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<br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br />Work Session: Financial Strategy <br /> <br /> <br />Meeting Date: November 14, 2012 Agenda Item Number: B <br />Department: Central Services Staff Contact: Sue Cutsogeorge <br />www.eugene-or.gov Contact Telephone Number: 541-682-5589 <br /> <br /> <br /> <br />ISSUE STATEMENT <br />This work session is an opportunity for the council to receive an update from the City Manager on <br />the FY14 budget process. <br /> <br /> <br />BACKGROUND <br />For the past several years, the City has worked to close a persistent structural gap in the budget. <br />Despite a number of years of hard work and decisions to live within our means, the lingering <br />impacts of the recession and costs that continue to increase have resulted in a mismatch between <br />our revenues and expenses. During the FY13 budget process, the City Manager developed a two- <br />year plan to achieve a stable budget. The FY13 Adopted Budget made progress towards that <br />stable budget plan, but it was clear that there was more to be done in FY14. <br /> <br />The start of the FY14 budget process will include an update on the City’s General Fund condition, <br />after incorporating new information about property tax growth, inflation and other key factors <br />that affect the General Fund financial condition. The forecast is currently anticipated to be <br />presented to the council on November 26. At this council work session, the City Manager will give <br />an update on the process for council decisions around financial strategy for the FY14 budget and <br />beyond. <br /> <br /> <br />RELATED CITY POLICIES <br />Council Goal of Fair, Stable and Adequate Funding. <br /> <br /> <br />COUNCIL OPTIONS <br />None. Information only. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br />None. Information only. <br /> <br /> <br /> S:\CMO\2012 Council Agendas\M121114\S121114B.doc <br /> <br />