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Based on projected costs and assuming the Council desires to provide the same programs and service <br />levels, a number of significant budgetary impacts in the tax-supported funds are expected for 2011. They <br />include: <br />❖$600,000 for employee cost-of-living adjustments, and increased pension and healthcare costs <br />❖$450,000 to fully fund the City's vehicle replacement program <br />❖$250,000 for general inflationary increases in supplies, maintenance, utilities, etc. <br />In total, these expected new budget impacts total $1,300,000. This amount does not reflect the additional <br />monies needed for the Parks Improvement Program (PIP), and for the repair and replacement of City <br />facilities. Annual funding for the PIl' and City facility needs is estimated to be approximately $3 million <br />per year over the next 10 years. <br />City Staff will be available at the meeting to address any Council inquiries. <br />POLICY �BJECTIVE <br />Producing revenue and expenditure forecasts are consistent with industry best practices and the City's <br />Financial Policies. Although it represents estimated revenues, the forecast should be used as a primary tool <br />in making resource allocation decisions. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />Not applicable. <br />REQUESTED COUNCIL ACTION <br />For information purposes only. No formal Council action is required. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Staff Memo dated February 22, 2010 Regarding Alternative Revenue Sources <br />Page 4 of 4 <br />