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BACKGROUND Pleasanton has a reputation for being one of the most financially stable cities in California resulting from years of careful financial planning, extensive budget oversight and fiscally conservative governance. In an effort to maintain this position, staff has regularly monitored expenditures, cautiously forecasted revenues and has made recommendations to address changes as quickly as possible in order to maintain a balanced Budget. DISCUSSION General Fund Overview It is recommended that revenue estimates be increased by $2,342,602 primarily in the categories of property taxes, sales taxes and development fees. To maintain a balanced General Fund Budget, staff is recommending reductions in expenditures of $2,857,051 mainly due to a continuation of the current soft hiring freeze which has resulted in the reduction of thirty -five positions in the General Fund since July 1, 2008. As a result of these changes, the 2010/11 FY Budget will be balanced and it is projected that the City will end the 2010/11 FY with $25.3 million in reserves. Table 1. General Fund Overview 2010/11 FY Recommended Adjusted Midyear MidYear Budget Adjustments Budget Beginning Fund Balance $ 25,332,533 $ 25,332,533 Plus Revenues $ 83,767,736 $ 2,342,602 $ 86,110,338 Transfers In $ 1,137,274 $ (1,100,000) $ 37,274 Transfers Out $ 1,715,435 $ 1,455,760 $ 3,171,195 Less Expenditures $ 85,833,468 $ (2,857,051) $ 82,976,417 Ending Fund Balance $ 22,688,640 $ 25,332,533 General Fund Revenues Table 2 identifies the recommended revenue adjustments based on the current conditions and economic factors. More detailed information regarding historical trends in major revenues can be found in Attachment B. Page 2 of 6