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SECTION I
<br />OPERATING BUDGET
<br />2008-09 Mid-Term Update
<br />Operating Budget Fiscal Overview and Executive Summary
<br />This is an update to the adopted 2007-08/2008-09 Two-Year Budget and makes
<br />recommended adjustments to the second year (FY2008-09) of the financial plan
<br />based upon a review of current financial conditions. The total adjustments being
<br />recommended are shown in Table 1 below.
<br />Table 1
<br />All Funds Overview of Recommended Adjustments
<br />Adjustments
<br />FundRevenueTo NetExpenditure
<br />AdjustmentsTransfersAdjustments
<br />General Fund (4,487,738) 1,298,013 (2,029,725)
<br />Enterprise Funds (57,849) 94,762 (192,391)
<br />Internal Service Funds(1,961,075) (1,392,775) 789,555
<br />Special Revenue Funds1,200,775 - 1,587,849
<br />Other Operating Funds - - -
<br />Total - All Funds (5,305,887) - 155,288
<br />In total, for all funds, the recommended adjustments include a reduction in
<br />revenue estimates of $(5,305,887) and an increase in planned expenditures of
<br />$155,288. Although changes are recommended for adjustments to net transfers,
<br />they offset one another for a total net zero change.
<br />Recommended adjustments to the General Fund include a reduction in estimated
<br />revenues by $(4,487,738), increases to net transfers of $1,298,913, and
<br />reductions of planned expenditures of $(2,029,725). Those recommendations
<br />along with the use of $1,160,000 in reserves will generate the necessary amount
<br />of $4,487,738 to offset the reduction in revenue estimates and keep the budget in
<br />balance (see Table 5).
<br />Recommended adjustments to Enterprise funds include a reduction in revenue
<br />estimates by $(57,849), increases to net transfers of $94,762, and reductions of
<br />planned expenditures of $(192,391). Recommended adjustments to Internal
<br />Service Funds include a reduction in revenue estimates by $(1,961,075),
<br />decreases to net transfers of $(1,392,775), and increases to planned
<br />expenditures of $789,555. Recommended adjustments to Special Revenue
<br />Funds include an increase in revenue estimates by $1,200,775 and increases to
<br />planned expenditures of $1,587,849.
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