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These decisions significantly influenced the City's capacity to increase spending for new
<br />programs to address council goals, citizen concerns, or to resolve growing budget gaps within
<br />departments in FY08 and beyond. Contrary to the forecast I brought to you last year, the
<br />General Fund is expected to incur an operating deficit in each of the next six years.
<br />To illustrate this change in financial condition, the FY07 Proposed Budget forecast presented
<br />last year at this time is shown below, followed by the FY08 Proposed Budget forecast:
<br />FY07 PROPOSED BUDGET -SIX-YEAR GENERAL FUND FORECAST
<br /> Six-Year General Fund Forecast
<br /> FY07 Proposed
<br />15.0
<br />10.0
<br />
<br />5.0
<br />N
<br />C
<br />O
<br />~ (5.0)
<br />«y
<br />(10.0)
<br />(15.0)
<br />(20.0)
<br /> FY07 FY08 FY09 FY10 FY11 FY12
<br /> ~~AnnualOperating (1,649,000) (1,850,000) (109,000) 244,000 218,000 (16,000)
<br /> Surplus/(Deficit)
<br /> -~ -.Reserve for .9,333,000 7,483,000 7,374,000 7,618,000 7,836,000 7,820,000
<br /> Revenue Shortfall
<br />
<br />FY08 PROPOSED BUDGET -SIX-YEAR GENERAL FUND FORECAST
<br /> Six-Year General Fund Forecast
<br /> FY08 Proposed Budget
<br />15.0
<br />10.0
<br />_ 5.0 ` ~
<br />c
<br />_ ~ .
<br />
<br />_ (5.0) _
<br />
<br />(10.0) `
<br />
<br />(15.0)
<br />(20.0)
<br /> FY08 FY09 FY10 FY11 FY12 FY13
<br /> -rFAnnualOperating (2,525,832) (3,024,000) (2,766,000) (3,074,000) (6,295,000) (5,428,000)
<br /> Surplus/(Deficit)
<br /> --i- -Reserve for 6,066,616 3,042,288 276,288 (2,797,712) (9,092,712) (14,520,712)
<br /> Revenue Shortfall
<br />
<br />2
<br />
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