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<br />Projection as of January 2005 - Option "C" <br /> <br />Total Revenues <br /> <br />Total Expenditures <br /> <br />Adjustments: <br />Revenues: <br /> <br />Prior year reductions <br /> <br />"lnitial"Deficit <br />Deficit - % of expenditures <br />Deficit - % of revenues <br /> <br />Percentage of deficit covered by reserves <br />Expenditure reductions $ <br />(Use)/addition of/to reserves $ <br /> <br />July 1,2004 <br />drawdown <br />June 30, 2005 <br /> <br />July 1, 2005 <br />drawdown <br />June 30, 2006 <br /> <br />July 1, 2006 <br />drawdown <br />June 30, 2007 <br /> <br />July 1, 2007 <br />drawdown <br />June 30, 2008 <br /> <br />2004-05 <br />64,927 <br /> <br />2005-06 <br />65,395 <br /> <br />(68,711 ) <br /> <br />(66,235) <br /> <br />0 <br /> <br />2006-07* <br />69,621 <br /> <br />(72,068) <br /> <br />0 <br /> <br />1,127 <br /> <br />S t ß- C - D. II <br /> <br />2007 -08 <br />72,342 <br /> <br />(75,022) <br /> <br />0 <br /> <br />1,787 <br /> <br />(1,308) <br />-1.97% <br />-2.01 % <br /> <br />(3,316) <br />-4.83% <br />-5.07% <br /> <br />(1,308) <br /> <br />66.00% <br />(1,127) <br />(2,189) <br /> <br />Reserve Analysis <br /> <br /> 16,948 <br /> (1,308' <br />24.09% 15,640 <br /> 15,640 <br /> (2,189) <br />20.57% 13,451 <br /> 13,451 <br /> (660' <br />18.37% 12,792 <br /> 12,792 <br /> (295) <br />17.27% 12,497 <br /> <br />2005-06 <br /> <br />Reductions as a Percentage of Expenditures: <br />"across the board" <br />"no cuts to public safety" <br /> <br />1.64% <br />3.82% <br /> <br />(1,320) <br />-1.86% <br />-1.90% <br /> <br />50.00% <br />(660) <br />(660) <br /> <br />2006-07* <br /> <br />0.93% <br />2.16% <br /> <br />(893) <br />-1 .22% <br />-1.23% <br /> <br />33.00% <br />(598) <br />(295) <br /> <br />2007 -08 <br /> <br />0.82% <br />1.90% <br /> <br />* FY06/07 revenues does not include the State's promise to make a one-time only payment of <br />$1.3 million for FY03/04 VLF revenues <br /> <br />Feb 05 2005 budget reduction options option C <br />