03-14-1994 - SpecialSPECIAL MEETING
OF THE
WEST COVINA CITY COUNCIL
Monday 6:00 p.m.
March 14, 1994 Management Resource Center
AGENDA
Agenda material is available for review in the City. Clerk's office, Room 317,
1444 W. Garvey Avenue. For sign language interpreter services or use of hearing
impaired aids at Council meetings, please call'(818) 814-8433 (voice) or (818)
960-4422 (TTY) between 8 am and 5 pm Monday through Friday. Four working days
notice is required. The city complies with the Americans With Disabilities Act
(ADA). If you will need special assistance at this,mesting, the City will try
to accommodate you in every reasonable manner. Please call the number listed
above at least 48 hours prior to the meeting to inform us of your particular
needs and to determine if accommodation is possible.
ROLL CALL
I. ORAL COMMUNICATIONS
Jennings, Wong, Herfert, Manners, McFadden
II. FISCAL YEAR 1993-94 BUDGET UPDATE AND FISCAL YEAR 1994-95
ASSUMPTIONS
This report presents an overview of the status of the.City's
fiscal year 1993-94 General Fund Budget and a preliminary
estimate of the revenue picture for the upcoming fiscal year
1994-95. A review of budgeted revenue and service cost
estimates at the mid -point of this fiscal year, 1993-94, shows
that actual General Fund revenues will end the year
substantially below earlier projections. If left uncorrected
the loss in revenues will result in a deficit (expenditures
exceeding revenues) at year-end of approximately $1,253,000.
This report presents a plan of cost reductions and shifts that
will close the shortfall by the end of the fiscal year. The
City Manager's recommendations to the City Council are as
follows:
A. That the program for balancing the 1993-4 budget as
recommended by staff be approved.
B. That the program for closing the 1994-95 budget shortfall
as recommended by staff be incorporated in the 1994-95
Preliminary Budget when presented to the City Council for
consideration.
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CITY COUNCIL AGENDA Page Two
March 14, 1994
II. FISCAL YEAR 1993-94 BUDGET UPDATE AND FISCAL YEAR 1994-95
ASSUMPTIONS
(Continued)
C. That the City Manager be directed to continue to evaluate
the "Needs Further Evaluation" list of budget
alternatives for recommendation to the City Council
during the 1994-95 Budget Process.
D. That the City Manager be directed to continue to evaluate
the components of the Long -Range Strategic Financial Plan
for recommendation to the City Council during the 1994-95
Budget Process.
Motion by 2nd by
approve disapprove hold over
ADJOURNMENT Motion by 2nd by
to
to adjourn the meeting at pm.
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