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<br />Attachment 7 <br /> <br />8A <br />Page 49 <br /> <br />Redwood City · Building a Great Community Togethe, <br />CITY COUNCIL DIRECTION <br />DEVELOPING A BALANCED BUDGET <br />Summary of June 15 & 22, 2009 City Council Study Sessions <br />Affirmed by City Council June 22, 2009 <br /> <br />GOAL STATEMENT <br />We must balance the City's General Fund revenues and expenditures by Fiscal Year 2012/13 to <br />achieve long-term sustainability. <br /> <br />DIRECTION FROM CITY COUNCIL <br /> <br />I. Council accepts City Manager's recommended Fiscal Year 2009/10 General Fund and <br />related funds budget as presented June 15, 2009. Return to Council for formal adoption on <br />July 13, 2009. <br /> <br />II. Identify core services, what we do best and potential impacts on those services due to <br />diminishing resources. <br /> <br />III. Council anticipates that additional expenditure reductions and/or revenue enhancements <br />may be required to the Fiscal Year 2009/10 budget, depending on the decisions and actions <br />by the State over the next weeks and months. Therefore, a third City Council budget study <br />session has been scheduled for Sept. 14, 2009. Specific information and expectations <br />requested by the Council are as follows: <br /> <br />a. Human Services Financial Assistance Program: Accepted the recommended budget <br />and funding allocations as presented for Fiscal Year 2009/10. However, Council <br />requests additional information on how city dollars are leveraged and the <br />implications of potential future reductions. <br />b. Civic Cultural Commission: Accepted the recommended budget and funding <br />allocations as presented for Fiscal Year 2009/10. However, Council requests <br />additional information on implications of potential future reductions and potential <br />revenue enhancements, including sponsorships and donations. <br />c. Threat of the State invoking Proposition 1A "borrowing" of property tax revenues <br />and/or a take of gas tax revenues: Should this happen, Council requests that staff <br />bring matching expenditure reduction recommendations with some options for <br />Council to consider. <br />d. General Fund Revenues: Bring back information and refined long-term projections <br />1. Proposed business license tax increase <br />2. Sales tax - updated quarterly report data <br />3. Sales tax - auto dealers and downtown businesses <br />4. Parking Fund revenues <br />