9. YEAR-END UPDATE FOR FISCAL YEAR 2020/21 In February 2021, staff provided the City Council with a mid-year budget update on projected revenues and expenditures for Fiscal Year 2020/21, which projected General Fund Reserves of $19 million at June 30, 2021. This report provides an update on actual General Fund revenues and expenditures, now that the books have been closed for Fiscal Year 2020/21. General Fund revenues are approximately $7 million better than projected whereas General Fund expenditures are approximately $1.5 million higher than expected yet within budgeted amounts. Consequently, General Fund Reserves are approximately $5.5 million higher than expected at $24.5 million as of June 30, 2021 (or 32% of General Fund operating expenditures), which exceeds the City Council’s minimum reserve policy of 20%.