Finance Highlights 2009 1117 - Laserfiche WebLink

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2. Update on FY 2009-10 Revenue Interim Finance Director Carter provided the Committee with an overview of the major revenue accounts for the General Fund for the first quarter of FY 2009-10 and how it is being impacted by current economic conditions. Council adopted the budget with a revenues projected to be $72.7 million. As of today, the General Fund revenues for fiscal year 2009-10 have been revised to $69.6 million based upon the first quarter outcome. Carter stated that the declines in Property, Sales, and Utility Taxes, for this most recent revision, are approximately $2.0 million. Councilmember Prola asked about expenditures and what impact the Golden Handshake has made. Carter stated that expenditures have decreased however could not provide exact figures as the Golden Handshake has not yet be factored in. 3. Discussion Regarding FY 2010-11 Budget Approach Interim Finance Director Carter informed the Committee that the FY 2010-11 Budget process will kick-off on November 19, 2009. Each department will be asked to provide reductions in the amount of 5%, 7%, and 10%. The reductions will continue to be considered in view of the 3- year work-out plan previously discussed with Council. Therefore the reductions may not come all in one year. City Manager Hollister stated that there will be work force reductions and this will be part of the budget process. ~. Public Comment None 5. Committee Member Comments Mayor Santos asked Interim Finance Director to present the Five-Year Forecast at his Breakfast Club in January 2010. Mayor Santos and Councilmember Prola requested staff bring information back to the Committee in December regarding the request for TABS for the Alameda at San Leandro Crossing project as well as funding for the furnishing of the Senior Center. 6. Adjourn The meeting was adjourned at 4:55 p.m. 2