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General Fund Recap General Fund revenues are projected to decrease 2.9% in 2009 -10 and increase 2.5% in 2010 -11. Expenditures are expected to decrease 2.6% in 2009 -10 and increase 2.1% in 2010 -11. General Fund Revenue Comparison $90.5 $90 0 $89.5 $89 0 ii $88.5 $88.0 $87 5 $87.0 $86.5 $86.0 589.9 2009 General Fund Revenue General Fund Expenditures -2.9% +2.5% 2010 $89.4 2011 Page 5 of 7 General Fund Expenditure Comparison $89.0 $88.5 $88.0 m $8T5 $87.0 $86.5 $86 0 $85.5 $85.0 2009 2010 2011 General taxes in total are estimated decrease 2.9% in the first year and increase a modest 1.5% in the second year of the two year budget period. Property taxes are the largest source of revenue to the General Fund. Overall, property taxes are estimated to increase 1.2% in the first year and 1.3% in the second year with the secured roll alone remaining flat in the first year and increasing 2.0% in the second year of the budget. Hotel tax is estimated to decrease 1.6% in the first year and increase 2.0% in the second year of the budget. Recommended General Fund expenditures represent a 2.6% decrease in the first year of the proposed budget in 2009 -10, and an 2.1% increase in the second year in 2010- 11. This two -year General Fund budget is balanced. This balance was only produced after further operating budget cuts, elimination of 10 vacant positions through attrition, and temporarily reducing contributions to certain reserves. The budget includes funding for the labor agreements in effect; however, beyond the current agreements the budget does not assume any salary increases. The remainder of personnel cost increases reflects the change to the rates for benefits and retirement costs.