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<br />ð ~ ß- <: -j). .?-- <br /> <br />Option A is Council's original direction to staff, which states that in 2005/2006 we would <br />take 33% of the initially estimated operating deficit from reserves and 67% in budget <br />reductions. For 2006/2007, the direction was to take 0% from reserves and 100% in <br />budget reductions; As presented in January 2004, this scenario projected that the City <br />would have 12% in reserves by the end of 2006/2007. <br /> <br />Option A-Updated also describes Council's current policy, however, with current revenue <br />and expenditure estimates. Moving forward with Option A-Updated is a more conservative <br />approach of any outlined below, and gets rid of the structural deficit the quickest, but <br />causes the deepest budget cuts. Should Council elect to continue with its current policy, <br />we project 20% in reserves by the end of 2007/2008. The risk of Option A-Updated is that <br />we may make cuts much deeper than is necessary. <br /> <br />*As of Jan 2004 Option A <br />Close deficit by Projected 12% Reserve <br />use of: 2005/2006 2006/2007 2007/2008 at June 20071 <br />Reserves 33% 0% 0% <br />Budget reduction 67% 100% 100% <br /> <br />% Cut to all depts. 5.5% 2.66% n/a <br /> <br />*Updated Option A-Updated <br />numbers as of <br />Jan. 2005 <br />Close deficit by Projects 20% Reserve <br />use of: 2005/2006 2006/2007 2007/2008 at June 2008 <br />Reserves 33% 0% 0% <br />Budget reduction 67% 100% 100% <br /> <br />% Cut to all depts. 3.23% 0.32% 0.32% <br /> <br />1 Projections include three years of projections, therefore, in Jan. 2004 the projections ended with fiscal <br />year 2006/2007. <br />