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FY 2007-08 Operations <br />Revenue Shortfall <br />^ Taxes <br />^ Sales Tax revenue has slowed significantly <br />and is not expected to meet budget. Revised <br />annual estimate of $22.6m down from $24.7m. <br />($2.1m) <br />^ Property Transfer Tax has slowed and is not <br />expected to meet budget. Due to the recent <br />downturn in the real estate market the revised <br />estimate is $2.5m down from $4.5m. ($2.Om) <br />3 <br />FY 2007-08 Operations <br />(continued) <br />^ Taxes (cont'd) <br />^ Utility User Tax based on collections to date the <br />revised estimate is $10.1m down from $10.6m. <br />($.5m) <br />Expenditures Savings <br />^ Salaries & Benefits - $607k <br />4 <br />2 <br />