(8)AR 030210 Mid-Year Budget Review

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ITEM NO. 08 STAFF REPORT DATE: MARCH 2, 2010 TO: HONORABLE MAYOR AND CITY COUNCIL FROM: ROD FOSTER, CITY MANAGER PREPARED BY: BONNIE J. JOHNSON, MANAGEMENT SERVICES DIRECTOR i SUBJECT: MID -YEAR BUDGET REVIEW RECOMMENDED ACTION 1. It is recommended that the City Council adopt Resolution No. R-11-10 authorizing the amendment of the Fiscal Year 2009-10 Budget to include certain necessary adjustments as detailed in this report. 2. It is recommended that the Redevelopment Agency Board adopt Resolution No. 883 authorizing the amendment of the Fiscal Year 2009-10 Budget to include certain necessary adjustments as detailed in this report. 3. It is recommended that the Utility Authority Board adopt Resolution No. CUA 2010-01 authorizing the amendment of the Fiscal Year 2009-10 Budget to include certain necessary adjustments as detailed in this report. GOAL STATEMENT The proposed action will support the City's goal of managing and operating the City in a fiscally responsible manner. BACKGROUND It is imperative that that the budget be reviewed on an ongoing basis in order to ensure the ongoing fiscal integrity of all City operations. The purpose of this report is to provide current summary information that will assist the City Council in the decision making process. This report includes projections to close the fiscal year for each City fund (Attachment A), as well as all recommended changes to the budget including all previously approved Council changes through the date of the report (Attachments B, C, D and E). The format of the report is as follows: • Attachment A: Fund Summary: Reflects July 1, 2009 available beginning balances based on the audit plus adjusted 2009-10 revenue projections less adjusted 2009-10 expenditure projections. • Attachment B: General Fund Revenue — Recommended Adjustments: Reflects recommended adjustments to 2009-10 revenue estimates