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7.A <br /> Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From City Council Committee <br /> February 7, 2011 <br /> SUBJECT <br /> Mid -Year General Fund Budget Update <br /> BACKGROUND <br /> The Finance Department will provide the Council a mid -year update on the general fund <br /> revenues, expenditures, and projected ending fund balances for FY 2010 -11 through FY <br /> 2014 -15. The updated projections will be based on the most current information <br /> available on the general fund's major revenue sources (property taxes, sales taxes, <br /> transient occupancy taxes, and development related revenues). <br /> The purpose of this meeting is twofold: to update the Council on the City's general fund <br /> financial condition and strategies staff is proposing to bring revenues and expenditures <br /> into alignment, and to seek direction on the preparation of the FY 2011 -12 budget which <br /> is the second year of the current two -year budget cycle. <br /> Budget Action Dates <br /> Staff proposes that Council hold budget study sessions on the following dates: <br /> Monday, June 20, 2011 <br /> Monday, June 27, 2011 <br /> We also propose the budget resolutions for the City and Redevelopment Agency be <br /> introduced on Monday, July 11, 2011. <br /> If Council finds these dates acceptable staff will return with a resolution on March 7, <br /> 2011 to formally set these dates. <br /> FISCAL IMPACT <br /> There is no direct fiscal impact associated with this budget update. <br /> - r fc Brian Ponty Robert Bell � ` <br /> Director of Finance Interim City Manager <br /> ATTACHMENTS <br /> 1. Budget Update Presentation <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br />