Title
Approving year-end adjustments to the 2010 budget.
Body
WHEREAS, the Office of Financial Services reviews all revenues and spending as part of the year-end department projection process to identify expected net revenue and spending outcomes; and
WHEREAS, the Mayor has imposed a spending and hiring freeze since early 2009 to address uncertainty in state aids and other revenues due to a challenging economic environment; and
WHEREAS, the Mayor and City Council previously addressed a loss of state aid totaling $5,440,947 through a combination of spending reductions and use of general fund reserves in a manner consistent with the Citys adopted General Fund reserve policy; and
WHEREAS, the year-end review process identified that spending is projected to finish the year $1,871,973 below budget and net revenue is projected to finish at $1,486,121 below budget; now therefore be it
RESOLVED, that the Mayor, in accordance with Section 10.07.3 of the City Charter recommends that budgets be adjusted accordingly as reflected in the attachment; and be it further
RESOLVED, that the Mayor recommends that the use of fund balance used to balance the mid year state aid reduction be reduced by $385,852 to maintain adequate reserves consistent with the Citys adopted fund balance policy.
Financial Analysis
See attached citywide budget amendment detail and library agency administrative order detail.