HomeMy WebLinkAbout2003-03-04 - AGENDA REPORTS - FY 03/04 BUDGET (2)CITY OF SANTA CLARITA
INTEROFFICE MEMORANDUM
TO: SM& & Members of the City Council
FROM: 4en amp, ity n g
DATE: March 4, 2003
SUBJECT: FISCAL YEAR 2003-2004 BUDGET
RECOMMENDED ACTION
City Council receive the presentation on the state of the budget including the City's fiscal
status, outlook and update on the State budget crisis.
BACKGROUND
Each year the City goes through a budget process to develop the annual budget. This budget
process is about six months, usually beginning in January and culminating in June with the
adoption of a balanced annual budget. The budget process involves the City Council, all City
departments, and the community.
This year the City is contending with the State budget deficit during the preparation of the
upcoming annual budget. As we have been informing the Council, we project that the
development of the City's Fiscal Year 2003-2004 annual budget will be impacted by the State
budget deficit. There are still a number of uncertainties with the State budget deficit and the
Governor's proposal to address the shortfall.
Staff is working closely with legislators to ensure that the State's budget problems do not
become the City's problem. We are approaching the State budget crises prudently and
considering the potential impacts to the City during the Fiscal Year 2003-2004 annual budget
preparation. Therefore, staff is developing a contingency plan to address any loss in City
revenues to the State.
This information is being presented to the Council for review and discussion.
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