R2010-61 APPROVING THE ANNUAL BUDGET

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FINANCIAL MANAGEMENT DEPARTMENT #2010 - 16 DATE: April 1, 2010 TO: Honorable Mayor Michael T. McElr y and City Council FROM: Ryan McCrady, City Manager Ron Neufeld, Finance Director SUBJECT: Changes to FY11 Budget Attached you will find a copy of a resolution approving the Annual Budget for Fiscal Year 2010-2011 as well as a revised copy of the 2010-2011 Annual Budget, with the changes made at the City Council meeting on Monday, March 30th. Below are the page numbers and changes made, which can be compared to the budget detail that you already have. For your convenience we have included copies of the pages that changed. Page 12 — We increased expenditure line item 10430392-443800 (Conventions and Visitor's Bureau) by $12,000 and expenditure line item 10430392-445000 (Senior Center) by $3,000. We offset this increase by reducing expenditure line item 10430392- 445912 (Transfer to Municipal Band)by $15,000. Page 52 — Decreased revenue line item 3643360-306702 (Transfer from General Fund) by $15,000 and assumed that a portion the beginning fund balance would make up the difference between the Municipal Band expenditures and the transfer from the General Fund. The General Fund budget is still $51,309,635 or $4,214,087 less than the General Fund budget approved in FY10. The total budget is now $147,153,414 less inter-fund transfers of$22,696,813 or a net budget of$124,456,601. That compares to net budget in FY10 of $141,200,797 or a reduction of $16,744,196. Other than the General Fund, the other large budget reductions came in the Hotel Fund, the Capital Funds and the Equipment Replacement Funds.