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THE CITY OF 15 CITY COUNCIL AGENDA REPORT pLEASANTONO March 20, 2012 Finance TITLE: ADOPT A RESOLUTION ACCEPTING THE MIDYEAR 2011/12FY OPERATING BUDGET UPDATE SUMMARY The City follows a three-step operating budget process that starts with the approval of a two-year Operating Budget (Budget); then after the first year of the Budget the adoption of a Midterm Budget; and the adoption of Midyear Budget adjustments during each of the two years of the Budget. This report is the Midyear Budget report for the first year of the Budget. This report recommends adjustments to the 2011/12FY Operating Budget adopted by the City Council on June 21, 2011. While these recommended changes primarily affect the General Fund, Water Fund, Sewer Fund and Golf Course Fund, adjustments are also recommended to the Special Revenue Funds and Internal Service Funds. Included in the recommended Midyear budget adjustments are recognition of grants, City Council actions, and other Budget adjustments that have occurred since the adoption of the Operating Budget on June 21, 2011. A complete analysis of the adjustments for all funds is included in Appendix A. RECOMMENDATION Adopt the attached resolution approving Midyear adjustments to the 2011/12FY Budget. FINANCIAL STATEMENT The recommended adjustments to various funds and the financial impact to each fund are outlined in Appendix A. The discussion section of this report also summarizes the recommended adjustments and their respective impact to the Budget.