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16 <br /> THE CITY OF <br /> "' CITY COUNCIL AGENDA REPORT <br /> PL EASANTONo <br /> June 21, 2016 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION ACCEPTING THE FY 2016117 MID-TERM <br /> OPERATING BUDGET <br /> SUMMARY <br /> The FY 2016/17 Mid-Term Update provides updated operating budget estimates for <br /> the FY 2016/17 of the two-year Operating Budget originally adopted by City Council <br /> in June 2015. Updated estimates are based on staff's assessment of current <br /> financial conditions for the second year of the two-year budget cycle. <br /> RECOMMENDATION <br /> Staff is recommending Council adopt the resolution accepting the FY 2016/17 Mid- <br /> Term Operating Budget (Attachment 1). <br /> FINANCIAL STATEMENT <br /> The operating budget update includes adjustments to a number of funds including <br /> the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue <br /> Funds. Adjustments to all funds reflect current economic conditions including <br /> recommendations that maintain a balanced budget and current service levels. As a <br /> result of these adjustments, the General Fund operating budget remains balanced <br /> at $105.4 million with reserves of $20.1 million. <br />