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It should he noted the Gity's sales tax consultant is currently projecting future annual increases of <br />approximately 2.6% for bath categories of sales tax revenue, However, the consultant does have <br />recession sceneries that include a 4,3% reduction of revenue In tha first year ofa recession (roughly <br />$5 million), and another 1.9% reduction in the second year of recession (another $2 million), in <br />addition to the General Fund operating reserve of 16.673E of annual revenue, the City has a reserve <br />for economic uncertainty equivalent to 1%of annual revenue or approximately $3.2 million. [wring <br />the next budget process, ttte City Council may want to consider using, the excess General Fund <br />balance to increase the reserve for economic uncertainty to at least2% of annual revenue or$6.4 <br />million, <br />Thank you for all you do for our city. Please feel free to reach out tome with any questions or clarifications, but <br />unfortunately I will not be able to attend tonight due to a church event. <br />MRoseliberger <br />Ce+rtP.MrWkdK Mtrowrunn, <br />Proudly part of the ( KF'global family <br />Tim Johnson, CPA <br />Partner <br />(949) 860-9892 <br />(714) 743-1065 <br />tjohnson@jlkrllp.com <br />2601 Main Street, Suite 580, Irvine, CA 92614 <br />This message (including any attachments) contains confidential information intended for a specific individual and purpose. and is <br />protected by law. If you are not the intended recipient, you should delete this message. Any disclosure, copying, or distribution of this <br />message, or the taking of any action based on it, is strictly prohibited. JLK Rosenberger is a California Limited Liability Partnership <br />and a member firm of PKF International Limited, a family of legally independent member firms and does not accept any responsibility <br />or liability for the actions or inactions on the part of any other individual member or correspondent firm or firms. <br />