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14 <br />THE CITY OF <br />PL£~S~4NTONo <br />CITY COUNCIL AGENDA REPORT <br />January 20, 2009 <br />Finance Department <br />TITLE: ADOPT A RESOLUTION ACCEPTING THE MID-YEAR FY 2008-09 <br />OPERATING BUDGET UPDATE AND AMENDING THE FY 2008-09 <br />OPERATING BUDGET <br />SUMMARY <br />The City generally follows a three step operating budget process involving approval of a <br />Two-Year Operating Budget, aMid-Term budget adopted after the first year of the <br />budget and Mid-Year budget adjustments adopted during each or the budget's two <br />years. This is the second of the Mid-Year reports which provides an update to the <br />adopted FY 2007-08 & 2008-09 Two-Year Budget adopted initially in June 2007, and <br />makes recommendations for adjustments to the Budget's second (FY 2008-09) year. <br />The adjustments are required to address on-going changes to budgetary needs and to <br />reflect current financial conditions. <br />RECOMMENDATION <br />Adopt a resolution approving adjustments to the Mid-Year FY 2008-09 Operating <br />Budget. <br />FINANCIAL STATEMENT <br />The recommended adjustments to various funds and the financial impact to each fund <br />are outlined on page A-5 in Appendix A. The discussion section of this report will also <br />summarize the adjustments being recommended for the Mid-Year Budget update. In <br />addition the First Quarter Financial Report has also been included as Appendix B. <br />