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address unforeseen impacts related to the economy or potential additional State borrowing of local funds. If the addition to the Temporary Recession Reserve is not utilized it can be returned to the CIPR at a later time. Due to the current CIPR balance and the fact that the City has recently funded all five of the Council's CIP priorities, this redirection will not impact any currently funded CIP projects. It will however, reinforce the Temporary Recession Reserve's ability to become part of the next two-year budget strategy in planning for the next two-year budget cycle, if necessary. Particularly, this increase will provide an option for offsetting any unexpected impacts from the State budget and/or more significant changes in the local economy. There are also a number of recommended routine budget update adjustments that affect certain Enterprise Funds, Internal Service Funds, and Special Revenue Funds that are not necessarily related to the budget re-balancing actions. The following is an executive summary and overview of the budget re-balancing actions and other routine budget updates. In addition to the adjustments recommended in this report, staff has begun working on the next budget cycle and anticipates presenting a budget to the City Council in May of this year. OPERATING BUDGET OVERVIEW General Fund Overview The following table summarizes all of the adjustments made to the General Fund FY 2008-09 Budget since the Mid-Term update. Table 2. General Fund Approved Changes and Recommended Additional Tra~ntlers In 1,337,673 - - 1,337,613 7,337,873 Tra~fers Out (8,630,200) - - (8,630,200) 3,000,000 (5,630,200) Revenues 95,828,484 32,344 46,000 96,808,828 (4,922,198) 90,984,630 Ex endltures 92,758,897 1,342,721 23,000 94,725,618 4,429,198 89,696,420 Net Chan a to Fund Balanee 4 230 000 1 310 377 23 000 5 517 37 2 507 000 3 070 377 The recommended additional adjustments in column "E" are the budget changes being recommended at this time. The total approved changes in column "D" reflect all changes in columns "A" through "D" that have previously been approved by City Council. Page 4 of 10