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CITY OF SAN LEANDRO MEMORANDUM DATE: January 10, 2005 TO: Finance Committee VIA: Jesse Baloca, Finance Director FROM: Mary Mc Carthy, Deputy Finance Director SUBJECT: Recommended Mid -Year Adjustments to 2004-05 Budget RECOMMENDATION Staff recommends Finance Committee approval of $1,251,406 in Expenditure Budget Adjustments and $26,162,848 in Revenue Budget Adjustments as summarized and detailed in the attached Schedules A and B. DISCUSSION The projected General Fund balance for Undesignated funds and Economic Uncertainty and Major Emergencies as of June 30, 2005 is $10 million. The adopted budget includes a $3.2 million draw on the use of Economic Uncertainty reserves to cover public safety cost increases in 2004-05. The projected reserves available for economic uncertainties and emergencies as of June 30, 2005 are $9.8 million, or 14% of the General Fund ope6tiog expenditures. Additional cost containment and/or use of reserves must be planned to offset the loss of revenue anticipated with the passing of Measure DD ($3.5 million) or the general fund reserves will be further depleted. Since the December 16, 2004 Finance Committee meeting, Schedules A and B were modified to include an additional request for appropriation of $125,500 for the continued operation of the Manor Branch library budget for nine months of fiscal year 2004-05. When the current budget was proposed the assumption was that the Manor Branch would close for the construction of the new building on July 1, 2004. As per direction from the Finance Committee, additional detail has also been provided on Schedule B for selected funds. Schedule A: Fiscal Year 2004-05 Budget Adjustment Detail provides detail of the individual expenditure and revenue budget adjustments and the proposed change to fund balance and/or retained earnings. Schedule B: Summary of Revenues, Expenditures and Fund Balance provides a summary by fund of the recommended revenue and expenditure adjustments and the estimated year-end fund balances and/or retained earnings for the first quarter of fiscal year 2004-05. G:\MCOMM\2004-05 Mid -year Adjustments