HomeMy WebLinkAbout1994-05-10 - AGENDA REPORTS - FY 94 95 CITY BUDGETAGENDA REPORT
City
REPORT
roval
Item to be, presented by:
George Caravalho
NEW BUSINESS
DATE: May 10, 1994
SUBJECT: FY 1994-1995 CITY BUDGET
DEPARTMENT: City Manager
BACKGROUND
The City Manager has prepared his recommended budget for FY 1994-1995., This item
is on the agenda so the City Council may officially receive the City Manager's
recommendations and a Budget summary presentation_
Over the next month the City Manager will be working with the City Council to adopt
the Approved Budget on June 28, 1994. The Budget Study Sessions are scheduled for
May 18, 1994 and June 1, 1994. The first reading of the Budget Resolution is scheduled
for June 14, 1994.
Additionally, under this item, staff will present a cash flow analysis to show how the
earthquake recovery efforts have impacted our cash flow. The City has expended its
advanced payments from FEMA and continues to recover from the earthquake at a rapid
pace. Our recovery efforts are exceeding FEMA's ability to pay on a "reimbursement
bases" as opposed to an "in advance bases." Staff desires to discuss the possibility of the
City officials approaching State and Federal officials to request advanced payments.
Should these requests be denied, staff could investigate securing a cash flow loan to be
repaid on the FEMA reimbursement basis.
RECOMMENDATION
Receive the FY 1994-1995 City Budget, and discuss and provide direction to staff
regarding the cash flow of emergency funds.
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