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<br /> City of
<br /> Untie `ty
<br /> City
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<br /> Council Agenda Item Cover
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<br /> MEETING DATE: June 21, 2010
<br /> AGENDA ITEM TITLE: Resolution Approving the 2010-2011 (FY 11) Budget
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<br /> AGENDA SECTION: New Business
<br /> CAN THIS ITEM BE RESCHEDULED? : Must be passed by 6/27/10
<br /> BACKGROUND REVIEW: This resolution approves the FY 11 Budget. The budget can be
<br /> changed by Council prior to approving the resolution. The amounts have been reduced in the
<br /> General Fund, with minor changes in the other funds, due to prior estimates now being known
<br /> such as medical insurance premiums and workers compensation rates. The City Council is also
<br /> directing the City Manager to provide a plan for reducing the General Fund deficit by $300,000
<br /> prior to the July 26 City Council meeting.
<br /> Total Revenues - All Funds $41,693,499
<br /> Total Expenditures -All Funds $ 43,107,340
<br /> The General Fund serves as the City's operating fund and below is further detail regarding that
<br /> fund's proposed budget.
<br /> General Fund - Proposed Budget
<br /> FY 10 FY 11 Draft FY 11 Final as
<br /> of 6121110
<br /> Beginning Total Fund Balance $11,292,287 $11,317,658 $11,317,658
<br /> Projected Revenue $26,194,839 $25,268,930 $25,268,930
<br /> Projected Expenditures as shown ($25,131,041) ($27,550,653) ($27,402,942)
<br /> in Proposed Budget
<br /> Additional Expenditures planned ($1,038,427)
<br /> after Proposed Budget
<br /> Ending Fund Balance $11,317,658 $9,035,935 $9,183,646
<br /> Less Year-end Commitments (est.) 3,400,000 $3,400,000 $3,400,000
<br /> Undesignated Fund Balance $7,917,658 5,635,935 5,783,646
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<br /> Fund Balance as a Percentage 30.3% 20.5% 21.1%
<br /> of Annual Expenditures
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<br /> RECOMMENDATION: Approval
<br /> June 21, 2010 M-2-1
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