2015-02-17 Regular - Laserfiche WebLink

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Forecast Highlights & Accomplishments o Incorporates achievement of 20% General Fund reserve level o Forecast modifies Sales Tax growth factor from 2% to 4% o Updated revenue projections from UUT due to the recent ordinance adoption o Reflects new & used auto sales that have far exceeded the anticipated sales growth o Increased development activity in FY 13-14 resulting in approx. $772k in additional revenue o Refinanced debt service to realize savings in financing costs: ■ Police Administration & Jail Facility ($3M) • Water Bond Savings ($1.6M) & Capital Projects Funding ($5.9M) ■ Secured release of escrow from the Orange County Fire Authority ($2.9M) o Adjusted rates to recover jail costs of $1.41VI o Forecast reflects the utilization of part-time correctional staff achieving $386K in savings o Includes savings with adopted FY 14-15 budget workforce changes of over $266K o Year -over -year overtime savings in PD ($2.1 M) o Embedded a 7% revised health insurance growth, no changes in salary costs, and maintains adequate staffing levels o Implemented innovative & efficiency measures, such as: ■ Installation of new parking meters with improved technology in the Downtown ■ Consolidation of all public front counter services • Installation of a 24-hour payment kiosk in City Hall ■ Secured $10M in new grants Updated GF Forecast-W/Revisions February 2015 General Fund Forecast tRevenues —Expenditures MII110 W 240.6 $240 ________—__--_. __.___ _ 235.4 230.3 $230 _.__ __ _..._._326:3 __. _. _.. __ __-3333— $225 $220 $215 - --------------- 215.9 $2 0 210.9 $206 $2W $195 u P MOTION: Adopt the forecast for fiscal year 2015-16 and review of four-year projections. MOTION: Sarmiento SECOND: Amezcua CITY COUNCIL MINUTES 20 FEBRUARY 17, 2015