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R <br />(ak I <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />December 8, 2003 <br />Subject <br />Update of Fiscal Year 2003/04 General Fund Financial Condition <br />Recommendation <br />No action is required at this time. <br />Background <br />Given the uncertainty about the general fund's short-term and medium -term financial <br />condition, several Council members have requested that staff provide an update on the <br />general fund's financial condition: <br />Staff will present an overview of the general fund's major revenue sources and expenditure <br />outlays and will also present a revised year -end projection for fiscal years 2003/04 through <br />and including 2006/07. <br />Please note that the information that will be presented is very r)reliminary and that these <br />projections will likely change as more information, particularly revenue experience, is <br />received. <br />i <br />' Y <br />Brian J. Ponty <br />Director of Finance and Financial Planning <br />Ed Everett <br />City Manager <br />Attachment <br />PowerPoint Budget Update Presentation <br />