AgdaPkt 2016-02-22 Closed and Interview and Joint SA PFA

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REPORT To the Honorable Mayor and City Council From the City Manager February 22, 2016 SUBJECT Mid-Year General Fund Budget, City Council Priority Setting, and Recommended Process for Development of Fiscal Year 2016-17 Budget RECOMMENDATION Approve, by motion, the dates for City Council action on budget, receive Mid-Year updates on General Fund Budget, and Provide Direction on City Council Priorities and Process for Developing FY 2016-17 Budget BACKGROUND Each year, the City Manager and staff present a mid-year update on the City’s fiscal condition and utilize this information to provide an estimated five year projection for the General Fund. The presentation will include information about General Fund revenues, expenditures, and projected ending fund balances for FY 2015-16 through FY 2020-21. The updated projections will be based on the most current information available on the General Fund’s major revenue sources (property taxes, sales taxes, transient occupancy taxes, and development-related revenues). The City Manager will outline the proposed process and recommended approach for developing the 2016-17 budget, which will be informed by City Council discussion of proposed City Council priorities for FY 2016-17. ANALYSIS In recent years, the City Council has set priorities for the next fiscal year during the mid- year budget review. These have been framed in terms of the City Council’s Strategic Initiatives: · Community Building and Communication · Government Operations · Public Safety · Community for All Ages · Economic Development · Transportation For this year’s priority-setting discussion, staff has provided, two attachments identifying ideas generated by the City Council which may be designated as Council priorities. The items listed in Attachment A may begin this spring with existing staff resources. The 8.A. - Page 1