12-18-2012 CC RPT 21 - Laserfiche WebLink

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FKIVERSIDE .i � �,f�t �� City Council Memorandum TO: HONORABLE MAYOR AND CITY COUNCIL DATE: DECEMBER 18, 2012 FROM: FINANCE DEPARTMENT ITEM NO: 21 WARDS: ALL SUBJECT: MONTHLY FINANCIAL AND INVESTMENT REPORTS - OCTOBER 2012 ISSUE: The item for City Council consideration is receipt of the monthly financial and investment reports, which are presented in a new format for the first time. RECOMMENDATION: That the City Council receive these reports. COMMITTEE RECOMMENDATION: On December 12, 2012, the Finance Committee, with Chair Hart, Vice Chair Davis, and Member Gardner present, reviewed the new format for the monthly financial and investment reports and received an update on the finances of the City's General Fund. BACKGROUND: City Charter Section 704 requires the City's Chief Financial Officer/Treasurer to"submit to the City Council a monthly summary report of financial activity in sufficient detail to show the exact financial condition of the City's major funds" and to"submit to the City Council a monthly report on the cash and investments held by the City and all of its departments, offices, and agencies". In accordance with these requirements, each month, the Finance Department presents this report to the City Council. The Finance Department has worked over the last several months to evaluate the format of the report to enhance its content and utility. The report's format has been stagnant for some time, and the information contained therein has not been as informative and comprehensive as it could be. Additionally, certain aspects of the data presented and the format selected are confusing, which can lead to misunderstandings on the part of the users of the reports. Accordingly, this report is presented in a revised format that has been designed to enhance usability and understandability. The three components of the revised report are as follows: 21 -1