Agenda - Council - 08/22/2006 - Laserfiche WebLink

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Consent# 5 REVIEW AND ADOPT MIDYEAR 2006 AMENDED GENERAL FUND BUDGET By: Diana Lund, Finance Officer Background: At the work session of August 3, 2006, Council was presented with the building revenue shortfall that the City is facing due to a major decrease in building permits for calendar year 2006. This large decrease presents a major shortfall in the 2006 General Fund budget as approximately 900 units were budgeted for construction and it is estimated that only approximately 200 will be constructed. The estimated shortfall is determined to be approximately $1.3 million. It was determined that a midyear budget amendment to reduce General Fund expenditures needed to be made promptly so that the City was not faced with a bigger deficit at year end. A listing of possible expenditure line item budget cuts was presented to Council at this same work session in the amount of $946,888. This same amount is what is being presented as the midyear amendment to the 2006 General Fund budget. At year end, the City will once again be amending the 2006 General Fund budget to reflect more accurately the actual expenditures and revenues of the City for year 2006. Attached is a listing of the 2006 Adopted General Fund Budget line items and the 2006 Amended Budget requests. The difference between the adopted and amended budget is also shown. Staff Recommendation: Approve attached Resolution #06- 08 -XXX Amending the 2006 General Fund Budget Council Action: Motion to recommend Council adopt Resolution #06- 08 -XXX Amending the 2006 General Fund Budget. Consent: 8/22/06