03.17.20 Regular Meeting - Laserfiche WebLink

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City Council Meeting Minutes March 17, 2020 2. Receive the Annual Audit Report and highlights from the City of San Marcos' Comprehensive Annual Financial Report (CAFR) for the Fiscal Year ended September 30, 2019 from the City's audit firm ABIP, P.C. Heather Hurlburt, Finance Director provided a brief introduction to San Marcos Comprehensive Annual Financial Report (CAFR). She introduced Jeremy Barboto with ABIP, P.C., who presented the audit and stated that they did not find any issues during their review. He stated that the Auditor's opinion was unmodified which is the highest level of assurance the auditor can give. He stated that the General Fund balance increased by $978,000 due to increase of property taxes and sales tax revenues. 3. Receive a Staff presentation of the Quarterly Investment and Financial Reports, and provide direction to City Manager. Heather Hurlbert, provided a presentation on the Quarterly investment and Financial Reports. Revenue Highlights: General Fund -Favorable $628K or 1.7% • Sales tax collections above forecast $319K due to collections above budget for the Outlet Malls and Best Buy • Property Tax collections above forecast due to timing W/WW-Favorable $467K or 4.3% • Primarily due to current services revenue Electric -Favorable $726K or 5.1% • Primarily due to timing of pole attachment revenue and revenue generated by the Ferguson Power Plant Stormwater Management -Unfavorable $202K or 12.1% • Primarily due budgeted rates different from actual rates since new rates/rate structure not implemented Resource Recovery -Favorable $110K or 9.6% • Primarily due to customer counts higher than budgeted Expenditure Highlights: General Fund -Favorable $2.OM or 9.7% • Primarily due to personnel savings and the timing of economic development incentive payments City of San Marcos Page 5