DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: John Woodruff
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2016 Six Plus Six Financial Report, and Five-Year Financial Forecast
SUMMARY:
FY 2016 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) 2016 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 2017 through Fiscal Year 2021. 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 2016 Six Plus Six Financial Report (2nd Quarter Actuals with Annualized Projections) and FY 2016 Mid-Year Budget Adjustment Recommendations
City Council adopted a balanced budget on September 10, 2015 for the City's fiscal year that began October 1, 2015.
In October 2015, the City Council amended the FY 2016 General Fund Budget. Prior to the budget adoption, the Mayor and City Council had deferred the adoption of City Council requested amendments to the General Fund with the anticipation that a collective bargaining agreement with the Police Union would be tentatively agreed on by early October and that funding for the amendments could potentially be needed for a tentative agreement.
The City began meeting with the police union to negotiate a new collective bargaining contract in January 2014. Significant progress was made during the month of September 2015; however on September 30, the Police Union notified the ...
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