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Looking Around... <br />Uncertainty & Opportunity <br />— Proposition 101 and Amendments 60 & 61 <br />— Sales Tax Instability: City and State down 5.6% <br />and 7.7% respectively in July and August <br />— Property Tax Instability: 0.1% decline in 2010 <br />Assessed Valuation; likely f urther decline f ir <br />2011 as commercial properties are reassessed <br />— Impact of State budget crisis on municipalities <br />+ Use Tax Election <br />+ ConocoPhillips Development <br />5 <br />Looking Forward... <br />2011 Budget Focus Areas <br />• Maintain current level of service <br />• Maintain fund reserves to provide <br />resources as needed in the uncertain <br />economic climate <br />5 <br />3 <br />