BACKGROUND
This report provides a high-level summary of the City's financial position through the second quarter of FY2019-20 for (1) the General Fund, (2) the enterprise operating funds, and (3) revenues in other selected funds. The attached report is provided pursuant to the Budget Control section of the City Charter (Section 7.15).
This report includes activity through December 31, 2019; therefore, it doesn't reflect the impacts of COVID-19 on the budget. The attached report is an abbreviated version of the quarterly report, given the fiscal uncertainty caused by COVID-19 on the remaining two quarters of FY2020-21.
Staff is preparing regular fiscal update reports for the remainder of FY2020-21 to keep the City Council apprised of the impact of COVID-19 on the City's financial condition.