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Monday, November 15, 2010

Budget shortfall to be $700K worse than anticipated

Read the 15-page document here by clicking item N-02b

I have underlined the worst news.
Boy are we gonna have Looooooow Taxes. Just no city services.

November 11, 2010
To: The Honorable Mayor and City Council Members
From: John Szerlag, City Manager
John M. Lamerato, Assistant City Manager/Finance & Administration
Subject: Update of Multi-Year Budget Document
Attached is an update of our multi-year budget document, and the salient objective is to calibrate our forecast of revenues and expenditures so as to continually achieve a more accurate document. Of course, these calibrations are in accordance with the three-year budget.
Three changes are noteworthy:
1) Property tax revenues are going to decrease further than our original estimate to the tune of an additional $700,000 reduction in fiscal year 2011/12; and an additional $790,000 reduction of property tax revenue estimates for fiscal year 2012/13.
2) Through change management techniques and streamlining, we believe that the Community Center can achieve self-sufficiency. In other words, programming revenues will cover expenditures, not counting debt service. Please know that we only had to cover the $100,000 shortfall in this year’s budget. Also, keeping the Community Center open is in line with our budget document which indicates that quality of life venues must be self-supporting if they are to remain open.
3) For fiscal year 2011/12 we anticipate an estimated reduction in the City’s projected contribution to the defined benefit plan of roughly $400,000.
And we're going to squeeze extra funds for the library out of where?

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