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The memorandum presents the Bi-Monthly Financial Report for July/August 2023, prepared by the City Manager’s Budget Office and the Finance Department. It reviews actual revenues and expenditures compared to the 2023-2024 Budget for the first two months of the fiscal year. Overall, revenues and expenditures are tracking within budget estimates, though some revenue sources, particularly related to real estate, are underperforming. Key highlights include a year-over-year increase in passenger activity at San José Mineta International Airport and a significant rise in residential construction activity. The report also discusses economic conditions, including rising unemployment rates and a decline in property sales. The administration will continue to monitor these conditions and report significant developments in future financial reports.
Key points
The report covers actual revenues and expenditures for July/August 2023.
General Fund revenues and expenditures are generally tracking within budget estimates.
Construction and Conveyance Tax revenues are below prior year levels due to a struggling real estate market.
Transient Occupancy Tax activity is trending above prior year levels.
Residential construction activity has increased significantly, with a 149.1% rise in permit valuation.
The local unemployment rate has increased to 3.9% as of August 2023.
The administration will report significant developments in future financial reports.
Limitations
The text includes unresolved placeholders and truncated sections that affect the completeness of the summary.
Specific dates and financial figures are not fully detailed due to truncation.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 64,414 chars
PSFSS COMMITTEE: 10/19/2023 ITEM: (c)1. TO: PUBLIC SAFETY, FINANCE, AND STRATEGIC SUPPORT COMMITTEE FROM: Jim Shannon SUBJECT: BI-MONTHLY FINANCIAL REPORT FOR JULY/AUGUST 2023 DATE: October 10, 2023 Approved Date 10/11/2023 RECOMMENDATION Accept the Bi-Monthly Financial Report on actual revenues and expenditures as compared to the 2023-2024 Budget for the two months ending August 2023. OVERVIEW The Bi-Monthly Financial Report for July/August 2023 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 two months ending August 2023. Through the first two 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 City Council during 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 August 31, 2023, for the fiscal year 2023-2024. It includes comparisons of cash balances, revenues, and expenditures for the General Fund and other funds, along with a supplemental schedule of departmental revenues. The report is unaudited and contains various tables and charts illustrating financial data.
Key points
The report covers financial results for the month ended August 31, 2023.
It includes comparisons of current year's monthly cash balance vs. prior year's balance.
There are comparisons of year-to-date revenues and expenditures for the General Fund.
The report provides details on major revenue sources and expenditures.
It includes a supplemental schedule of departmental revenues.
Limitations
The document is marked as 'UNAUDITED', indicating that the financial results have not been verified.
Some sections of the document contain unresolved placeholders and blank fields.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 26,208 chars
CITYOF A SANJOSE CAPITAL OF SILICON VALLEY FINANCE DEPARTMENT Monthly Financial Report Financial Results for the Month Ended August 31, 2023 Fiscal Year 2023-2024 (UNAUDITED) Finance Department, City of San Jose Monthly Financial Report Financial Results for the Month Ended August 31, 2023 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...