SR 06:153 - Laserfiche WebLink

Because staff approached the Mid-TermlMid-Year review with the intent of maintaining the planning integrity of the two year funding process used for both the Operating Budget and the CIP, it did not extensively re-prioritize capital improvement and/or operating expenditures. Rather, it was determined that the FY 2005-2006 budget approved by the Council in June 2005 would, when possible, be adhered to for the upcoming year. However, to reflect changes in revenues and required expenditures, it is necessary to make a number of amendments to the adopted budgets. To that end, the recommended amendments in this document primarily include: . Adjustments to reflect changes in revenue estimates for the operating budget and the CIP . Amendments to reflect necessary modifications to personnel and non-personnel costs . New CIP projects recommended for funding in FY 2006-07 I. Ooeratinl!: Bude:et General Fund The Mid-Term Budget provides a comprehensive review of the General Fund for 2005-06 Mid- Year and 2006-07. A summary of some of the more notable adjustments to the General Fund are as follows: Mid-Year Adjustments . FY 2005-06 Mid-Year Revenues are estimated to be $84,537,260 that is $2.3 million more than originally budgeted due primarily to taxes related to the economy and the real estate market (sales tax & property taxes) and the early repayment of the VLF Gap Loan by the State. . FY 2005-06 Mid-Year Expenditures are estimated to be $229,700 more than originally budgeted. This is due to a combination of personnel expenditures being reduced by $254,734, facility and park renovation replacement funding increased by $550,000, and operating expenditures decreased by $65,566. The decrease in personnel expenditures result from projected salary savings, which more than offsets the addition of limited term and overstaffing positions being added to further Council priorities. Mid-Term Adjustments . FY 2006-07 Mid-Term Revenues are estimated to be $89,044,414 that is $148,362 lower than originally budgeted due to the net difference in refining a number of revenue estimates based on updated 2005-06 estimates. . FY 2006-07 Mid-Term Expenditures for personnel costs reflect a net increase of $258,532 due to some additions to temporary, limited term and overstaff positions SR 06:153 Page 2 of7