1998 AGN MAR 03 I17 - Laserfiche WebLink

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MID YEAR BUDGET REVIEW -FISCAL YEAR 1997/98 BUDGET MANAGEMENT LETTER February 25, 1998 Honorable Mayor and Members of the City Council Residents of Colton The City Council adopted a balanced budget for fiscal year 1997-98. The Annual Budget is one of the most important policy documents that the City Council reviews and adopts each year. The Annual Budget makes the necessary appropriations of funds to ascertain that the objectives of the City Council and the Community are fully realized. Attached to this letter is documentation relative to the City of Colton's budgetary position for Fiscal Year 1997-98 at Mid -Year. The revenues and expenditures for the balance of fiscal year 1997-1998 are at forecasted levels. During the first half of the year, a number of positive changes have occurred relative to the City's departments. They are outlined as follows: COPS Grant Received Two Library Grants Received Water System Master Plan Completed Technology Improvements Completed in the City Clerk's Office State Revolving Fund Loan Approved for Waste Water System Improvements Cooley House Removed Purchase of Two Street Sweepers Joint Use Pool Agreement with Colton Unified School District Hospital Infrastructure Improvements '70% Completed Revenues Despite having to cope with a continued flat economic base, an anti -tax initiative (Proposition 218) and limited expansion of revenue opportunities, the budget for Fiscal Year 1997/98 was based on very conservative, realistic forecasts and reoccurring revenues including the Utility Users Tax. As of December 31, 1997, General Fund Revenues are at 42.7 percent of the original budgeted forecast. Overall, the revenues from the City's operations are at 47.1 percent of their budgeted levels. Expenditures General Fund Expenditures (excluding encumbrances) are at 46 percent of their appropriated levels. Overall, expenditures resulting from the City's operations are at 40 percent of their appropriated levels. The recommended mid -year adjustment reflects a decrease in General Fund expenditures of $120,004. CITY COUNCIL Karl E. Gaytan Mayor Donald Sanders District 1 John C. Hutton District 2 Kelly J. Chastain District 3 Betty L. Cook District 4, Mayor Pro Tem Deirdre H. Bennett District 5 James Grimsby District 6 CITY MANAGER Henry T. Garcia CIVIC CENTER 650 N. LA CADENA DRIVE COLTON, CALIFORNIA 92324 (909) 370-5099 E0