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BACKGROUND <br />The proposed budget is the City's comprehensive financial plan for all programs and <br />services for the two fiscal years 2007-08 and 2008-09. Staff is recommending that the <br />budget be adopted as originally presented. <br />DISCUSSION <br />This budget maintains core service levels, and addresses all new program and project <br />initiatives prioritized by the City Council. These goals can be achieved with a spending <br />plan that still operates within our fiscal means. Careful planning and a diversified local <br />economy have allowed us to balance this budget without reductions in service or <br />increases in fees or taxes. <br />Even with our good financial standing, the City's spending patterns for the next few <br />years should be closely monitored to ensure that our operating position remains <br />positive. While revenue growth remains positive as the City's various business sectors <br />continue to pay dividends and property values continue to grow, there are concerns <br />about the possibility of a renewed threat of State revenue diversions and the uncertainty <br />about continued economic growth throughout the Bay Area region. However, the City is <br />well positioned to capitalize on the regional economy if it continues to improve, but also <br />has reserves for economic uncertainty if it does not. <br />At the same time that the 2007-08 & 2008-09 budget was being prepared, staff was <br />preparing the 2006-07 third quarter financial review process and the results of the third <br />quarter review are being submitted separately to the City Council for approval. All of the <br />tables contained in the 2007-08 & 2008-09 budget assume the 2006-07 budget has <br />been amended per the third quarter report. <br />THE BUDGET PLAN <br />Overview <br />The proposed budget includes a number of service enhancements such as new <br />programs and staffing to further City Council goals. These include the following: <br />- Gingersnaps, a new instructional/enrichment program at Gingerbread Preschool <br />for young children ages 18-36 months which has been determined to be an <br />underserved age group. <br />- Additional Traffic Engineering staff to work on improving traffic flow throughout <br />the City. <br />- Contract with the Amador Livermore Valley Historical Society and Museum to <br />assist with program development for Alviso Adobe Community Park slated for <br />construction during 2007-08. <br />Page 2 of 7 <br />