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CONCLUSION <br /> <br /> Overall, net adjustments to expenditures are minimal, and are mostly offset by increased revenues <br /> or salary savings. <br /> <br />Revenue projections have increased significantly due to increased interest income, development <br />related fees, and a one-time PERS credit. However, staff is recommending that $400,000 of the <br />the development fee revenue be set aside in the Carryover Reserve to fund Building and Public <br />Works costs associated with these revenues in 1997~98. Sales tax will need to be reviewed again <br />in the third quarter report af[er details of the Christmas quarter are available. <br /> <br />Staff is recommending that $663,000 in the General Fund Capital Project Reserve and the <br />remaining $1.3 million in undesignated reserves remain until June of this year when Council will <br />review the upcoming two year Operating Budget and CI2P. <br /> <br />Respectfully submitted, <br /> <br />Susan Rossi Deborah Acosta <br />Director of Finance City Manager <br /> <br />ATT AC HMENT S: <br /> <br />Appendix A: Resolution <br />Appendix B: 1996-97 Operating Budget, Recommended Midyear Amendments <br />Appendix C: Summary of Operating Budget Revenue and Transfers by Fund <br />Appendix D: General Fund Revenue Projections Midyear 1996-97 <br />Appendix E: Capital Improvement Program, Recommended 1996-97 Midyear Amendments <br />Appendix F: Sales Tax Update, Third Quarter 1996 <br /> <br />SR97:110 13 <br /> <br /> <br />