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anticipated revenues of up to $41,000, and over expenditures in several budget categories. Based on projected revenues of $22,000 and expenses of $130,000 ($50,000 in payroll/overhead for each May and June and $30,000 in accounts payable) provided by TV30 Executive Director Glenn Davis, it is estimated the TV30 organization needs $108,000 to meet scheduled expenses. Coupled with the outstanding $100,000 balance on the LOC, a total of $208,000 is needed to return TV30 to a financially balanced position. Accounting for unanticipated repairs and supplies ($20,000 based on a 15% contingency), as well as other professional services such as financial and/or organizational audits ($32,000), financial support of $260,000 is warranted. Divided equally between the four partner cities, each of the Cities of Dublin, Pleasanton, Livermore and San Ramon, would be asked to allocate $65,000. Actions To begin to return the TV30 organization to a financially stable position several action steps have been identified: City of Pleasanton staff has undertaken a cursory review of the TV30 financial system, the results of which are provided in this staff report. The Cities have requested an independent financial audit to develop more accurate financial reports that clearly state the organization's current financial position. This process will begin immediately. The Cities will be instituting financial oversight constraints including review of monthly financial statements by City staff. As well, should the recommended funds be allocated by the Cities, the money will be held by the City of Pleasanton and disbursed to TV30 to meet scheduled payroll/overhead expenses. Prior to payment, City staff will review and approve additional expenditures. The TV30 Board of Directors will be asked to consider hiring a consultant to undertake an organizational audit designed to review and comment on the appropriate structure of the TV30 Board and management. A FY 2007-2008 balanced budget will be developed. A financial/budget policy and procedure document will be developed to guide the organization when purchasing and budget decisions are made outside a set of accepted constraints. Recently, the mayors of the partner cities have been appointed as their respective city's representative on the TV30 Board of Directors. This is intended to facilitate a more direct line of communication between the TV30 organization and the Tri-Valley City Councils so that TV30 receives the support and guidance necessary to ensure its long- term sustainability. Page 3 of 4