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THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ ASANTONo <br /> May 4, 2010 <br /> Finance Department <br /> TITLE: ADOPT A RESOLUTION ACCEPTING THE THIRD QUARTER <br /> OPERATING BUDGET UPDATE AND AMENDING THE 2009 -10 <br /> OPERATING BUDGET <br /> SUMMARY <br /> The FY 2009 -10 third quarter budget update includes revisions to revenue estimates <br /> and grants, donations, and other actions occurring after the Mid -Year update along with <br /> offsetting adjustments to expenditures. The Quarterly Financial Report is also attached <br /> comparing actual year -to -date revenues and expenses with the budget for the General <br /> Fund and certain selected other funds. <br /> RECOMMENDATION <br /> Adopt a resolution accepting the 2009 -10 third quarter Operating Budget update and <br /> amending the 2009 -10 Operating Budget as outlined in Exhibit A. <br /> FINANCIAL STATEMENT <br /> The recommended adjustments to various funds and the financial impact to each fund <br /> are outlined in Exhibit A. The discussion section of this report will also summarize the <br /> adjustments being recommended. <br />