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BACKGROUND <br />City Council adopted the FY 2007 -08 2008 -09 Operating Budget on June 19, 2007. <br />Since that time there have been a number of budget adjustments either for approved <br />carryovers, Mid -Term and Mid -Year budget reductions, or through various City Council <br />agenda actions accepting grants and making other supplemental appropriations. This <br />report recommends additional adjustments to revenue estimates and expenditures <br />based on either additional City Council agenda actions or other staff recommended <br />changes. <br />DISCUSSION <br />The recommended additional budget adjustments affect the General Fund, Enterprise <br />Funds, Internal Service Funds, Special Revenue Funds, and Other Operating Funds. <br />The following is an executive summary and overview of the recommended adjustments. <br />OPERATING BUDGET OVERVIEW <br />The total of recommended adjustments for all funds include revenue decreases of <br />$1,248,912, increases of $9,368 in net transfers, and reductions of expenditures and /or <br />expenses of $1,115,328. These changes are summarized in Table 1 below and further <br />detail is included in Attachment 2. <br />Table 1. All Funds Overview of Recommended Adjustments <br />Fund <br />General Fund <br />Enterprise Funds <br />Internal Service Funds <br />Special Revenue Funds <br />Other Operating Funds <br />Total All Funds <br />Revenue <br />Adjustments <br />Adjustments <br />To Net <br />Transfers <br />(1,001,570) <br />355,853 <br />(407,773) <br />(198,092) <br />1,100 <br />(1,250,482) <br />(381,284) <br />390,652 <br />9,368 <br />Expenditure <br />Adjustments <br />(1,072,854) <br />(575,370) <br />(350,000) <br />(478,693) <br />(2,476,917) <br />General Fund Overview <br />The following schedule summarizes all of the adjustments made to the General Fund <br />since the Mid -Term update was adopted at the beginning of the current fiscal year. <br />Page 2 of 6 <br />