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18 <br /> MEMORANDUM <br /> DATE: April 16, 2002 <br /> TO: City Council <br /> FROM: Mike Mornson, City Manager <br /> ITEM: 2003 GENERAL FUND BUDGET <br /> The preparation of the City's annual budget begins with a public hearing to discuss the <br /> goals and objectives for the upcoming year. Because of levy limits and potential <br /> reductions in LGA, the preparation of the 2003 budget will be especially challenging. <br /> The 2001 budget has been audited with the following results: <br /> Budget Actual Reserves <br /> Revenues $3,519,875 $3,542,107 $22,232 <br /> Expenditures $3,519,875 $3,475,924 $43,951 <br /> $ 66,183 <br /> The 2002 General Fund budget at$3,626,500 is 4.3% higher than the actual expenditures <br /> for 2001 ($3,475,924). <br /> Challenges for the upcoming year will be: <br /> 1) Preparing the 2003 budget with levy limit constraints. <br /> 2) Reserves/contingency dollars are no longer a budgeted <br /> line item.(eliminated in 2002). <br /> 3) Further LGA/HACA reductions could impact <br /> basic City services (potential cuts could =$200,000) <br /> 4) The funding of Capital equipment purchases. <br /> For Council's review I have included a summary of the 2002 budget and the actual <br /> expenditures from 2001. <br />