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10.A - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> February 23, 2015 <br /> SUBJECT <br /> Mid-year Budget Review <br /> RECOMMENDATION <br /> For information only: mid-year budget review and strategic initiative update. <br /> BACKGROUND <br /> Each year, the City Manager and staff present a midyear update on the City's fiscal <br /> condition and the activities and accomplishments associated with the City's strategic <br /> initiatives. <br /> ANALYSIS <br /> The presentation will include information about general fund revenues, expenditures, <br /> and projected ending fund balances for FY 2014-15 through FY 2019-20. The updated <br /> projections will be based on the most current information available on the general fund's <br /> major revenue sources. <br /> In addition, the City Manager will provide a progress report on various strategic <br /> initiatives. He will also present an update to the City's ongoing strategic priorities, <br /> including revised definitions of the priorities so they are more concise and compelling, <br /> updated goal statements so they better represent the City's core services and the <br /> addition of outcome measures to help communicate progress on the accomplishment of <br /> our goals. <br /> Finally, the City Manager will outline the process and considerations for developing the <br /> 2015-16 budget. Staff proposes that Council hold a budget study session on June 8, <br /> 2015 and that the budget resolution be introduced on June 22, 2015. If Council finds <br /> these dates acceptable, staff will return on March 9 to seek formal Council approval of <br /> the budget schedule. <br /> ALTERNATIVES <br /> This staff report does not require any action. <br /> FISCAL IMPACT <br /> There is no direct fiscal impact associated with this budget update. <br />