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City of Glendale

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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City of Glendale

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  1. Budget Update City of Glendale November 15, 2011

  2. Introduction • FY 2010-11 Results • Estimated Cash & Fund Balances at June 30, 2011 • FY 2011-12 First Quarter Update • Questions and Comments

  3. FY 2010-11 ResultsGeneral Fund Resources

  4. FY 2010-11 ResultsGeneral Fund Expenditures

  5. 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

  6. FY 2010-11 ResultsNet Change to Fund Balance

  7. FY 2010-11 ResultsFund Balance Reconciliation

  8. FY 2010-11 ResultsFund Balance Reserve Percentage

  9. Estimated Cash & Fund BalancesAs of 6/30/2011 (In Thousands)

  10. 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

  11. 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

  12. 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

  13. 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

  14. FY 2011-12 First Quarter UpdateGeneral Fund Resources

  15. FY 2011-12 First Quarter UpdateGeneral Fund Expenditures

  16. Questions and Comments

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