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<br />8A
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<br />
<br />July 9, 2007
<br />
<br />SUBJECT
<br />Fiscal Year 2007/08 Budget
<br />
<br />ReCOMMENDA nON
<br />Approve a resolution adopting the FY 2007/08 budget.
<br />
<br />BACKGROUND
<br />On June 18 and 25, the City Council held budget study sessions at which times the
<br />Council reviewed and approved the recommended FY2007/08 budget as submitted by
<br />the City Manager. In addition to the recommended budget a list (see attached) of
<br />options pertaining to the general fund totaling $1 ,072,438 was submitted to the Council
<br />for consideration. In accordance with the direction provided by Council at the
<br />conclusion of the June 18 budget study session that list of options is included as part of
<br />the. budget that is submitted to you for adoption. At the June 18 budget study session
<br />Council also directed staff to include the following additional items in the FY2007/08
<br />general fund budget:
<br />
<br />. Additional funds for community building ($20,000);
<br />
<br />. Additional temporary staff for fire inspections ($75,000); and
<br />
<br />. Funds for video streaming of City Council meetings ($15,000).
<br />
<br />. We are still only adding 25% to the child care coordinator position. This position has
<br />been budgeted at 75% with 25% being contracted to the County. The original
<br />council option brings this position to 100% and the loss of the County contract will be
<br />a loss of revenue to the general fund of $17,000 (see Attachment 1).
<br />
<br />The foregoing changes, including the initial budget options, will:
<br />
<br />. Increase the budgeted general fund expenditures in FY2007/08 by $976,438 from
<br />$75,274,907 in the recommended budget to $76,251,345;
<br />
<br />. Increase expenditures within the special gas tax street improvements fund by
<br />$206,000 from $1,797,297 to $2,003.297 (the budget option to increase street
<br />maintenance staffing and materials.
<br />
<br />Although not an "option," the general fund will need to contribute $1.2 million to the
<br />parking fund in FY 2007/08 because expenses in the parking fund will exceed the
<br />revenues this fund generates (an operating deficit). Because this projected operating
<br />deficit in the parking fund is viewed as a short-term to medium-term situation, this
<br />transfer from the general fund was not included in FY 2007/08 estimates contained in
<br />the recommended budget so as not to distort the long-term financial picture. This
<br />transfer is now included in the budget to ensure that appropriate accounting and
<br />budgeting methods are adhered to.
<br />
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