15 - Laserfiche WebLink

THE CITY OF 15 pL£ASANTONo CITY COUNCIL AGENDA REPORT March 16, 2010 Finance TITLE: ADOPT A RESOLUTION ACCEPTING THE MID -YEAR 2009 -10 OPERATING BUDGET UPDATE SUMMARY The City generally follows a four step operating budget process involving approval or a two -year operating budget, a mid -term budget adopted after the first year of the budget and a mid -year budget adjustment adopted during the each or the budget's two years. This is the first of the mid -year reports which provides an update to the first year of the adopted FY 2009 -10 2010 -11 Two -Year Budget (Budget) adopted in June 2009. This report recommends adjustments to FY 2009 -10 revenue estimates, and offsetting adjustments to expenditures and transfers which will keep the budget in balance. While these recommended changes primarily affect the General Fund, adjustments are also recommended to Enterprise Funds and Internal Service Funds to recognize grants, donations, Council actions and other budget adjustments that have occurred after budget adoption. RECOMMENDATION Adopt the attached resolution approving adjustments to the Mid -Year FY 2009 -10 Operating Budget. FINANCIAL STATEMENT The recommended adjustments to various funds and the financial impact to each fund are outlined in Appendix A. The discussion section of this report will also summarize the adjustments being recommended.