanticipated expense is to the annual budget or the City reserve funds.
STAFF REVIEW
Managing the City’s finances, given the current economic environment, is challenging on
several levels. The Council needs to be apprised of the City’s finances when the financial
challenges may impact the priorities set by the Council. For this reason, staff is
proposing that a “Budget Report” be included in the agenda packet along with the check
register. This will provide the Council a monthly snap shot of the City’s major revenue
sources and departmental expenditures. A draft report is attached for your review. Staff is requesting that the Council review this report and provide policy direction on its usefulness.

FISCAL IMPACT
The Budget Report is generated from the “MOM” financial software utilized by staff. The staff time to produce the report is minimal and can easily be produced as part of the monthly Council agenda packet.

SUMMARY
The Budget Report will assist the Council in addressing revenue/expenditure revisions as they arise during the fiscal year.