TITLE
Recommendation to receive and file the Fiscal Year 2012 First Quarter Budget Performance Report, including a report on Redevelopment Agency (RDA) services proposed to be continued, and direct City Manager to provide those RDA services and related costs to help ensure City and community needs are met. (Citywide)
DISCUSSION
This report includes information on the City's Fiscal Year 2012 (FY 12) budget performance through December 31, 2011 for all funds, with particular emphasis on the General Fund and the Redevelopment Fund. In addition, the report describes actions that the City Manager will take now to help ensure a balanced budget at year-end, as well as authority requested of City Council to continue to provide certain RDA services and related costs.
Summary
As of the end of the first quarter, expenditures in all City funds are expected to end the year within budget. General Fund revenue, however, is currently projected to end the year at about $392.6 million or 2.7 percent under budget, creating a potential budget deficit of $11 million.
To address this problem early, all departments (City Manager and non-City Manager) will be asked to come in under budget and the FY11 $5 million in savings will be reserved to offset the potential shortfall. This report outlines the steps to be taken immediately, and if further action is necessary, staff will make additional recommendations at mid-year.
FY 12 Expenditures - All Funds
There are no significant spending concerns to report at this time. Please see Attachment A for a complete summary of expenditures by fund. Staff will update the City Council in the 2nd Quarter Budget Performance Report if any new problems arise. All discussion of General Fund and Redevelopment Fund changes are included in separate sections below.
FY 12 General Fund Expenditures
As of December 31, 2011, all departments have estimated to end the year within their appropriations. See Attachment D for a summary of expenditures by depar...
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