AgdaPkt 2008-07-21 - Laserfiche WebLink

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8A Page 1 REPONT To the Honorable Mayor and City Council frQm tilt Oi '. M~na. ~r. July 21, 2008 SUBJECT Fiscal Year 2008/09 Budget RECOMMENDATION Approve a resolution adopting the FY 2008/09 budget. BACKGROUND On June 16 and 23, the City Council held budget study sessions at which times the Council reviewed and approved the recommended FY 2008/09 budget as submitted by the City Manager. In addition to the recommended budget, staff presented the budget options requested by the Council at the February 25, 2008 priority setting session. In accordance with the direction provided by Council at the June 16 budget study session, that list of options is included as part of the budget that is submitted to you for adoption. Following is the list of options that have been added to the general fund budget: . Funds for citywide economic development ($100,000 including $50,000 adopted previously in FY 2007/08); . Funds for emergency preparedness trailers (general fund $80,000, grants $80,000); . Funds for ongoing maintenance of the trailers ($1,000); . Funds for Planning Commission training allowance ($14,000); and . Funds for a Community Newsletter ($143,460). The foregoing changes, including the initial budget options, will: . Increase the budgeted general fund expenditures in FY 2008/09 by $368,460 from $81,728,673 in the recommended budget to $82,097,133; . Increase estimated general fund revenues in FY 2008/09 by $80,000 from $80,800,249 in the recommended budget to $80,880,249. . Decrease expenses in the Water Fund by $21,760 from $23,266,851 to $23,245,091 (the budget option to shift part of the Communications Manager back to general fund for the Community Newsletter). A copy of the recommended budget is on file with the City Clerk for public review. Despite the economic uncertainties facing the City's general fund we believe the level of reserves in this fund provides the Council with sufficient time to make any needed changes to bring revenues and expenditures back into alignment. On balance we view the City's overall condition to be much preferable than that of a number of other municipalities in this region. This speaks to the fiscal discipline and foresight of the City's policy makers.