02/10/1992 Meeting - Laserfiche WebLink

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e e . M I NUT E S Eugene City Council McNutt Room--City Hall February 10, 1992 5:30 p.m. COUNCILORS PRESENT: Shawn Boles, Bobby Green, Ruth Bascom, Debra Ehrman, Randy MacDonald, Paul Nicholson, Kaye Robinette, Roger Rutan. The regular meeting of February 10, 1992, of the Eugene City Council was called to order by His Honor Mayor Jeff Miller. Mayor Miller acknowledged the presence of several members of the League of Women Voters of Lane County. ~, I. WORK SESSION: FY93 GENERAL FUND OPERATING AND CAPITAL BUDGETS Mr. Wong, Administrative Services, recalled that staff recommended the devel- opment of a place-holder budget, given the Eugene Decisions process. Coun- cil's directives were: 1) a place-holder budget, moving the current services forward into FY93 without any major changes, 2) target total working capital at $8-9 million, and 3) fund general capital projects at $1.5-2 million. Mr. Wong reviewed the meeting packet material, including the following: Major changes in revenue estimates--a dropoff from earlier forecasts, prima- rily reflective of the economy (e.g., low interest earnings) and other fac- tors, such as a reduction in EWEB revenue due to the mild winter; Assumptions related to FY93 General Fund Budget--included is a $2 million Ballot Measure 5 transition reserve to assist in implementing the adopted Eugene Decisions strategy; FY93 General Fund Budget status--results in a projected deficit of approxi- mately $3 million (State law restricts the submission of a deficit budget); and Deficit strategy (to balance the budget)--includes both revenue and expendi- ture adjustments; Mr. Wong explained that the strategy is to start with a lower contingency amount, which can be adjusted up with the carryover from the current fiscal year. Mr. Boles noted that the ending balance in previous years has been MINUTES--Eugene City Council February 10, 1992 Page 1