Laserfiche WebLink
B. Council Priorities — <br />City Manager Everett explained the new City Council priorities. <br />C. Reductions Since FY 2002/03 — <br />City Manager Everett explained the process of the budget review and <br />reductions that resulted in reduced expenditures of $10M; elimination of <br />52 full time equivalent positions; and elimination of 23,777 casual hours. <br />A. General Fund — <br />i. Revenue and expenditure overview <br />ii. Major budget assumptions <br />iii. February 2005 estimates <br />iv. What Has Changed? <br />V. Use of reserves in FY 2005/06 — FY 2007/08 <br />Financial and Financial Planning Director Ponty explained the above <br />topics and gave the three year projection assuming the 2005/06 budget <br />as presented is adopted. Projected deficits of about $1.5M in 05/06; <br />$1.6M in 06/07; and $1.2 in 07/08, leaves reserves in 07/08 at <br />approximately $14AM in reserves which is right at the upper end <br />preferred target. This assumes very healthy use of reserves, financing <br />projected deficits using reserves to finance 67% of the deficit in 06/07 <br />and 50% in 07/08. <br />Council comments and questions included a request to provide a <br />projection using 75% from reserves in 06/07 and 67% in 07/08. An <br />explanation was requested for the difference between sales and property <br />tax. <br />A. Recommended FY 2005/06 Budget — <br />Assistant to the City Manager Gonzalez explained the recommended <br />budget. <br />i. Recommended expenditures /reductions <br />Council asked various questions related to the Human <br />Resources Department and the PRCS Kids Club close out; and <br />inspections for potential tree removal through PWS. Further <br />questions were asked regarding transfer of a small percentage <br />SPECIAL MEETING MINUTES <br />CITY COUNCIL <br />MINUTE ORDER BOOK Nn, 60 <br />Page No. 506 <br />JUNE 20, 2005 <br />PAGE 6 <br />