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City of Glendale - PowerPoint PPT Presentation


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Budget Update. City of Glendale. November 15, 2011. Introduction. FY 2010-11 Results Estimated Cash & Fund Balances at June 30, 2011 FY 2011-12 First Quarter Update Questions and Comments. FY 2010-11 Results General Fund Resources. FY 2010-11 Results General Fund Expenditures.

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Presentation Transcript
introduction
Introduction
  • FY 2010-11 Results
  • Estimated Cash & Fund Balances at June 30, 2011
  • FY 2011-12 First Quarter Update
  • Questions and Comments
fy 2010 11 results impact of gra activity
FY 2010-11 ResultsImpact of GRA Activity
  • Redevelopment Agency made a payment of $35.6 million on the outstanding loan
    • Reclassified $30.6 million of nonspendable fund balance to unassigned fund balance
    • Remainder of payment, $5 million, was recorded as interest revenue
  • Transfer of note receivable, property and related income
    • Total of $8.5 million was recorded as revenue
  • Future repayments of the Agency Loan will be recorded as principal reduction and interest revenue
estimated cash fund balances as of 6 30 2011
Estimated Cash & Fund BalancesAs of 6/30/2011
  • Capital Improvement Fund (401) has a negative cash balance of $3.3 million at year end
    • Attributable to grant projects that are funded on reimbursement basis
    • Recorded as a loan due to the General Fund
  • Water Fund has a negative cash balance of $10.8 million at year end
    • Recorded as a loan due to the Electric Fund
    • Will be addressed at an upcoming Water Rate study session
fy 2011 12 first quarter update
FY 2011-12 First Quarter Update
  • Positive Signs
    • All General Fund departments had budget savings in FY 2010-11 totaling $7.6 million
    • PERS rates have stabilized and will increase slightly less than forecasted by PERS last year
    • Sales tax is beginning to trend upward based on the most recent quarter to quarter review
    • City appears to be on target with employee concession savings as all employee groups participated in this strategy
    • Increased rates to fund the Internal Service Fund deficits were implemented for FY 2011-12
fy 2011 12 first quarter update1
FY 2011-12 First Quarter Update
  • Future Issues
    • While budget savings were realized, service levels have been reduced throughout the community
    • Hiring freeze continues to be in affect
    • Uncertainty of the Redevelopment Agency remains
    • The General Fund Capital Improvement Program (Fund 401) has been severely curtailed over the last several years
    • Continue to address the natural cost increases in employee benefits
    • PERS rates, while stable, are subject to revision based on multiple factors
fy 2011 12 first quarter update2
FY 2011-12 First Quarter Update
  • First Quarter Results
    • Revenues and expenditures are tracking as expected
    • No changes are proposed to the adopted budget at this time
    • Staff is closely monitoring revenue and expenditure data and will recommend changes, if any, at the mid-year Budget Report