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e.A -4 <br />Aporovals Requested This Eveninq <br />There will be a short-term solution to deal with the FY 2002/03 deficit and a longer term <br />solution to deal with FY 2003/04 and 2004/05. For FY 2002/03, Council is requested to <br />endorse the City Manager's plan to address the current year's projected deficit of $3.5 <br />million by reducing expenditures by $1.2 million (1/3 of the deficit) and using reserves for <br />the balance (2/3) ($2.3M). Council is also requested to agree upon the following time line <br />for future actions: <br />ProDOsed Calendar for Addressina Short-Term (FY 02/03) Deficit <br />February 3 — Initial presentation of financial condition /Council comments, concerns, or <br />questions <br />March 10 — Approval of FY 02/03 budget reductions /guidelines for FY 03/04 reductions <br />March 24 — Follow up (if needed) on any pending items from March 10 meeting <br />PrODosed Calendar for Addressina Lona -term (FY 03/04 and FY 04/05) Deficits <br />Staff will complete its recommendation to the City Manager on the FY 02/03 cuts by the <br />middle of February and immediately turn their attention to FY 03/04. The present plan is <br />for staff to develop longer term expenditure reductions from February 28 through April 11. <br />Council will review these cuts on: <br />May 12 — Initial presentation of long -term budgeting reduction <br />June 2 — Approval of long -term expenditure reductions <br />June 9 — Follow up (if needed) on any pending items from June 2 meeting <br />7el� <br />Brian Polity <br />Director of Finance and <br />Edward Everett <br />Financial Planning City Manager <br />2 <br />