HomeMy WebLinkAbout65A - RPT - MID-YEAR BUDGET REVIEW0 �
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CITY COUNCIL MEETING DATE:
FEBRUARY 4, 2014
TITLE:
ADOPTION OF FIVE YEAR
FORECAST
CITY MAN GER
RECOMMENDED ACTION
Adopt the revised five year forecast.
DISCUSSION
CLERK OF COUNCIL USE ONLY:
-:• : ril
❑ As Recommended
❑ As Amended
❑ Ordinance on 1" Reading
❑ Ordinance on 2nd Reading
❑ Implementing Resolution
❑ Set Public Hearing For
CONTINUED TO
FILE NUMBER
At the January 13, 2014 Finance, Economic Development and Technology Committee, I
announced that the City's fiscal position and forecast has improved significantly. All major revenue
sources such as Sales Tax and Property Tax have exceeded budget expectations resulting in a
much improved economy.
With revenues projected to increase by 3% annually and maintaining expenses relatively flat, the
City's revised projections have erased a negative outlook (originally projected to begin in fiscal
year 2015 -16) to a positive forecast for the next 5 years. Furthermore, given the new revenue and
expenditure trends, the City is projected to meet its goal of 20% reserves (or the equivalent of $41
million) by fiscal year end 2015 -16.
FISCAL IMPACT
There is no fiscal impact associated with action. However, adoption of the forecast would enable
consideration of funding for the Strategic Plan upon adoption.
City Manager
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