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CONCLUSION <br /> <br />Overall, net adjustments to expenditures are minimal (less than $15,000 excluding the <br />Promenade loan). Revenue projections have increased significantly due to increased interest <br />income, development related fees, and a one-time PERS credit. However, additional analysis of <br />future costs associated with the development fees will need to made to determine how much of <br />the funding will need to be carried over to the 1996-97 fiscal year to fund the corresponding <br />services. Sales tax will need to be reviewed again in the third quarter report after details of the <br />Christmas quarter are available. <br />Staff is recommending that the funds in the Temporary Recession Reserve ($3.7 million) and the <br />Capital Project Reserve ($1.6 million) remain until June of this year when Council will review <br />the end of the first year of our two year budget. More information will then be available <br />regarding the San Francisco property and the potential golf come in the Happy Valley area. <br /> <br />Respectfully submitted, ~~CJ~. <br />Susan Rossi Deborah Acosta <br />Director of Finance City Manager <br /> <br /> ATTACHMENTS: <br /> <br /> Appendix A: Resolution <br /> Appendix B: 1995-96 Operating Budget, Recommended Midyear Amendments <br /> Appendix C: 1995-96 Operating Budget, Projected Fund Balances After Amendments <br /> Appendix D: Operating Fund Balances, Midyear 1995-96 Recommended Amendments <br /> Appendix E: Summary of Operating Budget Revenue and Transfers by Fund <br /> Appendix F: General Fund Revenue Projections Midyear 1995-96 <br /> Appendix G: Selected Second Quarter Revenues, Projected vs. Actual 1995-96 <br /> Appendix H: Capital Improvement Funds <br /> Appendix I: Sales Tax Update, Second Quarter 1995-96 <br /> <br /> SR 96:120 <br /> 12 <br /> <br /> <br />