City Council Minutes 2012 06 26 SP

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City Council Meeting Minutes June 26, 2012 Page 2 of 4 FINANCIAL FORECAST/REVENUE PROJECTIONS FOR 2013 Finance Director Watson summarized the year-end (December 31, 2011) results for the General, Conservation Trust, Historic Preservation, Capital Projects and Combined Utility Funds. • General Fund balance - $6,333,000. Fund balance increased nearly $1,231,000 (24%); revenue exceeded budget by $781,000 and the expenditure tumback was $361,000 (2.7%). • 2011 Conservation Trust-Open Space and Parks Fund balance - $7,870,000. Fund balance declined by $122,000 (2%); revenue under budget by $15,241; expenditure tumback was $395,000 (24.3%). Budget amendment for carry-forward of the capital projects - $198,000. • Historic Preservation Fund balance December 2011 - $797,000. Fund balance increased $212,000 (36%). Current fund balance over $900,000. • Capital Project Fund balance - $3,102,000. Fund balance increased $149,000 (5%); revenue under budget by $604,000 (grants); the expenditure turnback was $1,847,000 (34.6%). Budget amendment for carry-forward of capital projects to 2012 - $860,000. • Combined Utility Fund —Working Capital December 31, 2011 - $13,352,000 — increased by $1,352,000(11%). Revenue exceed budget by $1,981,000; expenditure tumback $1,587,000(17.1%); budget amendment carry forward of capital projects to 2012 - $412,400. Finance Director Watson summarized the revenue assumptions and expenditure targets. COUNCIL QUESTIONS AND COMMENTS — Mayor Pro Tem asked for tables showing revenue and expenses for all funds for the past five years. BUDGET CALENDAR City Manager Fleming presented the important dates for the 2013 Budget process: • July 30, 2012 — Departments submit 2013 operational budget requests to Finance. • October 2, 2012 —City manager presents recommended budget to City Council. • October 9, 2012 —City Council review recommended budget at study session. • October 16, 2012 city Council holds public hearing on revised recommended budget.