Title
Staff Report for the 2014-15 Budget Amendment Reflecting Projected Budget Adjustments to the City's General Fund, Special Revenue Funds, Enterprise Funds and Internal Service Funds Budget
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the City Council review and accept the 2014-15 Budget Amendment reflecting projected budget adjustments, and adopt a resolution approving the 2014-15 Budget Amendment to the General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget.
BACKGROUND
On June 3, 2013, the City Council adopted the City's first biennial budget for 2013-14 and 2014-15. The two-year budget reflects the vision of the City Council and supports the goals re-established by the Council on February 1, 2014. The two-year budget process requires an update to the second fiscal year 2014-15 based on the changes that have occurred over the last 12 months. Revenue estimates change and City service needs transform as the City Council goals and objectives are realized. Enhancements to the General Fund, Special Revenue Funds, and Enterprise Funds Budget implements the vision and direction for the broad range of services that meet the needs of the community in accordance with City Council policy. The 2014-15 budget amendment supports and adheres to the City Council's established resource allocation plan.
The City's quarter cent sales tax Measure Z was approved by over 60% of the voters in the November 2010 election. Measure Z's passage provides vital funding for continued maintenance of City services and is set to expire on March 31, 2018. Measure Z revenues are controlled locally for local services such as library after-school and summer programs, neighborhood patrol officers and fire prevention services. The Measure Z Oversight Committee convened on July 25, 2013 and provided the annual report to the Community and City Council on September 16, 2013. The annual report confirmed that the Measure Z re...
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