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20110222 - Desk Item for Agenda, Item #4 and Item #6t wxo�. X0 8 G R�� DATE: TO: FROM: SUBJECT: COUNCIL AGENDA REPORT February 22, 2011 MAYOR AND TOWN COUNCIL MEETING DATE: 02/22/11 ITEM NO: Agenda, Item 4 and 6 DESK ITEM GREG LARSON, TOWN MANAGER -4 � 4 ' ADMINISTRATIVE CORRECTIONS TO TYPOGRAPHICAL ERRORS IN THE AGENDA PACKET Minor, non - substantive typographical errors were identified in Agenda Items 4 and 6, as well as the Agenda itself, for the February 22, 2001 Town Council meeting. Unless requested or directed otherwise by Council, these errors will be corrected in the final approvals as noted below: Agenda — Presentations: Boards /Commission/Committee End of Term Commendations Richard Konrad should be listed under Parks Commission, not Transportation and Parking Item 4 (Consent): Adoption of 2011 -2013 Strategic Goals Correction of two typographical errors in the attached matrix: • Last entry under Quality Public Infrastructure — corrected spelling of "transportation" • Last entry under Civic Enrichment —corrected spelling of "participate" Item 6: 2010111 Mid -Year Budget Performance and Status Resort Staff Report, Page 6 - Updated Five -Year Financial Plan • 2010/11 Forecast (column 2): Total Expenditures & Allocations should be $ 35.0 • 2014/15 Forecast (FY 4): Net Revenues Less Expenditures should be $ (.6) • 2015/16 Forecast (FY 5): Ongoing Shortfall Mitigation should be $ 5.1 Net Revenues Less Expenditures should be $ (.1) Corrected versions of Item 4 and 6 are attached. PREPARED BY : GREG LARSON Town Manager NAMGRWdminWotkFiles\2011 Council Repons\2 -22 -I I Desk Item 4.6.doc Reviewed by: Assistant Town Manager Town Attorney Clerk Administrator Finance _Community Development W W w 0 V 0 Q V 0 J LL 0 Z 0 F_ C w N N FJ d o c E d 2 U O d N O d O d :� m N .@, w �@ d U) f`l E OI 'O C N y E E W O �°�aci�aciv �EEc N 3?)c� ,o$d cna NE £ rnd @ aEo cniao v2. °E9 Ea�i£ �S� 0Ea m ^ md �• 6 d J d a N o m @ d N N LL @° d U N n n °� y, N>> C r C C V X N X L U d d 2 O m m U c N w m 2 EL J W C. E mw� c d N U w @ O y N W '� ] y E a a O 'O N E u O C W C @@ C - W b O a4C - n b LVd @ N c O L ° W W 2 y d �_ N w c N d N Q Y d .O d m N C w C Z O. y c C OI r O U c d ,J C m o c a E `d c m'> d c L n c m o a a cm° d 0Ea N o! Eames N$N° V a >° ' =�sc oy:o Uma o d na EE E c @ Sr N E E w V > n d ca m d 'O' d O C U vi •/� @ a- 0.. C w � d O� 0 E IV @ �UyN 7 U «N V 0O p ao.d : C D N a a c c •� N O U >- v. 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Q ITEM 4 Town of Los Gatos General Fund Updated Five -Year Financial Plan FYI FY FYI FVJ FYi ITEM 6, PAGE 6 2010111 2010111 2011112 2012113 2013114 2014/15 2015/16 Account Revenue Category Budget Forecast Forecast Forecast Forecast Forecast Forecast 4100 Property Tax S 7.3 S 7.3 S 7.4 S 7.5 S 7.6 S 7.7 S 7.9 4110 VLF BackfA Property Tax 2.4 2.3 2.4 2.4 2.4 2.4 2.5 4200 Saks & Use Tax 8.4 9.1 8.4 8.6 8.2 8.0 7.9 4250 Fmuehise Fees 1.9 2.0 1.7 1.7 1.7 1.8 1.8 4251 Transient Occupancy Tax 1.0 1.0 0.9 0.9 1.0 1.0 1.0 4400 Brniaess Lkense Tax 1.1 1.1 1.1 1.1 1.1 1.1 1.1 4400 Licenses & Pemius 2.1 2.1 2.0 2.0 2.0 2.1 2.1 45M Intergovernoremal 0.7 0.6 0.8 0.8 0.8 0.8 0.8 4600 Charge for Senices 2.3 2.5 2.5 2.5 2.6 2.6 2.7 47M Fares & Forfeaures 0.6 0.6 0.6 0.6 0.6 0.6 0.7 4800 Interest 1.2 1.1 0.9 0.9 0.9 0.9 0.9 4850 Other Spruces 3.8 3.6 3.8 3.8 3.8 3.9 4.0 4900 Fund Transfers In 0.4 1 0.4 0.3 0.3 1 0.1 1 0.1 0.1 TOTAL RE %ENC ES 33.2 37.7 32.7 1 33.1 32.9 33.1 33A Use ofRi,serses lle sits 0.9 1.3 0.9 0.6 Ob TOTAL REVENUES & TRANSFERS S 34.5 S 35.0 S 33.9 S 34.0 1 S 33.6 1 S 33.2 1 S 33.5 2010111 2010/11 2011112 2012/13 2013114 2014/15 2015/16 Account Expenditure Category Budget Forecast Forestial Forecast Forecast Forecast Forecast 5110 Salary S 13.2 S 12.9 S 13.1 S 13.1 S 13.1 S 13.1 S 13.1 5120 Elected Ofr.iak 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5130 Temporary Employees 0.6 0.5 0.5 0.5 0.5 0.5 0.5 5140 Omn'nrre 0.5 0.4 0.5 0.5 0.5 0.5 0.5 5170 Other Salary 0.1 0.3 0.3 0.3 0.3 0.3 0.3 5200 Bertifns 5.6 5.6 6.3 6.9 7.3 7.6 7.8 6000 Supplies.Matena@. &Sen -ices 5.7 5.6 5.7 6.0 6.2 6.4 6.5 71M Grams &Awards 0.2 0.2 0.2 0.2 0.2 0.2 0.2 74M Utilities OA OA OA OA 0.5 0.5 0.5 7700 Fixed Assets - - - _ _ _ _ 8060 Internal Serdce Charges 3.1 3.1 3.2 3.6 3.7 3.8 3.9 8900 Debt Service 2.2 1 2.2 2.2 2.2 2.2 2.0 2.0 TOTAL EXPENDITURES S 31.6 S 31.3 S 32.6 S 33.8 S 34.6 S 34.9 S 35.3 9900 Operating Transfers Out - - - _ _ _ 9900 Capital Transfers Out o GFAR 0.9 0.9 0.9 0.6 0.6 0.4 99M GASB 45 Retiree Sledical Actuarial 0.8 0.8 1.1 1.4 1.6 1.8 TOTAL BUDGETED F EXPENDITURES 33.3 33.0 34.5 35.8 36.8 37.2 99L'0 RDA Potential Take Reserve 0.8 Transfer to Capital aid run.. Projects 9900 Reserve 0.6 0.6 0.8 0.7 0.7 0.6 9900 Trnrufer to Stabilization Reserve 0.6 0.6 0.8 0.7 0.7 0.6 0.6 TOTAL EXPENDITURES & ALLOCATIONS S 34.5 S 35.0 S 36.0 S 37.2 1 S 38.1 S 38.4 S 38.7 REVENUES LESS EXPENDITURES S 0.1 S 0.0 S (2.1) S 3.2) S 4.5 S ONGOING SHORTFALL MITIGATION S S 2.1 S 3.2 S 4.5 S 5.1 NET REVENUES LESS EXPENDITURES S 0.1 S 0.0 S (2.1) S (1.1) 5 (1.3) S (0.6) S (0.1) ITEM 6, PAGE 6