DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Maria Villagomez
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2015 Six Plus Six Financial Report, and Five-Year Financial Forecast
SUMMARY:
FY 2015 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections), Mid-Year Budget Adjustment Recommendations, and Five-Year Financial Forecast. City Council will be provided with an informational briefing on the City's Fiscal Year (FY) 2015 Budget status through the second quarter (October through March) of the fiscal year and will be provided with projections on revenues and expenditures for the remaining six months of the fiscal year (April through September). City Council also will be presented with the City's Five-Year Financial Forecast covering Fiscal Year 2016 through Fiscal Year 2020. The Forecast will focus on the City's General Fund, Development Services Enterprise Fund, Solid Waste Enterprise Fund, and the Hotel Occupancy Tax (HOT) Related Funds.
BACKGROUND INFORMATION:
FY 2015 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) and FY 2015 Mid-Year Budget Adjustment Recommendations
City Council adopted a balanced budget on September 18, 2014 for the City's fiscal year that began October 1, 2014.
In November 2014, the City Council amended the FY 2015 General Fund Budget. This amendment increased the City's contribution to uniform employee healthcare coverage in the amount of $14,258,562 for FY 2015 by deferring Street Maintenance projects and adjusted the Police and Fire Budgets. This action maintained a balanced General Fund Budget for FY 2015 as required by law, while adhering to the City's adopted financial policies. This adjustment was necessary because the adopted budget included a reduction in uniform healthcare based on the police union's assurance to achieve a tentative agreement of the labor union contract by the end of October 2014. The City bega...
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