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15
City of Pleasanton
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CITY CLERK
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2010
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031610
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3/10/2010 12:15:04 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
3/16/2010
DESTRUCT DATE
15 Y
DOCUMENT NO
15
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The recommended actions to offset revenue reductions are summarized in Table 3 and <br /> explained in further detail in the following sections of this report. <br /> Table 3. Recommended Actions to Offset General Fund Revenue Reductions <br /> Expenditure Reductions <br /> Operating Department Budget Reductions 1,389,980 <br /> Changes in Fund Balance Reserves <br /> Change in 10% Reserve due to revised revenue estimates 400,000 <br /> Partial Use of Funds in Carryover Reserve (prior year unspent funds) 415,879 <br /> Transfer out contingency budget for energy projects to CIP to augment grant for <br /> OSC Solar Energy Project 203,554 <br /> sub -total 1,019,433 <br /> Increase from Transfers In <br /> Return of contributions made to Employee Benefit Fund in excess of actual costs 1,677,306 <br /> Total 4,086,719 <br /> The above recommended actions do not include the $4.4 million the State of California <br /> has borrowed from the City of Pleasanton this year. Under the provisions of Proposition <br /> 1A local revenues are protected from State take -a -ways except the State is allowed to <br /> borrow local property taxes in this manner twice within a ten year period but any such <br /> borrowing must be repaid with interest within three years. Under that provision, the <br /> State is required to repay the borrowing by June 30, 2013. However, the City of <br /> Pleasanton has participated in the Proposition 1A Securitization Program which <br /> authorized the California Statewide Communities Development Authority (CSCDA) to <br /> purchase the receivable due to all local participating agencies from the State. <br /> Essentially, CSCDA created a bond pool and sold bonds to investors who are to be <br /> repaid with interest by the State making participating agencies whole during the current <br /> year and leaving the repayment a transaction between the State and those who <br /> purchased bonds. The Proposition 1A Securitization Program had 1,536 participating <br /> agencies (cities, counties, and special districts) and issued $1.9 billion in bonds. To <br /> date, previous take -a -ways from the City of Pleasanton by the State total over $83 <br /> million since 1993. <br /> General Fund Expenditure Reductions General Fund expenditure reductions total <br /> $1,389,980 as described in Table 4 below. This total is comprised of $1,168,812 in <br /> personnel savings resulting from the hiring freeze implemented as part of the FY 2009- <br /> 10 budget and reductions and $221,168 in non personnel reductions. <br /> Page 4 of 9 <br />
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