The Council received a financial report Monday night for the first 6 months of the fiscal year. The City budget runs from July 1 through June 30, so the report was for the period ending December 31, 2008.
The most significant fact was the dramatic drop in Contingency and Unallocated Discretionary Reserves. Both categories declined almost in half.
The report didn’t provide year-over-year performance which would show the City received less revenue and spent more money. Here are the comparisons between the first six months of 07-08 and 08-09:
| 2007-2008 | 2008-2009 | |
| Revenue | $ 21,239,265 | $ 20,620,582 |
| Expenditures | $ 23,112,437 | $ 25,515,071 |
| Contingency*** | $ 6,000,000 | $ 3,200,000 |
| UA Reserve** | $ 1,300,000 | $ 700,000 |
| Budget Collected* | 48% | 40% |
***Contingency Reserve – to address uncertainties related to local economic downturns, State and/or Federal actions affecting local revenues, uninsured losses, errors in actuarial liability estimates and other financial risks outside the control of the City.
**Unappropriated Discretionary Reserve – the only funds not already designated for a particular purpose.
* Budget Collected – Percent of Budgeted Revenue Collected
