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The memorandum presents the Bi-Monthly Financial Report for January/February 2024, prepared for the Public Safety, Finance, and Strategic Support Committee. It includes an overview of the financial status of the City, highlighting that revenues and expenditures are generally tracking within budget estimates. Key points include anticipated General Fund revenues exceeding budget by approximately $5 million and expenditures expected to be $16 million below budget. The report also discusses economic conditions, including local unemployment rates and construction activity. It notes a decrease in General Fund revenues compared to the previous year, primarily due to changes in tax collection methods and a constrained real estate market.
Key points
General Fund revenues are expected to exceed budgeted levels by approximately $5 million.
General Fund expenditures are anticipated to be $16 million below budgeted levels.
Construction and Conveyance Tax revenues are performing below prior year levels due to a struggling local real estate market.
Unemployment rates in the San José area have increased to 4.4% as of February 2024.
Residential construction activity has increased by 24.6% compared to the previous year.
General Fund revenues through February 2024 totaled $768.2 million, a decrease from $1.07 billion in February 2023.
Limitations
The document contains unresolved placeholders and truncated sections that may affect the completeness of the summary.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 71,903 chars
PSFSS COMMITTEE AGENDA: 4/18/2024 ITEM: (c)1. TO: PUBLIC SAFETY, FINANCE, AND STRATEGIC SUPPORT COMMITTEE FROM: Jim Shannon SUBJECT: BI-MONTHLY FINANCIAL REPORT FOR JANUARY/FEBRUARY 2024 DATE: April 8, 2024 Approved Date 4/11/2024 RECOMMENDATION Accept the Bi-Monthly Financial Report on actual revenues and expenditures as compared to the 2023-2024 Budget for the eight months ending February 2024. OVERVIEW The Bi-Monthly Financial Report for January/February 2024 was jointly prepared by the City Manager’s Budget Office and the Finance Department and is presented for the Public Safety, Finance and Strategic Support Committee’s review. The City Manager’s Budget Office has analyzed actual expenditures as compared to the 2023-2024 Modified Budget and the Finance Department has prepared a report that reflects the financial results for the eight months ending February 2024. Through the first eight months of the fiscal year, revenues and expenditures were generally tracking within the budgeted estimates in the majority of City funds. The Administration will continue to closely monitor economic conditions and the performance in all City funds, bringing forward budget adjustments to the...
Official source link unavailable.
The file was imported, but the current source metadata does not include a public document URL.
Generated summaryAI-assisted
This document is a Monthly Financial Report from the Finance Department of the City of San Jose, detailing financial results for the month ended February 29, 2024, for the fiscal year 2023-2024. It includes comparisons of cash balances, revenues, and expenditures for the General Fund and other funds, along with supplemental schedules for departmental revenues and expenditures. The report is unaudited.
Key points
The report covers financial results for the month ended February 29, 2024.
It includes comparisons of current year's monthly cash balance, year-to-date revenues, and expenditures against prior years.
The General Fund cash balance decreased in July due to pre-funding retirement contributions.
The General Fund cash balance increased in January due to property tax receipts.
The report includes various funds such as Construction & Conveyance Tax Funds and Airport Revenue Fund.
Limitations
The document is unaudited.
Some sections of the report are truncated and not fully visible.
Specific dollar amounts and detailed comparisons are not fully provided due to truncation.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 27,762 chars
CITYOF A SANJOSE CAPITAL OF SILICON VALLEY FINANCE DEPARTMENT Monthly Financial Report Financial Results for the Month Ended February 29, 2024 Fiscal Year 2023-2024 (UNAUDITED) Finance Department, City of San Jose Monthly Financial Report Financial Results for the Month Ended February 29, 2024 Fiscal Year 2023-2024 (UNAUDITED) Table of Contents General Fund Page Reference Comparison of Current Year's Monthly Cash Balance vs. Prior Year's Balance....................................................................................... 1 Comparison of Current Year-to-Date Revenues vs. Prior Year-to-Date Revenues.......................................................................... 2 Comparison of Current Year-to-Date Expenditures vs. Prior Year-to-Date Expenditures..................................................................... 2 Comparison of Current Year-to-Date Revenues for Major Revenue Sources vs. Prior Year-to-Date Revenues......................................................................... 3 Comparison of Current Year-to-Date Expenditures by Type vs. Prior Year-to-Date Expenditures ............................................................... Source and Use of...