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consideration and that they planned to submit it within the next 7 -10 days. Mr. Lowell responded to the question regarding whether an application can be submitted within one year of the previous referendum, stating that it depends upon what application is submitted. Staff will evaluate what is submitted and his office will be reviewing both the Elections Code and their own procedures. Stefan Hall and Emily Truax, Pleasanton Youth Commission and members of the Amador Valley High School We the People Team, announced their efforts to raise funds to go to Washington, D.C., as they recently won the California State Championship for "We the People" Team. Funding is being cut and they asked for community support through mailed donations to the high school at 1155 Santa Rita Road, Pleasanton, CA 94566 or via a donation website at www.everribbon.com /r /avhsconcivics. A Sweet Tomatoes fundraiser is planned in late March and they will do their best to bring home the national title. Councilmembers congratulated students, recognized their hard work, the significant cuts in funding affecting the program, and wished them much success in fundraising and in the competition. Kathy Dowding read into the record a quote from Howard Zinn on war and terrorism, cited total costs of the wars as $530 million, and read a list of the names of military men and women whose lives were lost in Iraq and Afghanistan. She invited everybody to a peaceful protest on March 23, 2011 at 5:00 p.m. at First and Neal Streets. PUBLIC HEARINGS AND OTHER MATTERS 16. Consider a resolution accepting the Midyear 2010/11 FY Operating Budget Update City Manager Fialho stated this is the second year of the two year budget to reflect revised expenditures and revenues. He introduced Emily Wagner, Director of Finance, to provide the presentation and said at the conclusion of her presentation, a general overview will be provided of dates for special meetings related to Council priorities and budget workshops culminating with the approval of the next two -year budget cycle. Director of Finance Emily Wagner gave the staff presentation and a description of the adoption and review periods of the two -year budget cycle, as well as annual audits. She said staff is updating Operating Funds which include the General Fund, Enterprise Funds, Water, Sewer, Golf Course, Internal Service Funds, Self- Insurance, Vehicle Equipment and Facility Replacement Funds, and Special Revenue Funds. Ms. Wagner discussed the General Fund, stating when the budget was adopted in June 2009 the City had a balanced budget. Total sources were $87.3 million and total uses were also $87.3 million. In June 2010, when the 2010/11 FY budget was updated, staff was anticipating a deficit. Staff was looking at revenues decreasing at $84.9 million and expenditures going up to $87.6 million, for a $2.6 million operating deficit. Staff recommended at that time that a portion of the ending Fund Balance or Reserves would be set aside to fund the deficit. To date, she reported the City has been able to balance the budget, and as a result of amending revenues and expenditures. The total sources of revenues are projected to be $86.1 million which is less than originally projected in June 2009. Expenditures will be $86.1 million, which is less than June 2010 but also less than what was projected in June 2009. City Council Minutes Page 4 of 7 March 15, 2011