TITLE
Recommendation to receive and file a budget update from the City Manager with updated budget shortfall projections and recommendations for addressing the FY17 projected shortfall.
DISCUSSION
The City of Long Beach adopted a balanced budget with a $675,000 surplus for Fiscal Year 2016. However, with diminished oil revenues and pension liabilities, the FY17 budget promises to be more challenging.
The City Manager will be developing a plan to close the shortfall, and will present the most recent projections for Council discussion.
FISCAL IMPACT
None.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
MAYOR ROBERT GARCIA