Title
Discussion of 2016 Year-end Financial Position
Recommended Action:
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Review the preliminary year-end numbers and proposed use of fund balance, and assign fund balance for financial reporting purposes. Recommend use of fund balance to the City Council.
Report
Issue:
Whether to discuss the 2016 preliminary year-end financial position, make a recommendation for use of fund balance to the City Council and assign use of fund balance for reporting purposes.
Staff Contact:
Dean Walz, Fiscal Services Director, Administrative Services Department, 360.753.8465
Presenter(s):
Mary Verner, Administrative Services Director
Dean Walz, Fiscal Services Director, Administrative Services Department
Background and Analysis:
Preliminary year-end financial information is available for 2016. The committee received a briefing at its January 2017 meeting regarding early estimates of the year-end financial position of the General Fund. The preliminary year-end financial information and a listing of unfunded needs will be available at the meeting.
The Committee is asked to assign the balance of the General Fund. The assignment of fund balance has been delegated to the Finance Committee through the City's fund balance policy. Assignment of fund balance by the Committee is a recommendation and used for reporting purposes. The Committee is not authorized to expend funds. The City Council appropriates the use of fund balance at a later date. If the Committee does not make an assignment of fund balance then those amounts which could have been assigned will be shown in the annual report as unassigned.
Neighborhood/Community Interests (if known):
None known
Options:
1) Make a recommendation for use of fund balance to the City Council and assign use of fund balance for reporting purposes.
2) Make a recommendation for use of fund balance to the City Council and do not assign use of fund balance for r...
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