Finance Highlights 2008 0917 - Laserfiche WebLink

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Committee, in conjunction with staff, to develop a budget response to the current and potential General Fund deficits. In response to that direction, staff has assembled a series of attachments that the Council Finance Committee may find useful as it considers various budget deficit strategies. More specifically, the attached material will bring the Finance Committee up to date on the work done by the Ad Hoc Budget Committee. Also, staff is providing several schedules which present preliminary financial results for the General Fund for the 2007-08 fiscal year and the potential impact of the various revenue measures. Two final issues to consider are process and coordination. In terms of process, for example, the Committee may wish to set a specific time frame in which to complete its work, or appoint sub committees or staff to work on certain areas of the budget and return with analysis or recommendations. With respect to coordination, the Interim City Manager has indicated to staff that consideration of the 2009-2010 budget will begin with the Fall Management Retreat, which is scheduled for this coming October. The Interim City Manager has discussed with Department Heads the need to review all General Fund operations from a "priority of service" perspective. As a consequence, programs may need to be suspended or deleted to meet the financial challenges that currently face the City. Consequently, staff will ensure that the direction and work of the Committee and City Council is coordinated with staff's budget preparation for 2009- 10. The following bullet points indicate topics for discussion (Discussion Item) and also attachments that have been provided for the Committee's review and comment: • Attachment A. Schedule I --Preliminary Close, General Fund, 2007-08, Schedule II—Preliminary Reserve Balances, General Fund, Schedule III—Summary of Revenue Measures for November 4, 2008 Election • Discussion Item—Review of General Fund major revenues for 2008-09 and expenditure trends. • Attachment B. Information from the Staff report of April 17, 2008 to the Ad Hoc Budget Committee (provides background material for the allocation of personnel costs and other costs in the General Fund) • Attachment C. Staff report of April 3, 2008 to the Ad Hoc Budget Committee (provides background on revenue options, including Benefit Assessment Districts and Lighting and landscape Districts Conclusion Based on direction from the Committee staff will return with additional analysis, information and recommendations for the Committee's consideration.