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VOTE: AYES: <br />PUBLIC HEARINGS <br />Alvarez, Benavides, Bustamante, Martinez, <br />Pulido, Sarmiento, Tinajero (7) <br />NOES: <br />None (0) <br />ABSTAIN: <br />None (0) <br />ABSENT: <br />None (0) <br />75A PUBLIC HEARING - FISCAL YEAR 2010-2011 - PROPOSED CITY <br />BUDGET - Finance & Management Services <br />Public hearing to consider the City's Fiscal Year 2010-2011 Budget and <br />related matters. <br />Legal Notice published in O.C. Register on May 28, 2010 and June 4, 2010. <br />Staff report presentation by Francisco Gutierrez, Executive Director of <br />Finance and Management Services <br />Budget Overview <br />Economic Overview <br />• Economy showing mixed signs of a recovery <br />• Sales tax has fallen over 27% since it's high in FY2006-07 <br />• Median home prices down 40% <br />• Property Tax still declining <br />• Commercial Real Estate in Crisis <br />State Budget Impacts <br />• State has an estimated $19.1 billion deficit <br />• Raid of $2.05 billion in local Redevelopment funds <br />-City of Santa Ana portion: <br />•$17.8M in May 2010 <br />•$3.7M in May 2011 <br />• Transportation Revenues <br />-Prop. 42 and Gas Tax Swap <br />-9 Month Gas Tax Deferral <br />CITY COUNCIL MINUTES 11 JUNE 7, 2010 <br />