02-07-2006 - 2005/06 Fiscal Year Mid-Year Budget Update•
•
i City of West Covina
14 - . 1 MEMORANDUM
AGENDA
Item No.: D. 7ff,
Date: February 7, 2006
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Tom Bachman, Director
Finance Department
SUBJECT: 2005-06 FISCAL YEAR MID -YEAR BUDGET UPDATE
RECOMMENDATION:
It is recommended that:
1. The City Council receives and files the budget update report.
2. Provide direction on the 2006-07 and 2007-08 budget as necessary
DISCUSSION:
2005-06 BUDGET MID -YEAR UPDATE
The City adopted a General Fund budget for the 2005-06 fiscal year that contained a budget gap
of only $56,908. The budget gap had been projected at $7 million at the beginning of the 2005-
06 budget process. A number of measures were taken and certain events occurred during the
budget process that resulted in the adopted budget that contained a gap of only $56,908.
Reducing the gap was a significant accomplishment and included the following actions and
events.
• Expenditure reductions totaling $950,000
• Re -amortizing the public safety pension unfunded liability resulting in $810,000 in savings
• Property tax revenues growing faster than projected
• Investment income increasing due to the run up in short term interest rates
• Ambulance transport service in operation for the full fiscal year and increase in fees to bring
them in line with county rates
• Early repayment of VLF gap loan resulted in one-time revenue of $1.9 million
• Implementation of the Sales Tax Reimbursement with the CDC to reimburse City for sales
tax revenues pledged to support the CFD bonds generated $1.5 million in annual revenue
Since the adoption of the budget in July, the following adjustments have been made to the 2005-
06 General Fund budget. The state in October provided the City with its Property Tax in lieu of
VLF allocation for 2005-06. That amount is $719,716 higher than the amount that was included
in the budget. Changes on the expenditure side include an additional appropriations of $328,487
necessary to fund the public safety MOU's, $180,000 to fund the Cortez Park walking trail and
$10,000 for solar lighting on the City entrance monument signs. These adjustments cause the
2005-06 budget to show a current year surplus of $144,321. When carryovers from the prior
year of $368,923 are considered, there is a gap of $224,602. It is expected that revenues such as
property tax, property transfer tax, construction tax and building permits will exceed their
estimates during the current year and that the General Fund will end up in a surplus position at
the end of the year.
Attachment 1 to this report provides a summary of General Fund budget with revenues and
expenditures through the month of December (50% of the fiscal year). A brief analysis of
performance of the major revenues is included with the summary. Expenditures for all
departments are in line with budgeted amounts at this point in the fiscal year.
•
0
2006-07 and 2007-08 BUDGET —PRELIMINARY OUTLOOK
The City will be preparing its first two-year budget for the upcoming 2006-07 and 2007-08 fiscal
years. The outlook for these two fiscal years is better than it has been in recent years and is the
result of actions taken by the City over the past couple years to reduce expenditures and increase
or implement new revenues as well as an improving tax base, most notably property tax. The
City was able to produce a near balanced budget for 2005-06 after six consecutive years of
adopting gap budgets. While the outlook is more favorable than in the past, the City's ability to
produce balanced budgets in the future will rely heavily on its ability to control the growth of
expenditures in line with the growth in revenues.
The chart below summarizes the "preliminary" outlook for the current year and the two budget
years, prior to City Manager line item review. As mentioned above, because it is expected that
certain revenues will exceed their budgeted amounts and with expenditures estimated to spend
the full appropriation during the year, the 2005-06 fiscal year is estimated to end up with a
surplus. The outlook for the two budget years at this early point in the budget process projects a
gap of about $400,000 in the first year with the budget being balanced in the second year.
Total Revenues
% increase
Total Expenditures
% increase
Surplus/(Deficit)
Total Fund Balance
Available Fund Balance
Estimated
2005/06
49,925,865
9.0%
49,637,924
5.8%
Preliminary Preliminary
2006/07
50,721,770
1.6%
51,138,725
3.0°/0
2007/08
53,096,261
4.7%
53,086,020
3.8%
287,941 (416,9551 10,241
47.658,448 47,241,493 47,251,735
21,965.757 21.951,859 22,695,262
The following are some of the more significant changes in the upcoming budget that are factored
into these preliminary projections.
• The VLF gap loan repayment that was a large piece of reducing the gap in the 2005-06
budget was a one-time revenue of $1.9 million in the current year that will not be in future
budgets.
• The 2006-07 fiscal year will mark the end of the ERAF III shift which was a two-year shift
of $1.1 million of City property tax each year to the ERAF fund. The end of this shift will
somewhat offset the one time VLF gap loan payment.
• Projections 2006-07 for sales tax include amounts for opening of the BKK commercial
center, and the Nissan and Audi dealerships.
• Interest income will decrease in 2006-07 as the $3.3 million repayment to the City of the
advances to the CDC will now start reducing the principal. While principal payments do not
show as income to the City, they do increase the available fund balance of the General Fund.
• Expenditures have been projected to increase at 3.5% annually over the two-year budget
period.
• The City is committed to implement the 2.5% @ 55 pension plan for miscellaneous
employees effective July 1, 2006. This is estimated to increase pension costs $475,000 in the
first year.
• Public safety retirement costs which have increased dramatically in recent years are projected
to level off in coming years due to changes by Ca1PERS in their methods of amortizing
unfunded liabilities and smoothing investment returns.
• The debt service on the Civic Center Bonds will increase in 2006-07 by approximately
$400,000 as principal payments begin.
A copy of 2006-07 and 2007-08 budget calendar is Attachment 3 to this report.
Prepared by: To achman
Director of Finance
Attachments No. 1 2005-06 General Fund Revenue and Expenditure Summary.
No. 2 2005-06 Non -General Fund Revenue and Expenditure Summary
No. 2 2006-07.Budget Calendar
In
Attachment 1
Shown below is a summary of the 2005-06 adopted budget with revenues and expenditures
through the month of December (50.0% of the year). The $719,716 difference between the
original revenue budget and the adopted budget reflects the increase in the Property Tax in lieu
of VLF. Certain of the larger revenue sources are running will below the 50% mark due to
timing of when revenues are received during the fiscal year. Through the first six months of the
year, the major revenue sources (sales tax, property tax, and interest income) appear to be on
track with or running ahead of budget estimates. As for the remaining revenue sources, based on
the information available at this time, there are no major fluctuations expected from their
budgeted amounts.
REVENUESOURCE
Sales Tax
% of
Total
21.3%
Original
Budget
10,375,000
Amended
BudgetRemaining
10,375,000
YTD
4,856,702
:.
5,518,298
%
46.8%
Sales Tax Compensation Fund
7.0%
3,430,000
3,430,000
0
3,430,000
0.0%
Property Tax
25.4%
12,354,600.
13,074,316
2,719,391
10,354,925
20.8%
Interest
9.6%
4,684,480
4,684,480
2,080,012
2,604,468
44.4%
Franchise Tax
5.7%
2,770,600
2,770,600
100,000
2,67000
3.6%
Overhead Chargebacks
6.2%
3,000,000
3,000,000
930,906
2,069,094
31.0%
Business License Tax
3.0%
1,450,000
1,450,000
326,461
1,123,539
22.5%
Transient Occupancy Tax
1.8%
900,000
900,000
355,734
544,266
39.5%
Vehicle In Lieu
5.3%
2,599,035
2,599,035
2,205,588
393,447
84.9%
Ambulance Service
3.7%
1,800,000
1,800,000
851,987
948,013
47.3%
Other Revenues
6.6%
3,212,141
3,212,141
1,645,822
1,566,319
51.2%
Transfers In
4.3%
2,117,750
2,117,750
1,044,612
1,073,138
49.3%
Total Revenues
100.0%
48,693,606
49,413,322
17,117,215
32,296,107
34.6%
Sales Tax - Although sales tax is at 46.8% through the first six months of the year, this does not
include fourth quarter receipts, which is typically the largest quarter, and does not include the
sales tax transfer from the Fashion Plaza CFD. Sales tax revenue at this time last year was
$4,346,737. Sales tax appears to be on track to meet their budget estimate at this point.
Sales Tax Compensation Fund - This revenue source is the one -quarter cent sales tax that is
being paid through property tax due to the triple flip. While this revenue source shows zero
revenue through December, the City received $1,866,175 in January. This amount also includes
the amount of sales tax withheld from the Plaza CFD. This revenue source will be reconciled to
actual sales tax withheld in January 2007.
Property taxes - Property tax revenues became a much larger share of the City's General Fund
revenues as part of the state budget, now making up 25.4% of total revenues. Total property tax
revenues now include $6.9 million in supplemental property taxes in lieu of VLF fees and a
deduction of $1.1 million for the ERAF III shift. The ERAF III shift ends after this year. Due to
the timing of when revenues are received under the new payment schedule, total property taxes
are only at 20.8% but should exceed their budget estimate.
Interest - Interest income is pretty close to where it should be at this time of the year. $3.3
million (75%) of all interest income in the General Fund comes from loans to the redevelopment
agency.
Franchise Tax - Franchise tax receipts are only at 3.6% due to the fact that most payments are
not required to be made until later in the year. This is consistent with prior years.
Overhead Chargebacks - These are budgeted chargebacks to various department and funds that
receive external funding. This revenue source should meet its budget projection.
Business License Tax - Business license revenues are only at $326,461 (22.5%) due to most
revenue from this source being due in January. This amount was $200,600 at this time last year.
Transient Occupancy Tax - Transient occupancy taxes are at $355,734 (39.5%) and only
include five months for the year. This is slightly below last year's total of $363,895 at the same
time of year.
Motor Vehicle in -lieu - This revenue source was reduced by approximately 87% as part of the
2004-05 state budget and the revenue loss is replaced with a like amount of property tax revenue.
Total revenue to date is 84.9% due to the $1.9 million one-time VLF gap loan repayment that
occurred early in the fiscal year.
Ambulance Service - 2005-06 is the first full year for the ambulance service. The City
instituted higher rates this year in line with those charged by Los Angeles County. Revenues to
date are at 47.3% of budget and should end up very close to the budget estimate of $1.8 million
Other Revenues - This revenue source contains all other revenues and is at $1,645,822 (51.2%)
for the year. This exceeds last year's total of $1,537,679 at the same time of year.
Fund Transfers - This revenue source includes transfers from the Traffic Safety, Public Safety
Augmentation and West Covina Service Group Funds. This revenue source should end up the
year right at its budget estimate.
A chart of expenditures for 2005-06 is shown below.
EXPENDITURES
ity Council
% of
Total
0.5%
Original
Budget
219,516
Amended
219,516
108,858
:.
110,658
%
49.6%
eneral Administration
2.4%
1,150,999
1,150,999
470,700
680,298
40.9%
ity Clerk
1.4%
664,192
665,05
159,014
506,042
23.9%
Finance
3.90%
1,898,285
1,933,782
947,061
986,721
- 49.0%
Human Resources
1.2%
605,437
677,824
257,901
419,923
38.0%
Tanning
1.2%
560,887
585,928
245,216
340,712
41.9%
Police Total
45.4%
22,132,996
22,259,833
11,010,688
11,249,145
49.5%
Fire
28.8%
14,037,096
14,272,558
7,143,473
71129,085
50.1%
Communications
4.3%
2,074,976
2,124,975
953,568
1,171,407
44.9%
Public Works
8.4%
4,074,961
4,106,376
1,800,608
2,305,767
43.8%
Community Services
1.6%
759,823
760,548
420,096
340,452
55.2%
Environmental Management
0.3%
141,346
141,341
60,042
81,298
42.5%
Transfers Out
0.9%
430,000
430,000
0
430,000
0.0%
Total Operating Budget
48,750,514
49,328,735
23,577,225
25,751,511
47.8%
apital Projects Total
0.0%
0
309,188
24,292
284,897
7.9%
General Fund Budget Total
100.0%
48,750,514"
49,637,924
23,601,5161
26,036,4071
47.5%
Most departments are running below the 50% mark midway through the year due in part to the
many position vacancies.
• City of West Covina 0 Attachment 2
REVENUE and EXPENDITURES
NON -GENERAL FUNDS ONLY
As of 12-31-2005
REVENUE
EXPENDITURES
Adjusted
As of 12/31/05
Percent
Adjusted
As of 12/31/05
Percent
FUND#
FUND DESCRIPTION
Estimate
of
Budget
of
FY 05 06
Estimate
FY 05-06
Budget
SPECIAL REVENUE FUND TYPES
ill
FEE & CHARGE
1,383,123
589,776
42.6%
:::
1,359,956
596,413
43.9%
116
STATE ASSET FORFEITURES
6,980
56,117
804.0%
67,892
25,892
38.1%
117
DRUG ENFORCEMENT REBATE
4,500
10,171
226.0%
5,918
5,918
100.0%
118
BUSINESS IMPROVEMENT TAX
800
299
37.4%
119
AIR QUALITY IMPROVEMENT TRUST
128,000
83,993
65.6%
199,453
21,536
10.8%
121
PROPOSITION "A"
1,636,458
1,013,214
61.9%
::
1,919,939
608,400
31.7%
122
PROPOSITION "C"
1,345,311
749,255
55.7%
; :c;.
3,052,664
319.333
10.5%
123
TRAFFIC SAFETY
1,350,000
494,780
36.7%
z`
1,599,615
724,176 •
45.3%
124
GASOLINE TAX
2,020,000
719,123
35.6%::::
2,446,631
1,150,289
47.0%
125
TRAFFIC CONGESTION (AB2898)
469,796
139,388
29.7%
:::
465,000
14,003
3.0%
127
POLICE DONATIONS
1,350
2,458
182.1%
5,951
510
8.6%
128
TRANSPORTATION DEV. ACT
56,000
29,426
52.5%
134,515
57.948
43.1 %
129
INTEGRATED WASTE MANAGEMENT
215,327
56,030
26.0%
234,793
118,693
50.6%
131
COMMUNITY DEVEL. BLOCK GRANT
1,883,461
1,648,183
87.5%
3?>?
3,180,623
759,316
23.9%
133
TRAFFIC ENFORCEMENT GRANT
3,113
134
COPS/SCHOOL BASED PARTNERSHIP
4
135
BJA BLOCK GRANT
22
136
COP UHP GRANT
24,160
0.0%::...:.::
31,097
26,275
84.5%
140
F.A.U./I.S.T.E.A./T21
325,000
0.0%
1573,443
256,791
44.8 %
141
G.R.E.A.T.GRANT
42,750
0.0%<
42,750
42,102
98.5%
142
OCJP DOMESTIC VIOLENCE GRANT
8
143
LA COUNTY PARK BOND
173,979
0.0%
144
TREE FUND
12
2,000
0.0%
145
WASTE MGT ENFORCEMENT - GRANT
18,108
15;827
87.4%
!i:''i
18,202
8,093
44.5%
146
SENIOR MEALS PROGRAM
195,920
70,715
36.1%
192,929
89,221
46.2%
148
SCAQMD ELEC. VEH. CORRIDOR GRANT
2,520
0.0
149
USED OIL BLOCK GRANT
54,400
5,203
9.6%
54,855
17,285
31.5%
150
INMATE WELFARE
10,500
9,988
95.1 %
:;::;:
18,276
846
4.6%
152
BKK COMMUNITY
221,306
96,707
43.7%
153
PUBLIC SAFETY AUGMENTATION
600,000
265,527
44.3%
:; .::::
732,263
316,250
43.2 %
154
PRIVATE GRANTS
50
155
COPS/SEES
163,000
162,306
99.6%
i[Sii
227,447
150,182
66.0%
157
ELECTRIC VEHICLE AQMD MATCH
1
158
C.R.V. / LITTER REMOVAL GRANT
31,000
30,729
99.1 %
32,562
19,040
58.5%
159
SUMMER MEALS PROGRAM
28,525
20,525
72.0%
::::
28,975
20,958
72.3%
169
STATE PARK BOND GRANT
10
51,146
0.0%
181
MAINTENANCE DISTRICT #1
180,185
125,770
69.8%
:....
227,589
93,541
41.1
182
MAINTENANCE DISTRICT #2
87,260
47,836
54.8%
90,298
31,366
34.7%
184
MAINTENANCE DISTRICT #4
1,037,604
427,299
41.2%
:
1,034,643
448,010
43.3%
186
MAINTENANCE DISTRICT #6
97,398
41,458
42.6%
::::
126,540
54,795
43.3%
187
MAINTENANCE DISTRICT #7
65,645
36,577
55.7%
::::
126,233
61,274
48.5%
188
CITYWIDE MAINTENANCE DISTRICT
1.351,985
532,244
39.4%
::?::
1,313,074
593,621
45.2%
189
SEWER MAINTENANCE
1,251,000
529,758
42.3%
1,359,570
527,900
38.8%
190
BUSINESS IMPROVEMENT DISTRICT
86,703
56,833
65.5%
::::
90,749
26,370
29.1%
192
BJA LLEBG 2004
108
24,067
28,663
119.1%
194
OCJP - CLETEP
86
195
BULLET PROOF VEST GRANT
85
2,213
.2,213
100.0%
196
STATE DOMESTIC PREP EQUIP GRANT
18,320
(10,201)
55.7%
197
COPS/SRO
41
198
OTS CSBCC GRANT
21,486
30,064
139.9%
8,840
10,629
120.2%
199
TRANSPORTATION (PROP A) GRANT
287,179
2,394
2,394
100.0%
201
BJA LLEBG 2003
55
203
CHARTER SETTLEMENT FUND
4,294
176,350
26,937
15.3%
204
COPS TECHNOLOGY GRANT
25,991
20,285
78.0%
205
CHARTER PEG FUND
150,000
1,743
1.2%''
144,188
59,426
41.2%
206
2004 HOMELAND SECURITY GRANT
100,453
58,220
58.0%
207
OTS GRANTS
22,059
0.0%
33
208
JUSTICE ASSISTANCE GRANT
36;646
28,673
782%
209
RIVERS & WATER CONSERVATION
472.342
51,499
10.9%
210
LA COUNTY 5TH DISTRICT GRANT
160,221
0.0%
211
LAND & WATER CONSERVATION
255,073
0.0%
212
ART IN PUBLIC PLACES
57
213
STATE HOMELAND SECURITY GRANT
106.873
0.0%
'' `
106,873
0.0%
214
USDOJ COPS GRANT
98,664
0.0%
98,664
0.0
215
N AZUSA RELINQUISHMENT
4,400,000
64,600
0.0%
16,551,331
12,697,689
76.7%:;:;:;:;
23,142,632
7,561,878
32.7%
TOTAL SPE51Ai,1REVE1111t1EFUhETiYPES
CAPITAL PROJECT,. FUND TYPE
160
CAPITAL PROJECTS
135,350
11,499,598
1,064,547
9.3%
161
CONSTRUCTION TAX
120,000
113,589
94.7%
:::
426,996
107,409
25.2%
163
PARKS
20,000
10,736
53.7%
96,919
12,639
13.0%
170
PARK DEDICATION FEES "A"
2,523
61,345
394
0.6%
171
PARK DEDICATION FEES "B"
1,146
13,877
1,808
13.0%
172
PARK DEDICATION FEES "C"
937
77,156
10,302
13.4%
173
PARK DEDICATION FEES "D"
56
7,062
0.0%
174
PARK DEDICATION FEES "E"
12.248
638,859
61,897
9.7%
175
PARK DEDICATION FEES "F"
1,045
145,762
8,000
5.5%
176
PARK DEDICATION FEES "G"
7,369
506,306
16,646
3.3%
177
PARK DEDICATION FEES "H"
992
140,000
285.990
204.3%
......
13.473,880
1,283.644
9.5%
TOTALAPtTAL P OJECT�FUND TYPES """ 3,
wcbudget \ FINAL 2005-2006 \Quarterly Report - Non GF Rev & Exp FY 05-06 As of 12-31-05
1/31/2006 1 of 2
• City of West Covina 0 . Attachment 2
REVENUE and EXPENDITURES
NON -GENERAL FUNDS ONLY
As of 12-31-2005
REVENUE
EXPENDITURES
Adjusted
As of 12/31/05
Percent
Adjusted
As of 12/3l/05
Percent
FUND#
FUND DESCRIPTION
Estimate
of
Budget
of
FY 05-06
Estimate
FY 05-06
Budget
DEBT SERVICES FUND TYPES
300
DEBT SERVICE - CITY
2,473,387
280,903
11.4%
2,466,994
4,359,384
176.7%
2,473,387
3,650,460
147.6%i`.i
2.466,994
4.359.384
176.7%
I! PE
PROPRIETARY FUND TYPES
INTERNAL SERVICEFUND TYPES
360
UNINSURED LOSS CITY PROPERTY
38,811
117,352
35,471
30.2%
361
GENERAL LIABILITY
1,454,952
1,265,833
87.0%
>
1,354,950
615,359
45.4%
363
WORKER'S COMPENSATION
1,612,796
1,023,117
63.4%
::
1,616,273
809,941
50.1%
365
FLEET MANAGEMENT
1,024,390
583,193
56.9%
:::::
1,296,910
682,235
52.6%
ENTERPRISE FUND TYPES:
375
POLICE SERIVCE GROUP
1,800,000
1,704,749
94.7%
2,351,478
1,251,061
53.2%
TOTAL PRSiPRiET�SRY.;FUNd P l
5.892,138
4.615,703
78.3%:i;:
6,736,962
3,394,067
50.4%
COMMUNITY DEVELOPMENT COMMISSION
CDC CAPITAL PROJECT FUND TYPE.,
862
HOUSING SET -ASIDE
3,190,500
653,686
20.5%
::::::::::
3,179,658
2,044,379
64.3%
863
H.O.M.E. PROGRAM
-
454
876
MERGED AREA CAPITAL PROJECTS
8,643,200
8,337,060
96.5%
:'':: :
5,520,276
1,355,756
24.6%
877
CITYWIDE AREA CAPITAL PROJECTS
635,000
13,376
2.1 %
430,415
79,722
18.5
CDC DEBT SERVICE FUNDS:
853
CFD DEBT SERVICE
4,352,000
1,432,731
32.9%
>
4,350,950
3,022,533
69.5%
882
MERGED AREA DEBT SERVICE
13,838,480
5,036,772
36.4%
:
13,852,950
3,343,043
24.1 %
883
CITYWIDE AREA DEBT SERVICE
813,500
552;051
1,043,280
47,797
4.6%
CDC Fund Transfers In /Transfers Out
(6,495,980)
0.0%
`?;#>
(6,495,980)
0.0%
TOTpC CDGinetaftraii ° �� . `
.. __ _ _ •....�::a
24.976,700
16,026,130
64.2%`E``.
21,881,549
9,893,230
45.2%
TC)7A1. NON 1 ERA , ;I PiC , , , • • , �� € %
50,033,556
37,275,972
74.5%
::::
67,702,016
26,492,202
39.1 %
wcbudget \ FINAL 2005-2006 \Quarterly Report - Non GF Rev & Exp FY 05-06 As of 12-31-05
1/31/2006 2 of 2
i'
9
Attachment 3
OPERATING BUDGET CALENDAR 2006-2007 & 2007-2008
Date Day Description
11/29/2005 Tue. Community services distributes CIP request forms to sports groups &
school districts
l/l/2006 Tue. CIP request forms due from sports groups & school districts.
2/4/06 Sat. Community services commission CIP sub -committee site review of
proposed sports groups CIP projects with public works project manager.
2/7/06 Tues. * 2005-2006 fiscal year mid -year budget update
2/8/06 Wed. Staff budget kick-off meeting with City Manager, department directors
& departmental budget coordinators. Calendar, instructions, salary
worksheets & forms to be distributed.
2/14/06 Tue. Applications for fiscal year 2006-2007 CDBG public service projects
due.
2/21 & Tue./Thur. Joint meetings of the community services & senior commissions to
2/23 review CDBG public service requests.
2/23/06 Thur. City Manager, Assistant City Manager, finance director & requested
staff review revised revenue estimates/interfund transfers.
2/27/06 Mon. Personnel estimate forms due to finance (overtime, limited service, etc.)
2/28/06 Tue. CIP requests, suggested funding sources & justifications due to public
works analyst.
3/2/06 Thur. CDBG public service projects review/rate by community services &
senior commission sub -committee.
3/9/06 Thu. Senior commission recommends CDBG public service project funding.
3/10/06 Fria Departmental budget forms, justifications, & 06-07/07-08 year-end
estimates due to finance.
3/10/06 Fri. Grant information due to finance. Public works project manager
completes final review & cost estimates of CIP.
3/13-3/31 Finance staff prepares budget pages.
3/14/06 Tue. Community services commission review/rate CIP requests.
R
I
Date
Day
Description
3/14/06
Tue.
Community services commission recommends CDBG public service
project funding.
3/17/06
Fri.
Department/division narratives including issues, goals & 'workload
indicators due to finance.
3/20-5/12
Individual departmental budget meetings with City Manager & finance
director to review requests & CIP status.
3/24/06
Fri.
C1P fund balances due from finance.
4/4/06
Tue.
CDBG public service project funding recommendation to city council.
5/15-5/26
Final budget adjustments.
5/17%06
Wed.
City Manager budget message due.
5/30/06
Tue..
Preliminary budget due to city council.
6/1-6/20
TBD *
2006-07 & 2007-08 preliminary budget study session.
6/20/06
Tue. *
Budget adoption
* Denotes
city council participation
TBD = to
be determined