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20110222 - Desk ItemDATE: 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 !/ o�tvtd0►bi 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: 2010 /11 Mid -Year BudEet Performance and Status Report 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 NAMGR\AdminWorkFiles\2011 Council Reponsl2 -22 -11 Desk Item 4.6.doc Reviewed by: Assistant Town Manager Town Attorney Clerk Administrator Finance Community Development LU J 0 0 0 LL 0 Z 0 0 V 0 N O m m w= 0-6 C I m N w m m w Q m V @ c T 0 @ C Ny L �OJ (n `' U . . 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V r m m@ c d> $ mm W @3�i m W v L d E @ 2 t C 0 s C 4 6 E 0 ` 0 j C C p �, E N O O$ c O b @m �c ao oohmoJ m E • . O m 0 am ' J N N d 'm c N U N @ E N@ °� N • of •' d c> J E E p E m m m 2 c c o � 3 0 c m 2 E J a E c 0 CD d J« p p O 8 m m m E m- m J 0 O U m V @ C J 0 J Q C `�@ N m N C R N D L m 9 d C m 0 @@ • a W U N d a m E N N O .? O m C 0 N V — 0 0 O U ` N a > 6'O m ac o 6 N gym, m « c r aye do a.3� dm o 0d _T o U' v D @ cvT E a @ c r�m y °`m ;pO d Elm N owov C7@ N a C T 15 C_ L m@ N . L O a ° @E • m E m'mo0 @moo E v Ea>irn v c -0 Nao Z m-o m @ c • m c m .. N C` N m@ L @@ @ c L Y m J • c E O E C J a O 0 = N V m m@ d d O m@ > D O 'om m c@ m a a a> a m .- cl d > m 0 U. ° o D @m E a O DO Q V 0 O Y O J J f_ l" O N N N d LPL Q) N Y Q O Q ITEM 4 Town of Los Gatos General Fund Updated Five -Year Financial Plan FYI F1'I F\ "3 F \'4 FVS ITEM 6, PACE 6 2010/11 2010111 2011112 2012113 2013114 2014115 2015/16 Aceaant Revenue Category Budget Forecast Forecast Forecast Forecast Forecast Forecast 4100 Prop" Tax S 7.3 S 7.3 S 7.4 S 7.5 S 7.6 S 7.7 S 7.9 4110 VLF BackN Property Tax 2.4 2.3 2.4 2.4 2.4 2.4 2.5 4300 Saks & Use Tax 8.4 9.1 8.4 8.6 8.2 8.0 7.9 4250 Fnrah.e 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 Busmcss L ,nia Tax 1.1 1.1 1.1 1.1 1.1 1.1 1.1 4400 Laoenses & Penrds 2.1 2.1 2.0 2.0 2.0 2.1 2.1 4500 haereoremmeatal 0.7 0.6 0.8 0.8 0.8 0.8 0.8 4600 Charge for Sernxes 2.3 2.5 2.5 2.5 2.6 2.6 2.7 4700 Fares & Forfm es 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 Sources 3.8 3.6 3.8 3.8 3.8 3.9 4.0 4900 Fund Transfer In OA 1 0.4 0.3 1 0.3 0.1 0.1 0.1 TOTAL REVENUES 33.2 33.7 32.7 33.1 1 32.9 33,1 33.4 Use f Rext,:­,cs De Iu at. 0.9 1.3 0.9 0.6 0.6 0.4 1 0.5 TOTAL REVENUES & TRANSFERS S 34.51 S 35.0 S 33.9 S 34.0 1 S 33.6 1 S 33.2 1 S 33.5 2010 /11 2010 /11 2011/12 2012/13 2013/14 2014115 2015/16 Accaunt EspendiNre Category Budget Fomcast Forecast Forecast Foreeast Forecast Forecast 5110 Sala, S 13.2 S 12.9 S 13.1 S 13.1 $ 13.1 S 13.1 S 13.1 5120 Elected Of crab 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5130 Temponny Ernpbyecs 0.6 0.5 0.5 0.5 0.5 0.5 0.5 5140 Ocenime 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 Beire6,s 5,6 5.6 6.3 6.9 7.3 7.6 7.8 601X1 Supplie, Xlmmu6.& Ser, fees 5.7 5.6 5,7 6.0 6.2 6.4 6.5 7200 &ants & At ard, 0.2 0.2 0.2 0.2 0.2 0.2 0.2 7401) Utilnies OA 0.4 0.4 0.4 0.5 11.5 0.5 7700 Feed Assets - - _ _ _ SOW Internal Service Charges 3.1 3.1 3.2 3.6 3.7 3.8 3.9 8900 Debi Service 2.2 1 2.2 2.2 2.2 2.2 1 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 Operatmg Transfers Out - - _ _ _ _ _ 9900 Capval Transfers Out to GEAR 0.9 0.9 0.9 0.6 0.6 OA 0.5 9900 GASB 45 Retiree Medical Actuarial 0.8 0.8 1.1 1.4 1.6 1.8 1.8 TOTAL BUDGETED EXPENDITURES 33.3 33.0 34.5 35.8 36.8 37.2 37.6 99110 RDA Potenual'fake Reserve 0.8 Transfer u, Capital and Fut Projects 9900 Reserve 0.6 0.6 0.8 0.7 0.7 0.6 0.6 9900 Transfer to Stubihn fittReserve 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 IS 37.2 IS 38.1 is 38.4 1 S 38.7 REVENUES LESS EXPENDITURES S 0.1 S O.0 $ 2.1) S (3.2 ) $ (4.5) S (S.I) S (5.2) ONGOING SHORIFALL 6IITIGATION S S 2.1 S 3.2 S 45 S 5.1 NET REVENUES LESS EXPENDITURES S 0.1 S 0.0 S (2.1) S (1.1) S (1.3) S (0.6) S (0.1) ITEM 6, PACE 6