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8.A. - Page 2 <br />Projected General Fund Net Operating Position <br />Without Budget Cuts or New Revenues <br />FY 2018-19 FY 2019.20 FY 2020-21 FY 2021-22 FY 2022,23 <br />(5) <br />w <br />S[7i <br />GII <br />(13} <br />SVJ61 <br />(0.74) <br />$02.631 <br />Beginning in Fiscal Year 2017-18, the City Council took a forward -thinking approach to <br />addressing the City's fiscal challenges by adopting the Financial Sustainability Plan <br />(FSP). The FSP strategically reduces operating costs and increases revenue in order to <br />balance the City's budget and protect essential City services. Last fiscal year, the City <br />Council took the first step in generating new revenue by maximizing fees associated <br />with processing development activity in order to fully recover staff costs associated with <br />processing development applications. While these fees are generating an estimated <br />$2.0 million in new revenue annually, this revenue is based on current, high levels of <br />development activity. The pace of development activity will slow in the future. <br />Additionally, the City has worked to contain costs. To balance the FY 2018-19 budget, <br />the budget includes cost reductions of approximately $3.7 million, including eliminating <br />14.5 Full Time Equivalent (FTE) vacant City staff positions and 1.0 FTE filled positions <br />as of January 1, 2019. The $3.7 million in reductions affect every City department. <br />