AgdaPkt 2010-02-08 - Laserfiche WebLink

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... -.. RE"PORT 7A age 1 To. the Honorable, Mayor and City Council Fromer. Council Committee February 8, 2010 SUBJECT Mid-Year General Fund Budget Update BACKGROUND The Finance Department will provide the Council a mid-year update on the general fund revenues, expenditures, and projected ending fund balances for FY 2009-10 through FY 2013-14. The updated projections will be based on the most current information available on the general fund's major revenue sources (property taxes, sales taxes, transient occupancy taxes, and development related revenues) along with the reductions the Council approved on November 9, 2009. No formal action will be requested of Council at this meeting. Staff will request that Council provide direction at the March 8th meeting on the use of reserves, programmatic areas in which the Council may want reductions focused, guidelines on the presentation of reduction option packages, and any other direction the Council wants to provide in connection with the preparation of the FY 2001-11 and FY 2011-12 recommended budgets. Budget Action Dates Staff proposes that Council hold budget study sessions on the following dates: Monday, June 21, 2010 Monday, June 28, 2010 Wednesday, June 30, 2010 (if needed) We also proposed the budget resolutions for the City and Redevelopment Agency be introduced on Monday, July 12, 2010. If Council finds these dates acceptable staff will return with a resolution on March 8th to formally set these dates. FISCAL IMPACT There is no direct fiscal impact associated with this budget update. (3 ( f "- Brian Panty , Director of Finance Peter Ingra~ City Manage ~ ATTACHMENTS 1. Budget Update Presentation RELATED DOCUMENTS IN CITY CLERK'S OFFICE None