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FC# l REVIEW AND ADOPT MIDYEAR 2009 AMENDED GENERAL FUND BUDGET By: Diana Lund, Finance Officer Background: At the work session of March 3, 2009, Council was presented with staffs recommendations on how to re-balance the adopted 2009 General Fund Budget to reflect the decrease in Market Value Homestead Credit of $400,000 and building permit revenue of $300,000. After determining that the City had other possible revenue sources in the amount of $324,679 related to engineering staff time on capital projects and the police contract with the Anoka County Records System, the net amount of cuts needed to amend the 2009 budget amounted to $405,321. Attached is a detailed listing of the revenue reductions/additions and the offsetting staff proposed expenditure reductions that will re-balance the 2009 General Fund Budget. Council will note that the Community Education Program is proposed to be cut for the second half of 2009. Staff will be meeting with the school district to discuss this proposed cut. The City currently funds two other community programs (Youth First- $7,500 and Juyenile Diversion-$5,000) with the Charitable Gambling Fund. As we are a few months Into 2009, Youth First has already received their contribution. For the 2010 budget, due to severe budget reductions, all social programs, no matter the funding source (General Fund or Gambling Fund) will need to be examined and prioritized based on whether the program is critical enough to maintain during these tough economic times. At year end, the City will once again be amending the 2009 General Fund budget to reflect more accurately the actual expenditures and revenues o~ the City for year 2009. Funding: No funding required. Staff Recommendation: Approve attached Resolution #09-03-XXX Amending the 2009 General Fund Budget with proposed revenue additions/reductions and expenditure reductions. Committee Action: Motion to recommend Council adopt Resolution #09-03- XXX Amending the 2009 General Fund Budget.