City Council Agenda and Packet 2010 10 12 SP 2011 BUDGET

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16.000.000 - 14,000,000 12,000,000 10, 000, 000 8,000,000 8,000,000 4,000,000 2.000,000 - Includes One -Time Transfer for Property Aquisition General Fund Forecast Includes One -Time Grants & Transfers ~� - Revenu= - Ex penditureE Fund Balance - Miniriur Conservation Trust Fund • Revenue is projected to remain relatively flat from 2010 to 2011. A State GOCO Grant results in total fund revenue increasing by 3.5% in 2011. • Operating expenditures are budgeted to increase from a 2010 budget of $1,037,660 to a 2011 proposed budget of $1,057,850. A portion of this increase is due to the allocation of additional overhead costs to the Conservation Trust Fund. • Capital projects expenditures are budgeted at $765,330 for 2011. No specific land acquisitions are planned for 2011. However, reserve funding available for this purpose will be carried over to subsequent years for future high priority land acquisitions. • Even with the added operating and capital expenses, the reserves within the Conservation Trust Fund are expected to maintain a balance of approximately $5 million through 2015. • The graph below illustrates the long -term financial forecast for the Conservation Trust — Land Acquisition Fund. This forecast is part of the City's Long -Term Financial Plan and includes the same assumptions as the General Fund for sales tax revenue, salaries and wages, and employee benefits. This graph assumes the reauthorization by voters of the existing - 0.375% tax for open space and parks. As the graph suggests, in addition to securing approval to reauthorize the existing tax, we will need to trim expenses or increase revenues to maintain the reserve necessary to acquire high priority open space properties if they become available and to continue maintaining existing open space, parks and trails. • The Conservation Trust Fund will provide 25% of the funding needed in 2011 ($25,000 for design) and 2012 ($975,000 for construction) for the City Shops Remodel project. This is consistent with the level of equipment and staff devoted to Open Space, Parks and Trails 6 20