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to provide additional information as requested by <br /> Council. <br /> <br /> In addition to the above, in consideration of the additional C/O/I park <br /> obligation revenue in this year's CIP, staff is recommending the Parks <br /> CIP projects be referred to the Park and Recreation Commission for <br /> review and amendment. <br /> <br />SUMMARY: The City Council adopted the City's first two-year Operating and <br /> Capital Improvement Program budgets in June 1995 for the fiscal <br /> years of 1995-96 and 1996-97. Under consideration is recommended <br /> amendments to both the previously approved Operating Budget and <br /> the Capital Improvement Program. <br /> <br />Honorable Mayor and Members of the Council: <br /> <br />BACKGROUND <br /> <br />Attached (previously submitted) is the mid-term Operating and Capital Improvement <br />Program budgets for the upcoming fiscal year. As you are aware, at the start of this fiscal <br />year, you adopted a two-year budget which is in effect until June 30, 1997. However, at <br />the time the two-year budget was adopted, staff indicated it would prepare a document <br />highlighting the status of operating and capital revenue and expenditures prior to the end <br />of this fiscal year. The attached document meets that intention and includes recommended <br />amendments to both the Operating Budget and the CIP. <br /> <br />As indicated in the mid-term budget, because staff intends to maintain the planning <br />integrity of the two-year funding process used for both the Operating Budget and the CIP, <br />it did not do an extensive reprioritization of the capital improvement and/or operating <br />expenditures included in the previously approved FY1996-97 budgets. Rather, it was <br />determined that the essential framework of 1996/97 budget adopted by the City Council <br />last June would be adhered to for the upcoming year. However, as a result of staffs <br />mid-term review, it is necessary to make a number of amendments to the originally <br />adopted version to reflect the impact of costs beyond the control of the City, necessary high <br />priority projects, and/or efficiency improvements. The mid-term budget contains <br />recommendations regarding these amendments. <br /> <br />Operating Budget <br /> <br />Overall, net income in the operating funds for 1996/97 is $800,000 less than originally <br />projected. In the General Fund, net income in 1996/97 is projected to be $1,102,000 less <br /> <br /> SR 96:197 <br /> 2 <br /> <br /> <br />