Finance Highlights 2006 0905 - Laserfiche WebLink

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a conservative estimate. Knudtson further explained that staff was unable to determine the true savings due to the changing of venue and support required from the Police Department and staff. Knudtson also added that the Recreation and Parks Committee felt it would be difficult to restart the Cherry Festival as a two-day event since it had been down for two years. The Park and Recreation Committee is recommending that the City conduct the Cherry Festival as a one-day event with a more local presence rather than a regional one. In response to a question, City Manager Jermanis clarified that Traders Sports is still in business but does not sell firearms and is not remitting gun tax to the City. Baloca explained that the General Fund support towards the Community Assistance Program remains the same in FY 2006-07 as was in FY's 2004-OS and 2005-06. The additional funding request of $41,500 will be used to offset the reduced CDBG funding and loss of gun tax revenue. In response to the Mayor's concern whether a budget deficit will occur in FY 2007-08, Baloca responded that the Finance Department is currently working on a 5-year Financial Plan and further explained that it is possible the City can grow out of its deficit. Baloca also shared that the interfund loan repayments used to balance this year's shortfall could still be an available source over the next 5 to 6 years. Councilmember Stephens shared his concern that if the City restores these programs but continues to have an unbalanced budget, then the City will not have sufficient funding to support these programs in the future. Knudtson shared that the Cherry Festival is a community event that connects local residents. Stephens commented that the Festival should also emphasize the history and tradition of San Leandro. Knudtson also clarified that the proposed Festival does not include a parade. Starosciak shared that the City should plan for a parade if the budget allows. In response to Council Member Starosciak's question regarding SRO coverage, Police Captain Attarian explained that one SRO would cover the High School, one for the three middle schools and the proposed one for the elementary schools. The SROs also provide support to each other. Stephens stated that he could not support using one-time payments to restore on-going programs. Baloca reiterated the possibility of growing out of the deficit and/or having interfund repayments as an available source for funding over the next 5 to 6 years. Stephens further shared that even if the City does not have a deficit, there is still no money available for CIP. Jermanis shared that the services that are provided is a fundamental policy issue. Mayor Young and Councilmember Starosciak approved the recommendation for the budget amendments. Councilmember Stephens voted against. 2. Review of the FY 2005-06 Year-End Budget Adjustments Deputy Finance Director Rodriguez reported on the year-end budget amendments, which primarily reflect activities previously approved by the Council and the need for the approval by a formal budget resolution. Rodriguez also explained the Summary of Revenues, Expenditures and Fund Balance report.