To: Mayor Vera Katz
Commissioner Jim Francesconi
Commissioner Randy Leonard
Commissioner Dan Saltzman
Commissioner Erik Sten
City Auditor Gary Blackmer
From: Jennifer Sims, Financial Planning Manager
Date: December 15, 2003
Subject: Resolution to Adopt the FY 2004-05 Financial Forecast for the General Fund
The attached resolution formally adopts the General Fund Financial Forecast for the fiscal year 2004-05 budget development process. The Financial Forecast summarizes the estimated resources available for the upcoming fiscal year budget. Financial Planning will update the Financial Forecast throughout the FY 2004-05 budget process for new information and other changes.
The FY 2004-05 Financial Forecast shows a forecast to forecast decline of about $9.996 million in ongoing resources such that forecast revenues are insufficient to fund current appropriation levels and set-asides within the General Fund. The decline in resources requires a $2.818 million reduction in current General Fund appropriation levels and translates into approximately 1.1% reduction in ongoing requirements.
Please contact me if you have any questions regarding this matter.