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BACKGROUND <br /> The City of Pleasanton prepares a biennial operating budget. On June 18, 2013, the <br /> City Council adopted the biennial operating budget for the 2013/14 and the 2014/15 <br /> fiscal years. The Mid-Term Budget Review updates the 2014/15FY of the operating <br /> 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. As a result of <br /> these adjustments, the General Fund operating budget remains balanced at $97.119 <br /> million with reserves oft $13.042 million. <br /> Attached for Council's review is the Mid-Term Budget Review for the Operating Budget <br /> for the 14/15FY (Section 1). <br /> Submitted by: Approv by: <br /> Emily E. Wagner Nelson Fialho <br /> Director of Finance City Manager <br /> Page 2 of 2 <br />