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BACKGROUND <br /> Pleasanton has a reputation for being one of the most financially stable cities in <br /> California resulting from years of careful financial planning, definitive budget oversight, <br /> fiscally conservative Council direction and a diversified revenue base. As a result, <br /> Pleasanton is in a better financial position than most public agencies and private <br /> companies. In an effort to maintain this position to the largest extent possible, staff has <br /> regularly monitored and cautiously forecasted revenues and has made <br /> recommendations to address changes as quickly as possible in order to maintain a <br /> balanced General Fund budget. Consistent with the past few budget reports major <br /> revenues from taxes and development fees are still not performing which necessitates <br /> adjustments to assure a balance between revenues and expenditures. <br /> As a reflection of the difficulties facing the local and state economy, the FY 2008 -09 <br /> Budget was originally adopted with revenues estimates totaling $100.3 million while the <br /> current fiscal year budget for FY 2009 -10 was adopted with revenues estimates at <br /> $87.3 million. Now, however, for FY 2009 -10, revenue estimates are at $83.2 million. <br /> As a result, since the FY 2008 -09 budget there as been revenue adjustments, and <br /> related expenditure adjustments totaling over $17 million. <br /> DISCUSSION <br /> OPERATING BUDGET OVERVIEW <br /> The total of recommended adjustments for all funds include revenue decreases of <br /> $5,842,241, changes in net transfers netting to zero, and reductions of expenditures <br /> and /or expenses of $3,882,690. These changes are summarized in Table 1 below and <br /> further detail is included in Attachment 1. <br /> Table 1. All Funds Overview of Recommended Ad'ustments <br /> Adjustments <br /> Fund Revenue To Net Expenditure Net Change in <br /> Adjustments Transfers Adjustments Fund Balance <br /> General Fund (4,086,719) 1,677,306 (1,389,980) (1,019,433) <br /> Enterprise Funds (374,305) 133,568 (720,015) 479,278 <br /> Internal Service Funds (723,500) (2,016,012) (1,269,429) (1,470,083) <br /> Special Revenue Funds (657,717) 205,138 (503,266) 50,687 <br /> Page 2 of 9 <br />