The City Charter requires interim financials to be prepared monthly and provided to the City Council by the end of the following month.  In an effort to increase transparency, staff will review highlights of the December 2017 interim financial report - which can be found on the Financial Transparency page of the City's website: http://www.sugarlandtx.gov/DocumentCenter/View/17150.

On a monthly basis, the interim financial report covers the major operating funds of the City including the economic development corporations, plus the sales tax analysis and investment report. Results are presented compared to the amended budget and the same period in the prior year. At quarter-end, the report is expanded to include all funds of the City, such as special revenue and internal service funds, plus all component units.

Beginning fund balances in the report reflect the budgeted fund balances, as the audited results from FY17 were not available at the time of the report.  The financial analysis highlights areas that may impact revenues within each fund, such as sales tax, permit activity, citations, water usage, aviation fuel sold, etc., along with key expenditures and comparisons to budget.  The quarterly report also includes key economic indicators such as CPI and unemployment.

The December 2017 report includes the monthly investment report signed by the City's designated Investment Officers as required by the Public Funds Investment Act.  A copy of the December sales tax analysis is included for reference.  

The report shows that through the first quarter of the year, operating funds are performing as anticipated, with revenues coming in as expected in most cases.  The budget reflects amendments approved by City Council in October 2017. Expenditures in all funds are in-line with expectations.  First quarter results show the City's resiliency and indicate that the economic downturn experienced in late 2017 may be coming to an end in the near future. Budget amendments to reduce projected sales tax revenue by $1 million have been effective and necessary based on first quarter revenue.

The purpose of this workshop will be for staff to provide an overview of the report, and discuss major operating funds including key revenue sources, the sales tax report and the investment report with City Council during the presentation.