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5 <br />THE CITY OF <br />-~ " -~- '"' CITY COUNCIL AGENDA REPORT <br />j~L~E~S~4NTONo <br />May 20, 2008 <br />Finance Department <br />TITLE: ADOPT A RESOLUTION ACCEPTING THE MID-YEAR 2007-08 <br />OPERATING BUDGET AND CAPITAL IMPROVEMENT PROGRAM (CIP) <br />UPDATE AND AMENDING THE 2007-08 OPERATING BUDGET AND <br />CAPITAL IMPROVEMENT PROGRAM (CIP) BUDGET <br />SUMMARY <br />This report is an update to the adopted FY 2007-08 & 2008-09 Two-Year Budget &CIP <br />and makes recommended adjustments to the first (FY 2007-08) year of the financial <br />plan based upon a review of current financial conditions and on-going operations. <br />RECOMMENDATION <br />Adopt resolution approving adjustments to the Mid-Year 2007-08 Operating Budget and <br />Capital Improvement Program. <br />FINANCIAL STATEMENT <br />The recommended adjustments to various funds and the financial impact to each fund is <br />outlined in Appendix A. The discussion section of this report will also summarize the <br />adjustments being recommended. <br />