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OI <br /> ,. 8 Agenda R <br /> ci sit:t z <br /> i , _ „,. ,,___ _ <br /> _. ,„. <br /> c, ; „ ,." <br /> �,,;F.„, Fullerton City Council <br /> MEETING DATE: OCTOBER 17, 2017 <br /> TO: CITY COUNCIL / CITY MANAGER <br /> FROM: ADMINISTRATIVE SERVICES DEPARTMENT <br /> SUBJECT: FIRST QUARTER FINANCIAL AND INVESTMENT <br /> REPORT FOR FY 2017-18 <br /> SUMMARY <br /> This report provides a review of the City's financial position for the first quarter of fiscal <br /> year 2017-18 and includes the Treasurer's Report for the same period. <br /> RECOMMENDATION <br /> Receive and file. <br /> FISCAL IMPACT <br /> None. <br /> DISCUSSION <br /> The attached report reflects revenues and expenditures posted through September 30, <br /> 2017, with total City revenues of $38.3 million and expenditures of $41.5 million. While <br /> we have completed the first quarter of the fiscal year, most revenues received during <br /> this period are accrued back to the previous fiscal year, thus reflecting lower totals. <br /> Expenditures will also not reflect a full quarter at this point since the September invoices <br /> have not yet been received. <br /> General Fund <br /> The General Fund budget has struggled for years with a structural deficit varying from <br /> $2.5 million to $3 million, which staff has attempted to address through expenditure <br /> reductions or one-time revenues. This year, CaIPERS increased rates dramatically, <br /> increasing the average projected budget deficit to over $4 million annually over the next <br /> five years. During the budget study session in April, staff and the City Council agreed <br /> on several budget-balancing strategies to close the existing budget gap. The result was <br />