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Page 1 of 11 <br />Item #20 <br /> CITY COUNCIL AGENDA REPORT <br /> <br />December 19, 2023 <br />Finance <br /> <br />TITLE: ADOPT A RESOLUTION TO ACCEPT THE FISCAL YEAR 2022/23 YEAR-END <br />FINANCIAL REPORT FOR THE CAPITAL IMPROVEMENT PROGRAM (CIP) <br />BUDGET <br /> <br />SUMMARY <br />This year-end report presents the unaudited results of the Fiscal Year 2022/23 Capital <br />Improvement Program (CIP). The audited information will be reflected in the City's Annual <br />Comprehensive Financial Report (ACFR) and will be presented to the City Council after the <br />City's independent auditor has issued its opinion on the ACFR and the Audit Committee has <br />reviewed it, which is expected to occur in January/February 2024. If there are any differences <br />in the financial information presented in this report and the ACFR due to the audit, those <br />changes will be highlighted for the City Council at that time. <br /> <br />RECOMMENDATION <br />Adopt a resolution to accept the Fiscal Year 2022/23 year-end Financial Report for the Capital <br />Improvement Program (CIP) Budget and approve the carryforward funding amount as included <br />in the report. <br /> <br />BACKGROUND <br />Annually, staff presents the year-end financial report for the Capital Improvement Program to <br />the City Council for approval. The report summarizes the actual results of the financial <br />activities for the CIP Budget and recognizes budget carryovers to the following year. The City's <br />Annual Comprehensive Financial Report is still in progress; therefore, the financial information <br />included in this report is unaudited. The audited information will be reflected in the ACFR and <br />will be presented to the City Council once the City's independent auditor has issued its opinion <br />on the ACFR and the Audit Committee has reviewed it; this is expected to occur in <br />January/February 2024. If there are any differences in the financial information presented in <br />this report and the ACFR as a result of the audit, those changes will be highlighted for the City <br />Council at that time. <br /> <br />DISCUSSION <br />This report presents the status of the CIP Budget as of June 30, 2023. It provides a summary <br />of the actual expenditures, the amended budget which is the original budget plus any <br />amendments approved by the City Council through June 30, 2023, and the recommended <br />carryforward amount from FY 2022/23 to FY 2023/24 for each project. Projects can be funded <br />with more than one funding source and expenditures can be cyclical or multiyear in nature, <br />which is reflected in the carryforward. <br /> <br />It should be noted that during the development of the FY 2023/24 and FY 2024/25 Capital <br />Budget, staff performed a more comprehensive analysis of each capital fund’s condition, in <br />terms of budgeted versus actual revenues collected, to reassess and adjust the budget for <br />Page 240 of 270