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VOTE: AYES: Alvarez, Benavides, Bustamante, Martinez, <br /> Pulido, Sarmiento, Tinajero (7) <br /> NOES: None (0) <br /> ABSTAIN: None (0) <br /> ABSENT: None (0) <br /> PUBLIC HEARINGS <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 /> <br /> CITY COUNCIL MINUTES 11 JUNE 7, 2010 <br /> 10A 11 <br /> <br />