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SECTION I OPERATING BUDGET 2014/15FY Mid-Term Budget Update Operating Budget Fiscal Overview and Executive Summary This is an update to the adopted 2013/14FY & 2014/15FY Two-Year Budget (adopted by City Council on June 18, 2013) and makes recommended adjustments to the second year (2014/15FY) of the financial plan based upon a review of current financial conditions. The operating budget (Operating Budget) is comprised of a number of funds that are summarized in the following five categories: Table 1 Total Budgeted Expenditures (In Millions) 2014/15FY 2014/15FY 20011/12FY 2012/13FY 2013/14FY Original Adjustments Mid-Term Fund Category Actuals Actuals Midyear Budget (Decreases) Budget General Fund $86.1 $88.2 $92.7 $93.1 $1.9 $95.0 Enterprise Funds 33.8 36.1 37.0 37.8 (2.7) 35.1 Internal Service Funds 42A 39.6 34.7 34.1 (1.9) 32.2 Special Revenue Funds 29.4 16.4 13.2 1.6 0.6 2.2 Debt Service&Trust Funds 2.4 22.8 0.4 0.4 0.0 0.4 Total Expenditures $194.1 $203.1 $178.0 $167.0 ($2.1) $164.9 The only funds that are not included in the Operating Budget are the capital improvement funds. The update to the 2014/15FY of the capital improvement program (CIP) is contained in Section II of this document. General Fund Recommended adjustments to the General Fund include an increase in estimated revenues of $2,652,960, increases to net transfers of $753,296, and an increase in planned expenditures of$1,899,667 as shown in Table 2. Table 2 General Fund 2014115FY Mid-Term Budget 2014/15FY 2014/15FY Original Recommended Mid-Tenn Revenues Budget Adjustments Budget Revenues $94,465,781 $2,652,960 $97,118,741 Net Transfers (1,403,319) (753,293) (2,156,612) Evenditures (93,062,462) (1,899,667) (94,962,129) Difference $0 $0 $0 'Adopted on June 18,2013 5