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<br />FC#-3 <br /> <br />REVIEW OF YEAR 2009 AMENDED GENERAL FUND BUDGET <br />By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />On March 24,2009, City Council amended the adopted 2009 General Fund budget to <br />reflect the decrease in Market Value Homestead Credit from the State arid a reduction in <br />building permit revenue. At this time, the budget was deemed to be balanced for the <br />remainder of the year. <br /> <br />After receipt of the first half property tax collections in July, the reduction in engineering <br />project time relating to the Andrie Street project, and building permits still lower than <br />anticipated, a reassessment of the 2009 budget was undertaken. <br /> <br />Based on this reassessment, it was determined that the City will be short approximately <br />$176,000 in revenue at year end. Basedon the City's required fund balance policy, and <br />estimated revenue reduction, the City would have an excess of approximately $173,000 <br />in its fund balance for year ending 2009. This would leave a shortfall of approximately <br />$3,000. This amount is fairly insignificant and is an estimate that will most likely be <br />offset with a combination of line items coming in below budget. <br /> <br />Attached is a summary sheet outlining the $176,000 revenue shortfall and the calculation <br />of the General Fund - Fund Balance Policy calculation. <br /> <br />Funding: <br /> <br />No funding required. <br /> <br />Staff Recommendation: <br /> <br />Information Purposes only. <br /> <br />Committee Action: <br /> <br />None. Informational only. <br /> <br />Reviewed By: I r\ <br /> <br />City Administrator; ~ ~ <br />Finance Officer / <br /> <br />FC: 9/29/09 <br />