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<br />51 6-(.-1), 13 <br /> <br />Projection as of January 2005 - Option "E" <br /> 2004-05 2005-06 2006-07* 2007 -08 <br />Total Revenues 64,927 65,395 69,621 72,342 <br />Total Expenditures (66,235) (68,711) (72,068) (75,022) <br />Adjustments: <br />Revenues: 0 0 0 <br />Prior year reductions 332 543 <br />"lnitial"Deficit (1,308) (3,316) (2,115) (2,137) <br />Deficit - % of expenditures -1.97% -4.83% -2.95% -2.87% <br />Deficit - % of revenues -2.01 % -5.07% -3.04% -2.95% <br />Percentage of deficit covered by reserves 90.00% 90.00% 90.00% <br />Expenditure reductions $ (332) (212) (214) <br />(Use)/addition of/to reserves $ (1,308) (2,984) (1,904) (1,923) <br /> <br />Reserve Analysis <br /> <br />July 1,2006 <br />drawdown <br />June 30, 2007 <br /> <br /> 16,948 <br /> (1,308) <br />24.09% 15,640 <br /> 15,640 <br /> (2,984 , <br />19.35% 12,656 <br /> 12,656 <br /> (1,904\ <br />15.44% 10,752 <br /> 10,752 <br /> (1,923' <br />12.20% 8,829 <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, 2007 <br />drawdown <br />June 30, 2008 <br /> <br />2005-06 <br /> <br />2006-07* <br /> <br />2007 -08 <br /> <br />Reductions as a Percentage of Expenditures: <br />"across the board" <br />"no cuts to public safety" <br /> <br />0.48% <br />1.12% <br /> <br />0.29% <br />0.69% <br /> <br />0.29% <br />0.67% <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 options1 option E <br />. <br />