75D-1 - PH - REAFFIRM AND REVISE 14-15 CITY BUDGET

Home Browse Search

Public Hearing — Reaffirm and Revise the Fiscal Year 2014 -15 Budget July 1, 2014 Page 2 In an effort to protect critical front -line services provided to the public, the proposed revisions to the 2014 -15 budget continue to incorporate various expenditure reduction strategies which include fire and medic services through the Orange County Fire Authority, employee retirement cost sharing, implementing workforce changes, and continued evaluation of all business practices to achieve innovation and efficiency cost savings. The proposed revisions to the 2014 -15 General Fund budget continue the City's commitment to fiscal stability by allocating additional funding to attain its target reserve level of 20% of operations. As of June 2013, the City's reserves levels increased to over $30M (or the equivalent of 15% of operations). Included in the revised 2014 -15 budget is approximately $1.3M in additional reserve appropriations. Staff anticipates reserve levels to reach a target level of $41.7M (or approximately 20% of operations) in 2015 and well ahead of schedule. With regard to workforce changes, a net total of 2 positions will be added to the 2014 -15 budget. In addition, the proposed resolution amends prior resolutions by adding classification titles and 6- step and 15 -step salary rate ranges, and the designation of several new classification titles, most of which also result from departmental reorganizations to implement the five -year Strategic Plan. FISCAL IMPACT With approval of the proposed revisions to the fiscal year 2014 -15 budget, $430.9M will be appropriated to the City's various funds, departments, programs and enterprise activities. Of those amounts, $208.9M will be appropriated to the various general fund operating departments. APPROVED AS TO FUNDS AND ACCOUNTS: Francisco Gutierrez Executive Director Finance and Management Services Agency rc /wb 75D -1 -2