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Honorable Mayor and Members of the Council: <br />BACKGROUND <br />The purpose of this report is to present the status of operating and capital improvement budgets. <br />Actual revenues and expenditures to date have been analyzed and compared to budgeted <br />revenues and expenditures, respectively. Taking seasonal variations into account, projections for <br />the next six months were then made to enable staffto update the budget for the entire fiscal year. <br />Furthermore, since staff is in the process of preparing the midterm update of the <br />1997-98/1998-99 operating budget and capital improvement program (CIP) ,the midyear review <br />of the current year's projections provides a good starting point for updating the second-year <br />projections. <br />OVERVIEW OF SECOND QUARTER 1997-98 <br />Building Inspection, Public Works Inspection Fees, and Plan Check revenues are well ahead of <br />projections. Property tax projections are being increased based on updated information from the <br />County. In total, General Fund revenue projections are being increased by about $1 million. <br />Net salary savings in the General Fund due to unfilled positions is $948,000, which is $548,000 <br />more than expected. However, the $548,000 net savings is offset by increases totaling $783,000 <br />for overtime, utility costs, contract services, equipment, recruitment costs, custodial supplies for <br />expanded facilities, and costs associated with additional studies for the San Francisco Bernal <br />property. Thus the projected ending fund balance for the General Fund will increase by a net <br />800 000. <br />Overall, with the changes staff is recommending, projected fund balances for all other Operating <br />Funds will increase b~only $100,000 net. <br />Most CIP development related revenues are essentially on target with projections. With the <br />changes recommended by staff, net CIP fund balances will increase by $330,000 total. <br />DISCUSSION OF GENERAL FUND REVENUES <br />Appendix D (starting on page 29) details all General Fund revenues by line item, comparing <br />original projections with the recommended new projections. Appendix C (starting on page 19) <br />summarizes the revenues by major type. A discussion of major revenues follows. <br />SR 98:63 <br />Page 2 <br />