Desk Item.Item #9 - Financial and Investment ReportPREPARED BY: Gitta Ungvari
Finance Director
Reviewed by: Town Manager, Assistant Town Manager, and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● 406-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 08/15/2023 ITEM NO: 9 DESK ITEM
DATE: August 15, 2023
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Receive Monthly Financial and Investment Reports (April Amended, May, and
June 2023)
REMARKS:
Staff received a question from a Council Member on this item. The question and staff
response are below.
Q: Does approximately $5.7M (page 156) reflect an increase of $5M over $700k (page 260) in
the March report (mid-year)? If so, what are the factors for this increase in the General
Fund?
A: The page 260 of the Mid-Year Report provided year-end estimates based on available
information, estimated revenues, and expenditures as of end of January 2023. The estimates
included all year end transfers, payroll, and other expenditures for the full year. (Table on page 2)
PAGE 2 OF 3 SUBJECT: Monthly Financial and Investment Report (April Amended, May and June 2023) for Fiscal Year 2022/23 DATE: August 15, 2023
REMARKS (continued):
PAGE 3 OF 3 SUBJECT: Monthly Financial and Investment Report (April Amended, May and June 2023) for Fiscal Year 2022/23 DATE: August 15, 2023
REMARKS (continued):
The Fund Balance Schedule (page 156 of the August 15, 2023 Council Agenda Packet) is a point
in time description, and it is not final. The schedule only includes a small portion of the year
end adjusting entries. It includes some of the revenue accruals [such as excess Education
Revenue Augmentation Fund (ERAF)], and does not include transfers out from the General Fund
or other expense accruals, such as payroll and accounts payable. The final General Fund
balance number will be determined at the final close of the fiscal year when all entries are
completed. This number will be reported in the Annual Comprehensive Financial Report
(ACFR).
Attachments previously received with the Staff Report:
1. Financial and Investment Report Amended (April 2023)
2. Financial and Investment Report (May 2023)
3. Financial and Investment Report (June 2023)