Laserfiche WebLink
BACKGROUND <br /> Staff regularly monitors expenditures, cautiously forecasts revenues, and makes <br /> recommendations to address changes as quickly as possible in order to maintain a <br /> balanced Budget. The Midyear Budget report helps staff address budget variances in a <br /> timely manner. <br /> DISCUSSION <br /> General Fund Overview <br /> Staff recommends reducing revenue estimates by $1,815,646 primarily due to projected <br /> decreases in Sales Tax revenues, Building Permit Fees, and Delinquent Property Taxes. <br /> These anticipated decreased revenues are partially off-set by increased Property Taxes, <br /> Fire Permit Fees, Interest Earnings, and Plan Check Fees. <br /> Total expenditures are expected to be $1,597,168 under-budget which is primarily the <br /> result of salary and benefit savings associated with vacancies and unused contingency <br /> budget that are off-set by anticipated increased expenditures in Materials, Supplies and <br /> Services. <br /> As a result of these changes, staff currently anticipates the General Fund to be balanced <br /> by the end FY 2016/17. The City will have a total of$20.7 million in reserves in the General <br /> Fund. <br /> After closing the FY 2016/17 budget staff will know the extent to which there will be a <br /> General Fund surplus. At that time, staff will recommend allocating portions of that surplus <br /> to all or some of the following funds: (1) the PERS Rate Stabilization Fund to reduce the <br /> City's unfunded liability, (3) the Repair and Replacement Fund, and/or (4) Capital <br /> Improvement Program ("CIP") funds. <br /> Page 2 of 7 <br />