AgdaPkt 2013-02-11 - 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 11, 2013 SUBJECT Mid-Year General Fund Budget Update and Strategic Plan Review RECOMMENDATION Information only: mid-year budget and strategic initiative activities 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 2012-13 through FY 2017-18. 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). In addition to the financial update, the City Manager will provide the City Council an update on some of the key work activities as they relate to the City Council's Strategic Initiatives. These updates will include a presentation on the City's Economic Development efforts, the Youth initiative, and information on the Government Operations initiative. Within the Government Operations initiative, the update will include information related to the City's Climate Action Plan and a report from an employee cohort group working on technological innovations related to service delivery. ANALYSIS The purpose of this meeting is threefold: to update the Council on the City's general fund financial condition as well as provide information related to the Council's strategic initiatives. The third objective is to seek direction on the preparation of the FY 2013-14 budget, as well as on the City's Environmental Programs and Youth initiative. Budget Action Dates Staff proposes that Council hold budget study sessions on the following dates: Monday, June 3, 2013 Monday, June 10, 2013 We also propose the budget resolution for the City be introduced on Monday, June 24, 2012. If Council finds these dates acceptable staff will return with on February 25, 2013 to formally set these dates.