DATE: March 15, 2016
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT:
Title
FY 2016 Mid-Year Budget Review & General Fund Ten-Year Plan Update
End
RECOMMENDATION
Recommendation
That the Council reviews the FY 2016 Mid-Year Budget Review and General Fund Ten-Year Plan Update, and adopts the attached resolution approving the amendment to the City of Hayward Operating and Capital Improvement Budgets for Fiscal Year 2016.
Body
SUMMARY
This report presents the mid-year review of the FY 2016 Adopted Budget and an update to the General Fund Ten-Year Plan. The review analyzes revenues and expenditures through the midpoint of the 2016 fiscal year (December 31, 2015), presents proposed changes, and projects year-end results based on current trends and data. While staff considers the entire City budget in its mid-year review , this report focuses primarily on the General Fund.
When City Council adopted the FY 2016 Budget in June 2015, the General Fund projected a balanced budget with no use of General Fund Reserves. The City has worked hard to keep the budget balanced; however, the unbudgeted increases in expenditures due to changes to the agreements between the City and many of the employee bargaining units, the settlement of claims levied against the City, as well as increases to other operating costs have made the task increasingly difficult. While revenue projections have increased, they have not kept pace with previously unbudgeted expenses. Revised projections now forecast a $5.7 million gap in FY 2016.
The mid-year analysis includes adjustments to several General Fund revenue categories resulting in an overall increase to revenues of about $7.9 million. Of this amount, $7.3 million is considered one-time and/or restricted revenue - and is discussed in further detail later in the report. Overall, the City’s primary operating revenues show little change from the budgeted amounts adopted last June.
Mid-year expenditure adjustments total $13.6 million in the General Fund. Of this amount, $7.3 million is tied to the restricted revenue mentioned above. The balance of $6.3 million is related to increases associated with new labor contracts and overtime ($2.1 million), transfers to the liability insurance fund for settlements ($1.5 million), encumbered and unencumbered carry-over of funds from the prior year ($1.7 million), GAAP Standards compliance adjustments ($545,000 - net zero; offset by corresponding increase to revenues), and the purchase of an airport fire vehicle ($456,225) that will eventually be largely refunded through tenant payments.
Expenditure adjustments to all other funds total $10.0 million - and again are largely related to the appropriation of grants, contractual carry forwards from FY 2015 and $630,000 due to new employee bargaining unit agreements.
BACKGROUND
The City utilizes long-term financial planning to help navigate its fiscal challenges. Critical tools such as the General Fund Ten-Year Plan (and multi-year plans for other revenue funds) provide the framework for sound fiscal planning and decision-making. The General Fund Ten-Year Plan (the Plan) update refines the forecast as adopted by City Council on June 23, 2015 as part of the FY 2016 Annual Budget. When the FY 2016 budget was adopted by City Council, the Plan did not project a structural deficit for FY 2016. Revised projections, however, now project a growing structural gap between revenues and expenditures. The Plan is updated to reflect FY 2015 actuals, current benefit rates such as medical and new CalPERS retirement rates, changes resulting from new labor agreements reached during FY 2016, revised revenue projections, and requested FY 2016 mid-year expenditure adjustments.
DISCUSSION
The City’s General Fund outlook has changed significantly since Council adopted the budget in June 2015 - with revenues being outpaced by expenditures. Sales tax revenues have rebounded to pre-recession levels, but have leveled off, and are somewhat negatively impacted in FY 2016 by the State’s elimination of the Triple Flip and the long-term erosion of overall sales tax revenues in California. Property taxes are steadily showing growth from new construction and improved values and are keeping pace with the six percent growth originally projected. Unfortunately, as the City’s revenues return to pre-recession levels, the City struggles with a yawning long-term structural deficit driven by the growing costs of employee benefits, resource needs, and deferred capital needs.
While at times it is appropriate to use the General Fund Reserve (or one-time balancing measures), continually doing so perpetuates or increases structural gaps. The key changes for FY 2016 and influences on the General Fund Ten-Year Plan projections are discussed below.
General Fund Revenues and Variance Analyses
Overall, FY 2016 General Fund revenues are projected to be $7.9 million (5.6 percent) higher than originally projected - $7.3 million of which is attributed to one-time and/or restricted revenue, consisting of $6 million in one-time and restricted Utility Users Tax prior year payments, $500,000 in one-time mutual aid reimbursements, and $800,000 in repayment of a General Fund loan made to the former Redevelopment Agency (intended to replenish fund balance). If the $7.3 million in one-time revenue is not counted, this represents only a 0.3 percent variance from originally projected revenue in FY 2016.
Attachments III and VII, as well as the following analysis, highlight key revenue variances as they pertain to FY 2016 mid-year projections and the resultant impact on future year projections as included in the Plan. These projections are based on year-to-date data, and will be closely monitored for the remainder of the fiscal year.
Representing fifty-two percent of total General Fund revenues, property and sales taxes are the two major revenues that influence the City’s budget and that have been significantly affected by the economic recession over the past eight years. Fortunately, both have seen improvement due to the rebounding of the economy. However, it is important to note that even with the rebound to 2008 levels, in 2008 constant dollars, the current projected revenues represent no growth - while expenditures have continued to grow each year far outpacing revenues.
Property Tax (+ $52,000) - This minor mid-year adjustment corrects the projected Vehicle License Fee (VLF) portion of the total property tax to conform to the VLF revenues stated by the Alameda County Auditor Controller. Recurring basic property tax revenues are tracking in line with originally adopted projections and reflect an overall six percent growth over FY 2015 revenues. This growth includes the FY 2016 Statewide CPI of 1.9% (Proposition 13 restricts annual value growth to 2%), with the remaining 4.1% attributed to improved property values and some new construction. For FY 2017, the Statewide CPI is set at 1.5%.
Redevelopment Property Tax Trust Fund (RPTTF) -The RPTTF represents reallocated property tax increment previously allocated to the former Hayward Redevelopment Agency. With the dissolution of the agency, tax increment funds are now redistributed to all taxing entities in the County, including the City of Hayward. As the RDA dissolution process continues, the RPTTF distributions are beginning to stabilize as many of the one-time dissolution adjustments have concluded (e.g. audits, property disposition, asset transfers, etc.).
Anticipated annual, recurring RPTTF funds (annual pass-through and redistribution funds) are $1.5 million for FY 2016 and future years. Until the dissolution process ends entirely, these are somewhat unpredictable revenues. A majority of these funds are allocated to funding the Economic Development budget, consistent with the Economic Development Strategic Plan adopted by City Council.
Sales Tax (-$790,000) - While Sales tax revenues have rebounded from pre-recession lows, this revenue category has experienced some regression. The original projections for FY 2016 reflected revenues that included one-time true-up payments resulting from the conclusion of the State’s Triple Flip. Unfortunately, the City will not realize the full value of the originally calculated true-up payment in FY 2016 pursuant to revised calculations from the State Board of Equalization. Projections, however, for FY 2016 are still seven percent higher than FY 2015 actuals and represent solid growth. FY 2017 does not project growth due to the projected loss of one of the City’s top businesses, Gillig Corporation, and the possible loss of another large employer.
Aside from these factors the City has experienced sales tax erosion like many California municipalities. When adjusted for inflation, sales tax revenues are not keeping pace. There are many reasons for this, but the impact is such that sales tax is actually declining when viewed on a per capita basis. At a time when the City is experiencing higher costs in municipal government and a growing demand for services from the community, the City is actually collecting less sales tax per person than in the early years of the tax.
q When the Sales Tax was established in 1933, there were four exemptions identified in the enabling legislations; today, there are over eighteen pages of exemptions in the California Tax Code.
q As an economy, we have shifted from a maker of goods to a provider of services. Unlike some other states, California’s Sales Tax law remains based on goods and rarely, if ever, taxes services.
q On-line shopping is exploding and grows exponentially annually, yet laws and regulations remain far behind leaving most on-line purchases untaxed; or if they are taxed, the tax is applied, collected, and distributed where the goods are sold and not where they are delivered.
Overall Sales Tax growth is projected at about four percent in future years after an anticipated decrease in FY 2017 due to the loss of key businesses.
Utility Users Tax (UUT) Prior Period Payments (+ $6,033,000) - In FY 2016, the City received payment from Russell City Energy Company (RCEC) for UUT resulting from the use and consumption of natural gas, for the period of May, 2013 - October, 2014. This payment was made under protest and RCEC is challenging the City’s determination that consumption of natural gas is subject to the UUT ordinance. Until the dispute is resolved legally, these funds are being set aside and are not available for expenditure. An additional prior period billing has been issued and it is possible the City may receive these funds in FY 2016.
Property Transfer Tax (+ $500,000) - This projected increase is a reflection of increased real estate sales activity and housing prices in Hayward. Staff continues to study the details of the various real estate transactions (commercial and residential) to determine the recurring or one-time nature of this market-driven revenue. Real Property Transfer Tax is a highly volatile revenue source and is directly subject to market fluctuations. The City’s recent history provides a cautionary tale in this respect: after reaching a high of $10 million in FY 2006, the revenue stream plummeted by sixty-two percent in just four years, finally settling at $3.8 million in FY 2010 and only increasing to $5.7 million in FY 2015.
Effective FY 2016, City Council adopted a baseline threshold for recurring RPTT revenues, establishing that all revenue over $4.8 million is considered one-time revenue and should be used according to the adopted Council policy regarding one-time revenues. The policy identifies expenditures such as capital and benefit liabilities as appropriate use for this one-time revenue because these types of expenses are easier to halt versus recurring salary and benefit costs. The FY 2016 budget includes General Fund allocations for capital and benefit liability expenses totaling $3.5 million. The delta of $2.2 million (difference between projected revenues of $7.0 million and the $4.8 million threshold) is already considered in the budget and will be used to fund these costs.
Intergovernmental Revenues (+$868,686) - Intergovernmental revenue is increased to account for projected one-time mutual aid reimbursements for drought-related fire emergencies ($500,000) and the appropriation of $368,686 in new Police grant revenues.
Transfer In (+$800,000) - In 1975, the City of Hayward issued a loan from the General Fund (taken from fund balance) to the former Redevelopment Agency. Repayment of this loan has been subject to the RDA dissolution process and has been significantly delayed. This $800,000 represents the first payment on the loan. These funds are intended to replenish the General Fund Reserve. After receipt of the first installment payment the current outstanding balance is $10.18 million. The $800,000 is now included in the General Fund Ten-Year Plan as a revenue, but no specific expenditure is budgeted at this point. These funds are assisting in supporting the overall fund.
General Fund Expenditures and Variance Analyses
Overall, FY 2016 General Fund expenditures are projected to be $13.6 million (9.7%) higher than originally adopted in the budget. The vast majority of this is one-time expenses as discussed in this report. The detailed tables in Attachment III and VIII, and the following analysis, highlight key expenditure variances as they pertain to FY 2016 mid-year projections and the resultant impact on future year projections as included in the General Fund Ten-Year Plan. These are projections based on year-to-date data, and will be closely monitored for the remainder of the fiscal year.
Staffing Expense Variances
Overall, the staffing expense budget increased by $2.8 million or 2.5% and is attributable to three key categories.
q Employee Bargaining Unit Agreements (+$1.0 million). Agreements with SEIU 1021 ($450,880), Local 21 Professional & Technical Unit ($28,498), H.A.M.E. ($256,485), Unrep/Dept Heads ($154,102), Appointed ($58,547), and Police Management ($80,384) were finalized and approved after the adoption of the FY 2016 budget and were not previously included in FY 2016 projections.
q Overtime (+1.0 million). Due to unprecedented drought conditions, the State experienced a very aggressive fire season. Requests for Mutual Aid were extremely high during the first half of FY 2016. As a result of Mutual Aid and minimum staffing requirements, the Fire Department overtime budget for the year has almost been fully expended. It should be noted that Fire Department mutual aid time is fully reimbursable to the City and $500,000 in related one-time revenue is included as part of this mid-year adjustment.
q Fire MOU Contract Compliance & Settlement Costs (+$553,268). The City is subject to a final settlement payment of $439,730 due to the reinstatement of an employee with back pay.
The City has been conducting an audit of two pay factors that impact sworn Fire Department employees - the calculation of Fair Labor Standards Act (FLSA) requirements and Battalion Chief Special Shift Pay. While final discussions with the City and Hayward Firefighters Local 1909 are in progress, current estimates project a cost to the City of $113,538 in payments to affected employees. The City was in compliance with the very complicated FLSA pay calculations with the exception of Holiday Pay inclusion and both the City and Local 1909 are now in full agreement with the calculation methodology.
The remaining $218,732 in salary increases can be attributed to a mixture of grant-related overtime and an increase to street sweeping overtime, both of which had offsetting revenues.
Operating Expense Variances
After reviewing programmatic expenditures with each department, there are a number of adjustments needed prior to the end of FY 2016 in order to accommodate new grant revenues received during the fiscal year, fund necessary or unexpected expenditures, and to appropriate prior year encumbrances (contractually obligated expenses) that have carried forward into FY 2016.
Encumbrance Carryforwards and Budget Carryforward Requests (+1.11 million) - Encumbrance carryforwards are comprised of purchase orders and contracts for which funds were encumbered in the prior year, not fully expended, but which are intended to be expended within the next year. Encumbrances from FY 2015 that carried into FY 2016 total $614,282. These funds were reflected as budgetary savings in FY 2015 and new budget authority is needed in FY 2016. Unencumbered carry over is the appropriation of funds that were not encumbered in the previous fiscal year but are intended for critical, Council-approved projects. Unencumbered funds from FY 2015 proposed for appropriation in FY 2016 total $494,925 for professional services contracts (Development Services - $486,925; City Clerk - $8,000). Attachments IV and VIII provide further detail.
General Fund transfer to Liability Insurance Fund (+$1.5 million) - Due to large settlements related to litigation and outside counsel costs in defending such actions.
Grant Carryforwards and Grant Appropriations (+$577,440) - This amount reflects both new FY2016 Grant Appropriations (with offsetting revenues) and unexpended Grant monies from FY2015 which have been carried forward to FY 2016.
GAAP Standards (+$545,000) - In compliance with GAAP Standards, items previously recorded as offsets to revenues are now being recorded as expense items. These expenses are for the annual Property Tax Administrative Fee charged to the City by the County and for sales tax audit costs. While this is identified as an increase to expenditure authority in order to appropriately expend the related costs, this is actually a net zero impact to the budget as there is also a corresponding increase to revenues.
The remaining amount is made up of various expenditures, some of which are: $400,000 - Plan Check Services; $456,225 - ARFF Vehicle Purchase; $129,675 - UUT Renewal Expenses; and $70,580 - Election Expenses.
Staffing Changes
Very limited staffing changes are proposed as part of the mid-year review - with only 1.0 FTE addition. While there remains a critical need for additional resources throughout the organization, these are more appropriately addressed during the upcoming FY 2017 budget process so that these decisions can be considered within the context of the full budget and all competing priorities. Of the changes summarized below, the General Fund is impacted $5,227 in FY 2016 and about $146,293 in FY 2017.
1. Human Resources - Workers’ Compensation Fund
a. Add 1.0 FTE Human Resources Manager
b. Delete 1.0 FTE Senior Human Resources Analyst
c. FY 2016 = $7,876 & FY 2017 = $27,737
2. Information Technology (IT) - IT Fund*
a. Add 1.0 FTE Network System Specialist
b. FY 2016 = $27,262 & FY 2017 = $170,144
*the IT Fund is an Internal Service Fund that charges other operating funds to cover its related operating costs. Since the General Fund is the largest fund the IT Fund charges, this addition will impact the General Fund by about $136,000 starting in FY 2017.
3. Public Works - Engineering & Transportation - General Fund
a. Upgrade 1.0 FTE Assistant Transportation Engineer to Associate Transportation Engineer
b. FY 2016 = $5,227 & FY 2017 = $10,293
Measure C
During the June 3, 2014 municipal election, the voters of the City of Hayward passed a ballot measure (Measure C) to increase the City’s Transaction and Use (Sales) Tax by half a percent for twenty years. This half cent increase became effective October 1, 2014, bringing Hayward’s Sales and Use Tax to 10%. This is a general tax that is considered discretionary in nature. Staff originally estimated that the new sales tax will generate approximately $10 million annually in locally controlled revenue that can be allocated by the City Council and will remain in place for a period of twenty years.
The City Council, as well as the ballot language, established a number of spending priorities for these funds. These priorities include a mix of capital projects and funding allocations toward operating services. The Measure C revenues will primarily be used to fund debt service for construction of the new Library and Community Learning Center, completion of fire station retrofits and improvements, and rehabilitation and expansion of the existing fire training center. Of the originally estimated $10 million in annual revenue, staff estimates that debt service payments for the above defined projects will total approximately $5.4 million annually. The remaining $4.6 million is to be allocated among police services, maintenance services, and street repairs.
Revenue: The City began receiving allocations of the Measure C Transaction and Use (sales) Tax effective January 1, 2015. The City received $8 million in revenues from Measure C for FY 2015, which was higher than originally projected. Based on recent projections from the City’s Sales Tax consultant, FY 2016 revenues are projected to be higher than the original $10 million projection by $2 million ($12 million). Staff is finalizing an updated Measure C Twenty-Year Plan and Cash Flow analysis.
Expenditures: Recommendations at mid-year do not include increased appropriations for FY 2016, except for some program-related capital costs. The City has worked diligently to fill the positions authorized in the FY 2016 Operating Budget, but to date has filled only a portion of Measure C funded positions. Of the $2.7 million appropriated for salary and benefit related expenses only $420,000 has been spent to date in FY 2016. The new positions for the Maintenance Services Department have all been hired and the new crew has made tremendous progress pursuant to the intent of the Measure C funds. The new, Measure C funded positions for the Police Department have not yet been fully hired. Many of the new positions are related to the Call Center, and before staffing could be implemented, the facility needed some improvements to accommodate the new staff. The police officer positions have mostly been filled - even with the challenging police officer recruitment climate the Police Department faces.
Given the timing of the Measure C funded capital projects and the timeline to hire new staff, staff does not anticipate needing to utilize all of the $12 million in FY 2016 Measure C funds we anticipate receiving. The balance of funds received will remain in the Measure C Fund fund balance and be available for future needs pursuant to Council priorities. The cost of some of the planned capital projects may likely be higher than originally projected and these “savings” will be used to offset the increased cost.
Ten-Year General Fund Plan Update
The updated General Fund Ten-Year Plan (Attachments V and VI) projects the return of a General Fund structural gap in FY 2016 of $5.9 million (inclusive of all mid-year adjustments - including one-time adjustments) that grows to a high as $18.4 million in FY 2021without additional balancing measures. This Plan reflects the assumptions contained in the FY 2016 Adopted budget and is updated with the mid-year expenditure and revenue projections discussed in this report.
The current General Fund Reserve goal is twenty percent of General Fund expenditures. Based on the updated Plan, we are falling short of this goal by nine percent. It is imperative that the Reserve be appropriately replenished and that we identify future balancing measures to close the re-emerging General Fund gap.
Key Revenue Assumptions/Adjustments
Ø Property Tax (secured, unsecured, VLF) Overall, FY 2016 Property Tax projections are a net 6% over FY 2015 actuals. FY 2016 assessed valuation grew over FY 2015 by 6% and is projected at 4-5% in future years.
Ø Property Tax (Redevelopment Property Tax Trust Fund - RPTTF)
o Recurring RPTTF estimates of $1.5 million per year.
o Revenues dedicated to economic development program.
Ø Sales Tax FY 2016 Adopted shows an increase over FY 2015 actuals of 5%; but represents a reduction over the FY 2016 adopted projections of $79,000 due to revised Triple Flip calculations. Future projections represent growth of 4%.
Ø Utility Users Tax is up for re-authorization by the voters in 2016 (to be implemented at the end of the current authorization in 2019); and is assumed in the Plan to continue; 2% annual growth.
Ø Property Transfer Tax: Increase of $500,000 in FY 2016 - about 22.6% year-over-year growth; FY 2017 and FY 2018 assumes 6% growth; future years are projected at a more modest 2% growth.
Key Expenditure Assumptions/Adjustments
Ø FY 2016 adjusted projections and future years include negotiated and contracted wage adjustments and benefit cost sharing for all of the City’s bargaining units, with current agreements ending in FY 2018 and FY 2019. All current labor concessions carry forward as ongoing, structural change. Future (non-contract) years assume an annual 2% growth for assumed wage and position changes. This may or may not be possible without future structural change given current projections of the growing gap in the out years.
Ø FY 2016 reflects annual medical premium growth of 8%; FY 2017+ assumed medical premium growth of 6%; $1 million Affordable Care Act Cadillac Tax in FY 2020.
Ø FY 2016 revised projections and future years reflect CalPERS rates per October 2015 valuation, which is the most recent CalPERS valuation and includes all known changes as implemented by the CalPERS Board. The Plan reflects the approved rates for FY 2016 and FY 2017 and the rates as projected by CalPERS for FY 2017 - FY 2022. Rates increase in FY 2017 over FY 2016 by 1.92% - 4.82% of payroll depending on the plan. FY 2017 rates are 26.39% (Miscellaneous), 47.22% (Police), and 43.12% (Fire) A detailed discussion on CalPERS rates was presented to the Council Budget & Finance Committee on March 2 and will be presented to the full City Council in April.
Ø Funds vehicle replacement fund.
Ø Partial annual allocation of City’s unfunded liability portion of the Retiree Medical (OPEB) required annual contribution (ARC), phasing in funding of the full ARC by FY 2022 (about $5 million).
Does not include
Ø Unfunded CIP need (e.g., 1% = $5.1 million)
Ø Restoring staffing resources to prior levels/adding needed resources in future years
Ø Paying off unfunded benefit liabilities (approximately $373 million)
Attachment VI displays the revised General Fund revenues and expenditures gap. Unfortunately, even with improved revenues, rising costs associated with employee benefits (primarily medical and retirement benefits) and deferred capital maintenance continue to grow the City’s General Fund deficit. The odd jog in the graph for FY 2016 is attributed to the UUT revenue of $6 million that is recognized both as revenue and expenditure. This is not yet carried into future year projections.
While significantly reduced, and even with an assumed continuation of the UUT and additional labor concessions, the General Fund continues to face a structural gap that grows to over $18.4 million by FY 2021 without balancing measures.
CAPITAL IMPROVEMENT BUDGET ADJUSTMENTS
There are several adjustments needed prior to the end of FY 2016 in order to fund necessary expenditures that were unbudgeted at the time the FY 2016-2025 Ten Year CIP was adopted, contracts carried forward from prior years, and unexpended budgeted balances from prior fiscal years. The increase in expenditure authority for FY 2016 totals $66 million. Of this amount, $58 million are for contracts, encumbrances, and prior year budget carryforwards; $7 million is associated with FY 2016 Resolution Appropriations; and the remaining $935,225 are FY 2016 requested changes as outlined below:
• $456,225 for the purchase of a second Aircraft Response & Firefighting (ARFF) vehicle (transfer from the General Fund)
• $213,000 for the purchase of Measure C Police vehicles (transfer from Measure C)
• $106,000 for the purchase of a Sewer vehicle that required replacement ahead of schedule (Fleet Enterprise Fund Balance)
• $90,000 for the purchase of a pick-up truck ($60,000) to tow the Fire boat and a Ford Fusion ($30,000) for Fire Prevention (CIP fund to fund transfer)
• $70,000 for underground storage tank repairs (transfer from Facilities Operating fund)
During FY 2016, three new Capital funds have been created. Two were created for Measure BB funds as required by statute. Monies for Measure BB were initially housed in the Measure B Capital funds. With the creation of the new Measure BB funds, the expenditure and revenues were transferred out of Measure B Capital funds and into the newly created funds. The third fund was created for UUT related capital projects. This fund will segregate the payment of funds received for prior periods or that have been earmarked for future UUT related capital projects from the unrestricted UUT revenues in the General Fund. There is currently no expenditure authority established for this fund.
FISCAL IMPACT
The overall fiscal impact of the proposed adjustments results in an increase to General Fund revenues of $7.9 million, of which $0.4 million is considered recurring; and an increase to General Fund expenditures of $13.6 million, of which $1.5 million is considered recurring.
The net General Fund changes result in a shortfall of $5.7 million in FY 2016. This signifies an early re-emergence of the General Fund deficit and increased deficits in future years. If the City realizes this level of deficit by the end of FY 2016 (any changes in revenues and expenditures will impact this projection), the General Fund Reserve will be further depleted as reflected in Attachment V.
Expenditure adjustments in all other operating funds total $10.0 million; and expenditure adjustments to capital improvement funds total $66 million.
PUBLIC OUTREACH
A draft of the FY 2016 Mid-Year Budget Review & General Fund Ten-Year Plan Update was presented to the Council Budget & Finance Committee on February 22, 2016. Comments and suggestions offered by the Committee are reflected in this report.
NEXT STEPS
Upon approval by Council of the recommendations contained herein, staff will post the budget amendments per the approved resolution. Staff will also continue to refine the General Fund Ten-Year Plan as part of the coming FY 2017 budget process.
Prepared by: Tracy Vesely, Director of Finance
Nan Barton, Budget Officer
Guy Ferguson, Management Analyst I
Recommended by: Tracy Vesely, Director of Finance
Approved by:
_________________________________
Fran David, City Manager
Attachments:
Attachment I: Resolution (Amending Operating Budget, Includes Exhibits A & B)
Attachment II: Resolution (Amending Capital Improvement Plan Budget, Includes Exhibits A & B)
Attachment III: Summary of FY 2016 Mid-Year Revenues & Expenditures
Attachment IV: Summary of FY 2016 Mid-Year Adjustments by Department
Attachment V: General Fund Ten-Year Plan -
FY 2016 Mid-Year Projections
Attachment VI: General Fund Ten Year-Plan Summary Graph
Attachment VII: Detail of Mid-Year Revenue Adjustments
Attachment VIII: Detail of Mid-Year Expenditure Adjustments