Agenda - Council - 08/14/2007 - Laserfiche WebLink

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Consent# ,X REVIEW AND ADOPT MIDYEAR 2007 AMENDED GENERAL FUND BUDGET By: Diana Lund, Finance Officer Background: At the work session of July 31, 2007, Council was presented with the building revenue shortfall that the City is facing due to a decrease in building permits for calendar year 2007. This decrease presents a shortfall in the 2007 General Fund budget as approximately 336 units were budgeted for construction and it is estimated that only approximately 180 will be constructed. The estimated shortfall is determined to be approximately $653,000. It was determined that a midyear budget amendment to increase /reduce General Fund revenue /expenditures respectively, needed to be made promptly so that the City was not faced with a bigger deficit at year end. A listing of possible revenue /expenditure line item budget cuts was presented to Council at this same work session in the amount of $641,550. Included in this amount is a request for the transfer of $47,544 from the Charitable Gambling Fund to fund the Youth First, Community Education and Juvenile Diversion programs. This same amount is what is being presented as the midyear amendment to the 2007 General Fund budget. At year end, the City will once again be amending the 2007 General Fund budget to reflect more accurately the actual expenditures and revenues of the City for year 2007. Attached is a listing of the 2007 Adopted General Fund Budget line items and the 2007 Amended Budget requests. The difference between the adopted and amended budget is also shown. Funding: No funding required. Staff Recommendation: Approve attached Resolution #07- 08 -XXX Amending the 2007 General Fund Budget and transferring $47,544 from the Lawful Gambling Fund. to the General Fund for Community Programs. —77—