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THE CITY OF 16 <br /> CITY COUNCIL AGENDA REPORT <br /> pL ASANTONC <br /> March 15, 2011 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION ACCEPTING THE MIDYEAR 2010/11FY <br /> OPERATING BUDGET UPDATE <br /> SUMMARY <br /> The City generally follows a three step operating budget process that starts with the <br /> approval of a two -year Operating Budget (Budget); then after the first year of the Budget <br /> the adoption of a Midterm Budget; and the adoption of Midyear Budget adjustments <br /> during each of the two -years of the Budget. This report is the Midyear Budget report for <br /> the second year of the Budget. This report recommends adjustments to the 2010/11FY <br /> Midterm Budget adopted by the Council on June 1, 2010. While these recommended <br /> changes primarily affect the General Fund, Water Fund, Sewer Fund and Golf Course <br /> Fund, adjustments are also recommended to the Internal Service Funds to recognize <br /> grants, donations, Council actions and other Budget adjustments that have occurred <br /> since the adoption of the Midterm Budget on June 1, 2010. A complete analysis of the <br /> adjustments for all funds is included in Appendix A. <br /> RECOMMENDATION <br /> Adopt the attached resolution approving Midyear adjustments to the 2010/11FY Budget. <br /> FINANCIAL STATEMENT <br /> The recommended adjustments to various funds and the financial impact to each fund <br /> are outlined in Appendix A. The discussion section of this report also summarizes the <br /> recommended adjustments and their respective impact to the Budget. <br />