AgdaPkt 2014-02-24 Closed and Regular

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8.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager February 24, 2014 SUBJECT Mid-Year General Fund Budget Update RECOMMENDATION Receive report related to the FY 13/14 budget and provide direction as it relates to staff recommendations related to the current year's budget. Also, receive information on major work activities, staffing and resources, and next steps as it relates to the preparation of the FY14/15 budget proposal. BACKGROUND Each year, the City staff presents updated financial information to the City Council, while at the same time providing the City Council with information relating to the City Council's adopted strategic initiatives. The purpose of this update is to not only inform the Council of the City's financial condition but also prepare the Council for discussions relating to future budget proposals. ANALYSIS The Finance Department will provide the Council with a mid-year update on the general fund revenues, expenditures, and projected ending fund balances for FY 2014/15 through FY 2018/19. 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 this update, the Finance Department will be providing a recommendation as it relates to year end balances for the current fiscal year. In addition to the financial update, the City Manager will provide the City Council an update on some of the key work activities associated with the City Council's strategic initiatives. In addition, over the course of the last year the City Council has expressed an interest in examining the City's growth and what it means in terms of future staffing and resource needs. The City Manager will provide an update on this topic and confirm next steps. BUDGET ACTION DATES Staff proposes that Council hold a budget study session on the following date: Monday, June 9, 2014.