HomeMy WebLinkAbout1995-01-10 - AGENDA REPORTS - 1994 95 MID YR ACCOMPLISHMENTS (2)AGENDA REPORT
City Man ger Approval
Item to be presented by:
George Caravalho
UNFINISHED BUSINESS
DATE: January 10, 1995
SUBJECT: 1994-95 Mid -Year Report of Accomplishments and Economic Trends
DEPARTMENT: City Manager
BACKGROUND
At the December 13, 1994, City Council meeting, the Mid -Year adjustments were adopted by
Resolution 94-139. The City Manager indicated at that meeting that staff would return with the
accomplishments for the first half of FY 1994-95, the economic outlook for Santa Clarita as well as
California, and an overview of the Mid -Year budgetary adjustments.
When the City's 1994-95 Budget was adopted in June, the economic outlook was still unclear. The
City's 1994-95 Adopted Budget reflected a "hold the line" position, keeping appropriations at their
1993-94 Mid -Year adjusted levels, and projecting very little revenue growth. In order to achieve this,
no new positions were added, several previously approved positions continued to be unfilled, no
cost of living allowances (COLA) were recommended, and several recreation programs continued
to be unfunded.
The Mid -Year Budget revenue adjustments reflect a slight increase of approximately 1% in projected
General Fund revenues. Building and Safety activity has increased faster than anticipated, and the
City has successfully competed for several new grants. In addition to General Fund revenues,
several other funds are also expected to increase. The MTA has revised their estimates, increasing
Proposition A, TDA Article 8, and Proposition C funds allocated to the City. State Parks Grant
revenues are expected to decrease due to capital projects funding requirements that will be delayed
to the 1995-96 Budget cycle.
Mid -Year expenditure adjustments indicate an increase in General Fund expenditures of
approximately 1%. This includes a COLA for employees and the funding of four new positions. The
adjustments also include increasing Dial -A -Ride service hours and local bus service expansion to
Tourney Road.
RECOMMENDATION
The City Council receive the FY 1994-95 Mid -Year Budget presentation.
To � PIP,
Agenda Item:
C0UNCIL:mdyr9495.agn:ss:bb:1dd