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CITY COUNCIL ADJOURNED REGULAR MEETING MINUTES <br />December 7, 1994 <br />In accordance with notice duly and legally given, an Adjourned <br />Regular Meeting of the City Council was held on the above given <br />date at 5:00 p.m., in the Council Chambers of City Hall, 650 North <br />La Cadena Drive, Mayor Fulp presiding. <br />ROLL CALL• <br />Councilmembers present were Sandoval, Hutton, Bennett, Cook, <br />Sanders, Beltran and Mayor Fulp. Also present were City Manager <br />Martinez, City Attorney Biggs and City Clerk Ramos. <br />FINANCE DIRECTOR'S REPORTS AND RECOMMENDATIONS: <br />State of the City's Financial Standing <br />Finance Director Chamberlain reported that staff has entered more <br />financial data into the computer and has determined that the City <br />is spending an average of $500,000 more per month than the amount <br />of revenue coming in. <br />Mayor Fulp stressed the overspending and referred back to the <br />information presented by the auditors at the Council Meeting of <br />December 6, 1994. This is the result of a budget that was <br />fictiously balanced with one time revenues that are not going to be <br />realized this year. <br />Finance Director Chamberlain reported that should the one time <br />revenue not be received, it would mean the City would end of the <br />fiscal year with a $4 million deficit. <br />Discussion followed on when the one time revenue would actually be <br />realized. Economic Development Director Gabriel stated staff was <br />not sure how much would come in between February and June 30, 1995. <br />Mr. Brooks London stated the revenue was reasonably attainable by <br />June 30, 1995. Councilmember Sandoval was of the opinion that the <br />financial state of the City is being skewed, in that the Council is <br />centering on the expenditures and the revenue side of the picture <br />is not being figured in. Director Chamberlain stated the figures <br />are accurate, inasmuch, as the current expenditure and revenue <br />picture is concerned. It is correct to say that the one time <br />revenue is not being considered at this time, because it is not <br />known when or how much will come in. The actual amount received <br />will not be known until June 30. <br />Councilmember Bennett asked if it was correct to assume that the <br />budget adopted is a projection of what we hope will happen and what <br />is expected to happen with regards to revenue vs expenses. <br />Director Chamberlain replied this was correct. Councilmember <br />1 <br />b E C I ' *1199q' <br />