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BACKGROUND <br /> The City of Pleasanton prepares a biennial operating budget. On June 21, 2011 the City <br /> Council adopted the biennial operating budget for the 2011/12 and the 2012/13 fiscal <br /> years. The Mid-Term Budget updates the 2012/13FY of the operating budget. <br /> DISCUSSION <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 the General Fund include updated projections for sales tax and property <br /> tax (the City's two main sources of revenues), contributions to the replacement plan, <br /> adjustments to inter-fund charges and updated personnel cost estimates to reflect <br /> increases in retiree medical contributions and retirement costs. As a result of these <br /> adjustments, the General Fund operating budget remains balanced at $90.027 million <br /> with reserves at $25.3 million. <br /> Attached for Council's review is the 2012/13FY Mid-Term Operating Budget Update <br /> (Section 1). <br /> Submitted by: Approved y: <br /> Emily E. Wagner Nelson Fialho <br /> Y 9 <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Resolution <br /> 2. 2012/13FY Mid-Term Operating Budget Update (Section I) <br /> Page 2 of 2 <br />