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SUBJECT: BUDGET RETREAT <br />DATE: JULY 12, 2018 PAGE 5 OF 17 <br />LONG-TERM REVENUE ASSUMPTIONS AND EXPENDTURE TARGETS <br />The next step in developing the 2019-2024 Capital Improvements Plan and the 2019- <br />2020 Biennial Budget is to update the revenue and expenditure estimates for 2018 and <br />to establish revenue, expenditure, and fund balance projections for 2019-2024. <br />Departmental operating requests for the 2019-2020 biennium were not due until June <br />29 and have not been reviewed and compiled. Therefore, in order for staff to estimate <br />available funding for the projects within the 2019-2024 Capital Improvements Plan, staff <br />made some long-term revenue assumptions and defined some long-term expenditure <br />targets for 2019-2024. Once the operating requests have been reviewed and compiled, <br />staff will replace the 2019 and 2020 expenditure targets in the Long -Term Financial <br />Model with the actual requested/recommended operating budgets. <br />Below is a table that summarizes some of the more significant 2018 revenue estimates <br />and 2019-2024 revenue projections. These estimates and assumptions are used to <br />develop the fund forecasts discussed later in this document. <br />It is important to note that the assumptions on building -related revenue (primarily <br />building use tax, construction permits, impact fees, and tap fees) are a key element of <br />the financial projections for the General Fund, Capital Projects Fund, the Open Space & <br />Parks Fund, and the Consolidated Utility Fund. <br />CITY COUNCIL COMMUNICATION <br />6 <br />