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City of El Cajon Fiscal Year 2008-09 Mid-Year Budget Review, Five-Year Business Plan, and

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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City of El Cajon Fiscal Year 2008-09 Mid-Year Budget Review, Five-Year Business Plan, and

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  1. 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

  2. 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

  3. City of El CajonFebruary 24, 2009Presentation Agenda • 2008/09 Mid-Year Report and Analysis – All Funds

  4. 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

  5. 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

  6. EVENTS LEADING UP TO THE NEED FOR PROPOSITION “J”

  7. 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.

  8. 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.

  9. 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.

  10. 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

  11. 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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