2nd Q 121PresentationcolorfinalSmall Town Service ~ Community Stewardship ~ Future Focus
FY 2011/12 Mid-Year Budget Review
Budget Performance & Status Report
(For 2nd Quarter ending Dec. 31, 2011)
Greg Larson, Town Manager
Steve Conway, Finance Director
Jenny Haruyama, Assistant Finance/Budget Director
February 21, 2012
Small Town Service ~ Community Stewardship ~ Future Focus
Outline
•FY 2011/12 Mid-Year Budget Status
•Recommended Budget Adjustments
•Five Year Forecast
•FY 2012/13 Budget Development
Small Town Service ~ Community Stewardship ~ Future Focus
FY 11/12 GF Revenue ($-668k)
Operating Revenue Trends:
•$110k decrease in VLF Property Tax Backfill
•$800k decrease in Sales Tax
•$203k increase in Franchise Fees
•$67k increase in Transient Occupancy Tax
•$86k increase in Intergovernmental Fees
•$114k decrease in Interest Income
Total Recommended Revenue Adjustments: $-668k
Small Town Service ~ Community Stewardship ~ Future Focus
FY 11/12 GF Expenditures
Operating Expenditure Trends:
•Cost reduction strategies in place
•Expenses below 50% of budget level
•Possible year-end expenditure savings
Small Town Service ~ Community Stewardship ~ Future Focus
FY 11/12 Budget Adjustments
Key Recommended Expenditure Adjustments:
•Vehicle/Equipment Replacement
–$217k for Street Sweeper
–$47k for Police Vehicle Computer Equipment
•Capital Improvement Projects
–$11k for ADA accessibility improvements
University Ave. Sidewalk & Lark Ave./LG Blvd.
Small Town Service ~ Community Stewardship ~ Future Focus
Update to Five-Year Forecast
Small Town Service ~ Community Stewardship ~ Future Focus
FY 12/13 Budget Development
•Forecasted $1.8m budget gap
–Budget direction via Council Service
Prioritization Process
–Ongoing analysis of future revenue trends &
expenditure impacts
–Continued implementation of FY 11/12 cost
containment strategies
Small Town Service ~ Community Stewardship ~ Future Focus
Action Items
A.Accept FY 2011/12 Mid-year Budget Performance
and Status Report, including FY 2011/12
Financial Projections
B.Authorize Budget Adjustments as Recommended
in the Second Quarter Budget Performance
Report
C.Authorize Amendment of FY 2011/12
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