AgdaPkt 2009-11-09 - Laserfiche WebLink

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REPORT 7A Page 1 November 9,2009 SUBJECT Fiscal Year 2009/2010 Budget Revisions RECOMMENDATION Approve by resolution the proposed changes to the 2009/10 adopted budget presented as Package 1 at the City Council meeting of October 19, 2009. BACKGROUND At the City Council meeting of October 19, 2009, staff presented four budget reduction packages to the City Council for its consideration. City Council accepted the staff's recommendation to return to Council with a resolution implementing the Package 1 reductions, equal to $943,715, plus additional parking citation revenues of $75,000, for a total deficit reduction of $1,018,715 on an annualized basis. As the amounts previously presented were on an annualized basis, staff has converted the annual amounts to actual savings to be achieved during the current 2009/10 budget year for the purposes of the proposed budget amendment resolution. The converted partial year reductions result in 2009/10 expenditure savings of $619,884, and an estimated increase in revenues of $37,500. Internal service fund revenues will also decline due to the reduction in intemal services charges to the general fund. Full year savings as previously presented at the City Council meeting of October 19, 2009 will be realized in total during the 2010/11 budget year, and all fiscal years thereafter. The following table summarizes recommended changes in appropriations for revenue, transfers and expenditures by fund. A detailed explanation of these revisions is provided in Attachment 2 (revenue changes) and Attachment 3 (expenditure changes). Summary of Recommended Budget Changes by Fund Type Net Change in Revenues Exoenditures Fund Balance $ $ $ General Fund 37,500 (523,704) 561,204 Special Revenue Funds -0.. (96,180) 96,180 Internal Service Funds (44,540) ..0.. (44,540) Total Revisions (7,040) (619,884) 612,844