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<br />No. ':L <br /> <br />AGENDA REPORT FOR CITY COUNCIL <br /> <br />MEETING DATE: May 8,2007 <br /> <br />TO: The Mayor and City Council <br /> <br />SUBJECT: Budget Study Session on Ten-Year Financial Plan Update <br />(Bob Leland, 428-7495). <br /> <br />A) RECOMMENDED ACTION: Review forecast and provide direction on <br />service levels. <br /> <br />FUNDING SOURCE: General and Safety Funds. <br /> <br />ADVISORY BODY RECOMMENDATION: N/A <br /> <br />B) EXECUTIVE SUMMARY: The purpose of this study session is to review <br />General and Safety Fund revenues and expenses under various forecast <br />scenarios to assess the potential magnitude of revenue shortfall and the <br />timing required for corrective actions. This session is not to review the 2007- <br />2009 Budget itself, as that document will not be ready until the end of May, <br />and requires the direction Council will provide at this study session before its <br />completion. The focus is on the General and Safety Funds, with other funds <br />and capital projects to be included at the June 12 study session on the <br />overall 2007-2009 Budget and Ten-Year Financial Plan. <br /> <br />C) DISCUSSION: Attached are staff's preliminary findings in PowerPoint <br />format. Staff will focus on the section entitled "General Fund Long-Term <br />Forecast & Structural Shortfall." The sections on "General Safety Fund <br />Revenue Trend Analysis" and "Budget Cutting Principles" are supplied for <br />background information and will be discussed as time permits. <br /> <br />D) PUBLIC CONTACT: N/A <br />E) FISCAL IMPACT: N/A <br />F) ALTERNATIVE COURSES OF ACTION: N/A <br /> <br /> <br /> <br />Coordinated with: Department heads <br />