AgdaPkt 2012-02-06 - Laserfiche WebLink

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8.A. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er February 6, 2012 SUBJECT Mid-Year General Fund Budget Update and Strategic Plan Review 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 2011-12 through FY 2015-16. 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). These projections are preliminary and will likely change between now and when the budget is presented to Council in June. In addition, information as it relates to the former Redevelopment Agency and strategic initiatives will be reviewed by the City Manager and Community Development Director. ANALYSIS The purpose of this meeting is to: • update the Council on the City's general fund financial condition; • inform Council of potential impacts the dissolved redevelopment agency may have on the general fund budget; • seek direction on the preparation of the FY 2012-14 two-year budget; • update the Council and community on the strategic initiatives and associated projects and work plans that support those initiatives. Staff is also seeking confirmation to bring back each of the initiatives to future council meetings in the form of a presentation and/or study session to discuss the initiative and work plan further. Budget Action Dates Staff proposes that Council hold budget study sessions on the following dates: Monday, June 11, 2012 Monday, June 28, 2012 We also propose the budget resolution for the City be introduced on Monday, June 25, 2012. If Council finds these dates acceptable staff will return with on February 27, 2012 to formally set these dates.