Item 5: Resolution Adopting FY08 Budget

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Non-departmental Budget Decrease the Reserve for Revenue Shortfall by $210,000to offset increased traffic calming ? support ($70,000) and Human Services Commission stabilization support ($140,000). Add a $70,000 transfer to the Road Capital Projects Fund. Other Funds (not including Encumbrance and Capital carryovers) Road Capital Projects Fund Capital: Increase traffic calming by $70,000 for a total annual budget of $100,000. Facilities Services Fund Non-Departmental: Reduce reserves and increase transfer authority for a $150,000 transfer to the General Fund from the Facilities Replacement Reserve. The General Fund will use the resource to fund $150,000 for homeless prevention services. Timing Under the state statute, a budget must be approved prior to July 1, 2007, and a jurisdiction must elect to receive State Revenue Sharing funds and file a copy of the resolution or ordinance with the State of Oregon by July 31, 2007. Other Background Information The FY08 Proposed Budget document, Budget Committee packets, information distributed at Budget Committee meetings, and Budget Committee motions are available on the City’s website. RELATED CITY POLICIES Council Goals The budget supports department work plans designed to further Council Goals and Priorities. Financial Management Goals and Policies The budget was prepared following guidelines established in the Financial Management Goals and Policies. COUNCIL OPTIONS According to ORS 294.435, the City Council is limited to increasing expenditures in a fund by no more than $5,000 or 10 percent, whichever is greater, of the Budget Committee-approved total in each or any fund. If a larger expenditure increase is desired, republishing the budget summary in the local newspaper and conducting a second public hearing is required. The City Council may reduce revenues, move allocations within a fund and may decrease expenditures; however all actions must result in a balanced budget, where revenues equal expenditures, for each fund. Any increase to property taxes above the rate or amount approved by the budget committee requires republishing the budget summary and conducting a second public hearing. If members of the council wish to amend the budget resolutions, the motion must contain the specific appropriation line(s) being altered in the resolution and each motion must be self-balancing, meaning that a resource and a requirement must exactly offset each other. L:\CMO\2007 Council Agendas\M070611\S0706115.doc