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Forecast Highlights & Accomplishments <br />• Incorporates achievement of 20% General Fund reserve level <br />• Forecast modifies Sales Tax growth factor from 2% to 4% <br />• Updated revenue projections from UUT due to the recent ordinance <br />adoption <br />• Reflects new & used auto sales that have far exceeded the anticipated <br />sales growth <br />• Increased development activity in FY 13 -14 resulting in approx. $772k <br />in additional revenue <br />• Refinanced debt service to realize savings in financing costs: <br />• Police Administration & Jail Facility ($31VI) <br />■ Water Bond Savings ($1.6M) & Capital Projects Funding ($5.9M) <br />• Secured release of escrow from the Orange County Fire Authority <br />($2.9M) <br />• Adjusted rates to recover jail costs of $1.41VI <br />• Forecast reflects the utilization of part -time correctional staff achieving <br />$386K in savings <br />• Includes savings with adopted FY 14 -15 budget workforce changes of <br />over $266K <br />• Year - over -year overtime savings in PD ($2.1 M) <br />• Embedded a 7% revised health insurance growth, no changes in <br />salary costs, and maintains adequate staffing levels <br />• Implemented innovative & efficiency measures, such as: <br />• Installation of new parking meters with improved technology in the <br />Downtown <br />• Consolidation of all public front counter services <br />• Installation of a 24 -hour payment kiosk in City Hall <br />■ Secured $10M in new grants <br />Updated GF Forecast -W /Revisions February 2015 <br />MOTION: Adopt the forecast for fiscal year 2015 -16 and review of <br />four -year projections. <br />MOTION: Sarmiento SECOND: <br />CITY COUNCIL MINUTES 1 0A?20 FEBRUARY 17, 2015 <br />General Fund Forecast <br />M11110 Revenues <br />— e^Expendltures <br />2406 <br />9zao — - -- <br />- -- <br />--- <br />235 4 -- <br />--- <br />$235 <br />.-'� — <br />$230 - -- -- <br />226.3 <br />$226 223.0__ <br />_ <br />T <br />$220 ,___._ <br />_.._..__ 225.6 <br />$275 <br />220.2 <br />$210 . ... <br />275 A <br />...... .... <br />-­­- <br />._._ <br />$199 _ .__ __ _ .. ...._ <br />$195 <br />._.._._ <br />___ <br />.�__. <br />ti <br />MOTION: Adopt the forecast for fiscal year 2015 -16 and review of <br />four -year projections. <br />MOTION: Sarmiento SECOND: <br />CITY COUNCIL MINUTES 1 0A?20 FEBRUARY 17, 2015 <br />