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• reduction in reimbursable expenditures due to the anticipated completion of the <br /> East Pleasanton Specific Plan <br /> • completion of the Cultural Plan Update and the Parks and Recreation Master <br /> Plan <br /> • reduction in fees charged by Alameda County for collection of property tax. <br /> General Fund Transfers <br /> The Operating Budget for the first time in several years includes annual transfers to the <br /> capital improvement program (CIP) to fund Phase 2 of Bernal Community Park. In <br /> addition to this, the General Fund transfers include operating subsidies to the <br /> Paratransit program, Storm Drain, and Cemetery. There are also transfers from the <br /> General Fund to the Water and Sewer Funds to fund the senior and low income water <br /> and sewer discounts. Under Proposition 218, one classification of water customers can <br /> not subsidize another; therefore, if the City desires to provide senior and low income <br /> discounts to their customers they must fund the discounts through the General Fund of <br /> the City. There are also transfers from the General Fund to the debt service funds for <br /> the funding of the annual debt service payments for the OSC and Senior Center <br /> facilities that will continue until 2014 when the final payments are made. Finally, for the <br /> first time there is a transfer from the Golf Course Fund to the General Fund of the net <br /> operating income from Callippe Preserve Golf Course to repay the General Fund loan <br /> originally established for the development of the Golf Course. <br /> CONCLUSION <br /> The proposed Two Year Operating Budget is balanced. The Operating Budget provides <br /> funding for the programs and goals identified as priorities by the City Council. <br /> Staff recommends that the Council adopt the Operating Budget as presented. Staff will <br /> continue to monitor the progress of the economy, review revenues and expenditures <br /> quarterly, and report back to the Council, if and when, additional budget adjustments <br /> are required over the next two years. Furthermore, a detailed mid-term update will be <br /> conducted and presented to Council in June 2014 along with midyear reviews in <br /> January 2014 and 2015. <br /> Submitted by: Approved r: <br /> Emily Wa er Nelson Fialho <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Resolution <br /> 2. Budget Summary; 2013/14FY and 2014/15FY Operating Budget <br /> Page 5 of 5 <br />