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BACKGROUND <br />This staff report provides an update for the operating and capital budgets and outlines a <br />number of recommended budget adjustments and supplemental appropriations. All <br />recommended changes are included in Appendix B, however, only the more significant <br />dollar amounts are further described in this report. This is a "clean-up" action to <br />formally amend the budget for either positive or negative changes to revenues and <br />expenditures. Any further adjustments to the budget required will be incorporated into <br />the year end financial report which will be submitted to Council after the end of the fiscal <br />year. <br />DISCUSSION <br />The following discussion explains the most significant budget adjustments being <br />recommended by fund. <br />General Fund <br />As shown in the chart below, it is recommended that revenue estimates be increased <br />$3,378,172, expenditures decreased $391,828, and transfers increased $90,000. The <br />net effect of these recommendations will be to increase reserves $3,680,000. It is <br />recommended that this change in reserves be used to increase by $680,000 the 10% <br />reserve for economic uncertainties to maintain reserves at 10% of revenues, and <br />increase the capital projects reserve by $3,000,000. The increase in the capital projects <br />reserve is programmed to flow to the CIP in the 2008-09 fiscal year. The $90,000 <br />increase in transfers was for a current year operating subsidy for the cemetery. <br />Page 2 of 9 <br />