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City of El Cajon Fiscal Year 2008-09 Mid-Year Budget Review, Five-Year Business Plan, and PowerPoint Presentation
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City of El Cajon Fiscal Year 2008-09 Mid-Year Budget Review, Five-Year Business Plan, and Five-Year C.I.P. Update February 24, 2009. City of El Cajon February 24, 2009 Presentation Agenda. 2008/09 Mid-Year Report and Analysis – All Funds

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Presentation Transcript
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City of El Cajon

Fiscal Year 2008-09

Mid-Year Budget Review, Five-Year Business Plan, and

Five-Year C.I.P. Update

February 24, 2009

city of el cajon february 24 2009 presentation agenda
City of El CajonFebruary 24, 2009Presentation Agenda
  • 2008/09 Mid-Year Report and Analysis – All Funds
  • 5-Year Business Plan (Fiscal Years 2009/10 to 2013/14)
  • 5-Year Capital Improvement Plan – 2009/10 to 2013/14
city of el cajon february 24 2009 presentation agenda1
City of El CajonFebruary 24, 2009Presentation Agenda
  • 2008/09 Mid-Year Report and Analysis – All Funds
mid year budget status and analysis fiscal year 2008 09 mid year report summary
Mid-Year Budget Status and Analysis – Fiscal Year 2008-09MID-YEAR REPORT SUMMARY

Information Provided :

All funds of the City – The report shows 35 funds classified as General,

Proprietary, Special Revenue, Debt Service, Capital Project, and Internal Service Funds.

Midyear Revenues $48,754,088 – 38.8% of budget ($125,560,943)

Midyear Expenditures $58,504,150 – 37.5% of budget ($156,064,526)

Beginning fund balance positions for all funds as reported in the 2007-08 CAFR

Year-to-date revenues compared to budget

Year-to-date revenues compared to the same time period a year ago

Year-to-date expenditures compared to budget

Ending fund and cash balances as of December 31, 2008

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City of El CajonFebruary 24, 2009

Presentation Agenda

  • 2008/09 Mid-Year Report and Analysis – All Funds
  • 5-Year Business Plan (General & EMS Funds)
    • Fiscal Years 2009/10 to 2013/14
robert reich
Robert Reich
  • We are in the midst of a deep, deep world-wide recession.
  • Calls the economy the little “D” word.
  • Sees the economy not turning around until the middle of 2010 and no recovery for 3 – 4 years.
ron insana
Ron Insana
  • We are in a synchronized global recession . . . or depression. The world is in need of a global stimulus package, not just the U.S. We are in the midst of crisis, the current stimulus packages are not enough.
  • This is not a blip in the radar screen, things are happening we didn’t think could happen.
  • We are seeing extraordinary events, almost unprecedented. There are so many variables, so many moving parts, no one can say for sure where this is going to go.
  • Not a “U” shape recovery, likely an “L” shape recovery.
kiplinger letter february 13 2009
Kiplinger Letter – February 13, 2009

Because recessions run their course, eventual improvement is inevitable, helped by low interest rates as well as low prices for gasoline and other commodities. But a lack of confidence among consumers and companies and the halt in spending and hiring threatens to keep the economy from recuperating fully for several years.

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THINGS OF CONCERN TO CREDIT RATING AGENCIES

Entities whose financial operations are strained

Entities with limited revenue raising capacity or flexibilities

Propositions 13 and 42

Entities prioritizing operational needs at the expense of CIP

Entities not maintaining adequate reserves

Another Way To Look At It – A Litany of Worst Practices To Be Avoided

Use of one-time measures to fix on-going problems

Optimistic revenue and expenditure projections

Structural budget imbalance – The degree to which recurring revenues are sufficient to cover recurring expenditures over time

Time horizons to accomplish needed change too far out

Failure to update

Failure to monitor and report

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City of El CajonFebruary 24, 2009

Presentation Agenda

  • 2008/09 Mid-Year Report and Analysis – All Funds
  • 5-Year Business Plan (General & EMS Funds) Fiscal Years 2009/10 to 2013/14
  • 5-Year Capital Improvement Plan – 2009/10 to 2013/14
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Major Project Summary – 2009-10

Significant projects proposed for funding in fiscal year 2009-10 include:

Project Funding SourceAmount

Public Safety Center Proposition “O” $26,112,000

Civic Center Complex Revital. ECRA Capital Proj. 4,250,000

ECRA Low/Mod. In-Fill Housing ECRA Low/Mod. 3,000,000

Replacement Corrugated Pipe Wastewater 2,000,000

Overlay & Street Resurfacing TransNet 1,900,000

Downtown Enhancement (Phase II) ECRA Capital 1,810,000

Specific Plan 182 Project Asst. ECRA Capital 1,500,000

Underground Utilities Underground Util. Dist. 1,500,000

Roof Replacements (3) Unfunded -(General Fund) 1,000,000

Major Project Summary For Remaining Fiscal Years

Significant projects proposed for funding for the balance of the 5-year plan (fiscal years 2009-10 to 2013-14) include:

ProjectFunding SourceAmount

Public Safety Center Proposition “O” $58,188,000

Civic Center Revitalization ECRA Tax Increment 19,500,000

Overlay & Street Resurfacing TransNet 9,970,000

Downtown Enhancement (Phase 2) ECRA Capital 7,810,000

Downtown Specific Plan (SP 182) ECRA Capital 7,500,000

Animal Shelter Proposition “O” 5,364,000

Underground Utility Districts Utility Dist. 20A 6,000,000

RDA Infill Housing ECRA Low/Mod. 5,700,000

Johnson Ave. Trunk Line Wastewater 4,800,000

RDA Median Improvements ECRA Capital 3,875,000