HomeMy WebLinkAbout2004-02-03 - AGENDA REPORTS - FY 2004/2005 BUDGET (2)CITY OF SANTA CLARITA
INTEROFFICE MEMORANDUM
TO: Mayor Kellar and Members of the City Council
Chair Hauser and Members of the Parks, Recreation & Community Services
Commission
Menul
and Members of the Planning Commission
FROM: l City ager
DATE; February 3, 2004
SUBJECT: FISCAL YEAR 2004-2005 BUDGET
RECOMMENDED ACTION
City Council, Parks, Recreation & Community Services Commission and Planning Commission
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.
Similar to last fiscal year, this year the City is contending with the State budget deficit, and
uncertainty regarding the revenue the City receives from the Vehicle License Fee (VLF) during the
preparation of the upcoming annual budget. Given the continued uncertainty, the development of the
City's Fiscal Year 2004-2005 annual budget will be impacted by the State budget deficit and the
Governor's proposal to address the shortfall.
We are approaching the State budget crises prudently, including working closely with our legislators,
considering the potential impacts to the City during the Fiscal Year 2004-2005 annual budget
preparation, and analyzing long-term impacts and potential solutions. Our planning efforts include
developing a contingency plan to address any loss in City revenues to the State.
This information is being presented to the Council, the Parks, Recreation & Community Services
Commission, and the Planning Commission for review and discussion.
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