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THE CITY OF 21a <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ASANTON. <br /> June 19, 2012 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION ACCEPTING THE 2012/13FY MID-TERM <br /> OPERATING BUDGET <br /> SUMMARY <br /> The 2012/13FY Mid-Term Update provides updated operating budget estimates for the <br /> 2012/13FY of the two-year Operating Budget originally adopted by City Council in June <br /> 21, 2011. Updated estimates are based on staff's assessment of current financial <br /> conditions for the second year of the two-year budget cycle. <br /> RECOMMENDATION <br /> Staff is recommending Council adopt the resolution accepting the 2012/13FY Mid-Term <br /> Update of the Operating Budget. <br /> FINANCIAL STATEMENT <br /> The operating budget update includes adjustments to a number of funds including the <br /> General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds. <br /> Adjustments to all funds reflect current economic conditions including recommendations <br /> that maintain a balanced budget and current service levels. <br />