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THE CITY OF 6 <br /> m <br /> AGENDA REPORT m 4 I <br /> CITY COUNCIL AND BOARD OF TRUSTEES I <br /> LEASANTONO JOINT MEETING 4 <br /> PLEASANTON UNIFIED SCHOOL DISTRICT <br /> March 22, 2010 <br /> TITLE: OVERVIEW OF CITY AND DISTRICT FINANCES <br /> SUMMARY <br /> This agenda report is intended to provide an overview of both City of Pleasanton and <br /> Pleasanton Unified School District finances. <br /> BACKGROUND <br /> Overview of School District Finances <br /> The State continues to face economic challenges and the impact of the Governor's <br /> budget proposal in FY10/11 for school districts is sizable. The Pleasanton Unified <br /> School District (PUSD) is currently faced with $6.9M budget shortfall. In addition, the <br /> PUSD positioned itself to make an additional $1.1M in spending reductions to address <br /> the risky assumptions associated with the Governor's budget proposal. As a result, the <br /> PUSD Board approved reductions to address the financial challenges in order to <br /> maintain the 3% reserve requirement. Based on Board action, the PUSD will be able to <br /> certify its financial status with positive certification on the Second Interim Report. <br /> All items and positions proposed are on the reduction list attached along with alternative <br /> funding sources and employee concessions. <br /> Overview of City Finances <br /> The current year budget, FY 2009 -10, is the 1st year of a two -year budget. This budget <br /> was originally adopted in June 2009 and the General Fund operating budget has been <br /> revised necessitated by the need to lower revenue estimates and make offsetting <br /> adjustments to expenditures and reserves to keep the General Fund budget in balance. <br /> The reduction in the original General Fund revenue estimates total $4,086,719 as shown <br /> in the table below. <br /> Recommended Revised Revenue <br /> Revenue Source Adopted Budget Budget Estimates <br /> 2009 -10 Amendments 2009 -10 <br /> Sales Use Tax 16,498,000 (1,498,000) 15,000,000 <br /> Hotel Motel Tax 3,250,000 (1,000,000) 2,250,000 <br /> Development Services Fees 2,201,706 (856,141) 1,345,565 <br /> Interest Income 739,152 (300,000) 439,152 <br /> Interfund Charges 3,526,023 (350,000) 3,176,023 <br /> Other Revenues 61,117,942 (82,578) 61,035,364 <br /> Total 87,332,8231 (4,086,719)1 83,246,104 <br />