12. YEAR-END UPDATE FOR FISCAL YEAR 2019/20 On June 2, 2020, staff provided the City Council with a report on the estimated impacts associated with COVID-19, which projected General Fund Reserves of $17.1 million at June 30, 2020. This report provides an update on actual General Fund revenues and expenditures now that the books have been closed for Fiscal Year 2019/20. General Fund revenues are approximately $4.3 million better than projected whereas General Fund expenditures are approximately $146,000 higher than expected yet within budgeted amounts. Consequently, General Fund Reserves are approximately $4.2 million higher than expected at $21.3 million as of June 30, 2020 (or 29% of General Fund expenditures), which exceeds the City Council's minimum reserve policy of 20%. - City of Tustin, CA

Meeting: Regular Meeting of the City Council

Meeting Time: September 15, 2020 at 5:30pm PDT

Agenda Item

12. YEAR-END UPDATE FOR FISCAL YEAR 2019/20 On June 2, 2020, staff provided the City Council with a report on the estimated impacts associated with COVID-19, which projected General Fund Reserves of $17.1 million at June 30, 2020. This report provides an update on actual General Fund revenues and expenditures now that the books have been closed for Fiscal Year 2019/20. General Fund revenues are approximately $4.3 million better than projected whereas General Fund expenditures are approximately $146,000 higher than expected yet within budgeted amounts. Consequently, General Fund Reserves are approximately $4.2 million higher than expected at $21.3 million as of June 30, 2020 (or 29% of General Fund expenditures), which exceeds the City Council's minimum reserve policy of 20%.