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BACKGROUND
<br />The City of Pleasanton prepares a biennial operating budget which, in this case, covers
<br />the period including 2007-08 and 2008-09 fiscal years. The operating budget section
<br />updates the 2008-09 year. The City of Pleasanton also prepares a four year Capital
<br />Improvement Program which, in this case, covers the period from 2007-08 through
<br />2010-2011. Section II updates the Capital Improvement Program in the 2008-2009 year
<br />only.
<br />DISCUSSION
<br />The operating budget update includes adjustments to a number of funds including the
<br />General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds.
<br />Adjustments to all funds reflect updated projections involving projected interest income,
<br />contributions to the replacement plan, adjustments to inter-fund charges and updated
<br />personnel cost estimates. In addition, General Fund adjustments reflect updated
<br />revenue projections taking into account current economic conditions including
<br />recommendations that maintain a balanced budget and current service levels. General
<br />Fund revenue adjustment is a decrease of $4,487,738; Enterprise Funds revenue
<br />adjustments are a decrease of $57,849; Internal Service Funds revenue adjustments
<br />are a decrease of $1,961,075; Special Revenue Funds revenue adjustments are an
<br />increase of $1,200,775. Total revenue adjustments are a decrease of $5,305,887.
<br />Adjustments to net transfers include an increase of $1,298,013 to the General Fund, an
<br />increase of $94,762 to Enterprise Funds and a decrease of $1,392,775 to Internal
<br />Service Funds resulting in a net transfer adjustment of zero. Expenditure adjustments
<br />include a decrease of $2,029,725 to the General Fund, a decrease of $192,391 to
<br />Enterprise Funds, an increase of $789,555 to Internal Service Funds and an increase of
<br />$1,587,849 to Special Revenue Funds for a net expenditure increase of $155,288.
<br />The Mid-Term Capital Improvement Program includes four new projects, six currently
<br />funded projects that have been amended to reflect changes in scope or funding
<br />requirements and two projects that were funded previously but are included as part of
<br />the current CIP. As a result of these adjustments, CIP expenditures are recommended
<br />at $36,373,628 which represents an increase of $3,277,007 (9.9%) above the
<br />$33,096,621 included in the current CIP. Total Financial Resources Available for all
<br />three years remaining in the CIP is estimated at $51,036,992 which represents an
<br />increase of $3,762,929 (7.9%) from the $47,274,063 included in the current CIP. In
<br />addition to the analysis included in the CIP Narrative section, the Mid-Term update also
<br />includes summary and detailed financial tables and project description sheets for new
<br />projects.
<br />Submitted by:
<br />' ti~
<br />David P. Culver
<br />Director of Finance
<br />Approv b
<br />,.
<br />,~,~G
<br />Nelson Fialho
<br />City Manager
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