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vaiious organizations. He suggested having four groups identified for exemptions and fmancial impact: (1) Companies that have a contract with the City, (2) Land Lease tenants, (3) Non-Profit Organizations, and (4) Financial Assistance/Grants for discussion with proposed threshold requirements. Committee Member Stephens is interested in knowing which non-profit organizations will be affected by the proposed Living wage ordinance as well as the effect to the organization. The Committee requested the following additional information for the next meeting: . Recommended threshold levels for non-profit and for-profit organizations; . A list of all organizations that receive financial assistance from the City and the amount received by each organization; . Additional information on American Golf and MV Transportation . Additional discussion and review of the Comparative Matrix of Living Wage Attributes of 6 Bay Area Cities 2. Discussion Regarding 2006-07 Mid-Year Performance Report Finance Director Baloca reported on the City's Mid- Year Performance, from July 1, 2006 through December 31, 2006. The City's General Fund utilized $1.2M from available reserves for cash flow needs. Overall, the City is projecting revenues and expenditures to balance operationally, by June 30, 2007 Factors that helped improve the City's overall fmances are: a) Expected Sales tax growth of3% is currently on track. b) The City received $1 million as a one-time true-up to ~% of the City's 1% sales tax property tax swap from 2005-06. c) Property assessed valuation increased 2.38% from the 2006-07 conservative growth estimate of 7.0%. d) LAIF's investment yield as of December 31, 2006 was at 5.11 % which is 1.48% higher than a year ago. e) General Fund expenditures are a approximately $730K below budget as of December 2006. f) City will receive a $1.1 million from First Response Advance Life Support (FRALS) for prior year services. The following are potential risks to the City's budget: a) $2.4 million expected from 911 Fee remains a revenue at-risk program. . b) Duration of the current slowdown in the Real Estate market. c) Possibility that the State could again borrow from local governments under specific conditions beginning in 2008. Committee Member Starosciak mentioned that she was pleased with the recovery of $1.032 million from' FRALS, which could be used to pay for the fire truck recently purchased. Staff explained that the additional $ 1. OM was from a $250k annual billing that was missed since fiscal year 2000. Mr. Baloca clarified that the $ 1 million is for the contract period beginning 2000 through June 2004 and that an addition $700k will be collected once a signed contract is in place for the period July 2004 to current G:\FINC0MM\2006-Q7 Minutes\CITY COUNCIL FINANCE COMMmEE 03-20-07 .doc 2