DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: John Woodruff (OMB)
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT: FY 2016 Mid-Year Budget Adjustment
SUMMARY:
A mid-year budget adjustment is recommended to the FY 2016 Budget that will result in a revised budget based on actual revenues and expenditures for the six months of the fiscal year (October to March) and projections for the remaining six months of the fiscal year (April to September) in the General Fund and various Restricted Funds.
BACKGROUND INFORMATION:
As part of the City's financial management practices, the City Manager recommends a Mid-Year Budget Adjustment for City Council consideration annually. This Adjustment aligns revenues and expenses based on actual activity for the first six months of the fiscal year (October to March) and updated projections for the remaining six months of the fiscal year (April to September). The result of this adjustment is a revised Budget for the Fiscal Year.
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 Mayor and City Council of their decision to cease contract negotiations. As a result of this, the amendments to the FY 2016 General Fund Budget, deferred in September, were approved by City Council in October.
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