City of Culver City, California
Agenda Item Report
Meeting Date: _03/12/2012_ Item Number: A-2
CITY COUNCIL AGENDA ITEM: FOUR-FIFTHS VOTE REQUIREMENT – (1) Receipt
and Filing of the Fiscal Year 2011/2012 Mid-Year General Fund Budget Monitoring
Report, and (2) Approval of Proposed Budget Amendments
Contact Person/Dept.: Jeff Muir/Finance Phone Number: 310-253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: (Email) Meetings and Agendas – City Council (03/08/12); (Email)
Ongoing Topics – Fiscal and Budget Issues (03/08/12)
Department Approval:
Jeff Muir (03/07/12)
City Attorney Approval:
Carol Schwab (by H. Baker) (03/07/12)
Chief Financial Officer Approval:
Jeff Muir (03/07/12)
City Manager Approval:
John M. Nachbar (03/07/12)
RECOMMENDATION:
Staff recommends the City Council (1) receive and file the Fiscal Year 2011/2012
Mid-Year General Fund Budget Monitoring Report and (2) approve related budget
amendments.
A budget amendment requires a 4/5
ths
vote.
BACKGROUND / DISCUSSION:
The attached Mid-Year General Fund Budget Monitoring Report (Report) presents
the City Council with a snapshot of General Fund expenditures and revenues
through the first half of Fiscal Year 2011/2012 which began on July 1, 2011. Other
City funds are performing within expectations and are not a part of this report. They
will be discussed in more detail during the Fiscal Year 2012/2013 budget process,
which will begin in May.
FISCAL ANALYSIS:
The Report provides detail into General Fund revenues received and expenditures
disbursed to 12/31/2011, as well as adjusted projections through the end of the
Fiscal Year (to June 30, 2012). Staff is recommending General Fund expenditure
appropriations be reduced by $3.2 million, and that revenue projections be reduced
by $2.9 million. Current projections estimate that for Fiscal Year 2011/2012,
expenditures are expected to exceed revenues by $3.4 million.
City of Culver City, California
Agenda Item Report
ATTACHMENTS:
1. Fiscal Year 2011/2012 Mid-Year General Fund Budget Monitoring Report
2. Proposed General Fund Budget Amendments
MOTION:
That the City Council:
(1) Receive and file the Fiscal 2011/2012 Mid-Year General Fund Report as
provided in Attachment 1;
and
(2) Approve the Budget Amendments as proposed in Attachment 2.
A budget amendment requires a 4/5
ths
vote
MEETING DATE: 03/12/2012
AGENDA ITEM: Receipt and Filing of the Fiscal Year 2011-12 Mid-Year
General Fund Budget Monitoring Report and Approval
of Proposed Budget Amendments.
ATTACHMENTS
1. Mid-Year General Fund Budget Monitoring Report
1-10
2. Proposed Budget Amendments
11
City of Culver City
MID-YEAR GENERAL FUND
BUDGET MONITORING REPORT
(Through December 31, 2011)
FOR
FISCAL YEAR 2011-12
11
CITY OF CULVER CITY
2011-12 Budget Monitoring Report
Mid-Year Report (as of 12/31/11)
General Fund
INTRODUCTION
General Fund Operating Revenues through December are $26.573 million, or 33% of adjusted
budgeted projections. General Fund Expenditures through December are $37.073 million, or
44% of adjusted budgeted appropriations. Revenues often lag expenditures at this point in the
year due to accruals, which occur at the end of the fiscal year.
This report will focus solely on the General Fund. Other Funds are performing close to
expectations, and will be discussed further during the Fiscal Year 2012-2013 budget process.
In Fiscal 2008-09, Culver City was hit hard by the effects of the recession. Improvements in Sales
Tax and certain other revenue categories are being seen, but expenditures continue to outpace
revenues. The elimination of Redevelopment is having a significant impact on the General Fund,
with several million dollars that previously flowed as reimbursement to the General Fund
disappearing. While the City was successful in negotiating concessions with all of the bargaining
groups, the short-term savings from these agreements will take two to three years to really phase
in, and are more than offset by the losses attributable to Redevelopment. The structural deficit
continues to persist at a significant level, requiring further expenditure reductions or an infusion of
new or increased revenues.
REVENUES SUMMARY
General Fund Revenue Overview (as of 12/31/2011)
? Through December, General Fund operating revenues are $26.573 million, or 32.9% of
adjusted budget projections. This is approximately $723,000, or 2.7%, lower than the same
time last Fiscal Year.
The table below shows a comparison between revenues received as of December 31 for the
current and prior fiscal years:
22
Receipts
as of
12/31/10
Receipts
as of
12/31/11
$$ Change
from 2010-11
to 2011-12
% Change
from Fiscal
2010-11
Property Tax 1,200,175 1,319,858 119,683 10.0%
Sales Tax 4,285,075 3,955,330 (329,745) (7.7%)
Public Safety Sales Tax (PSAF) 100,290 112,311 12,021 12.0%
Business Tax 530,280 429,798 (100,482) (18.9%)
Franchise Tax 207,800 111,074 (96,726) (46.5%)
Real Property Transfer Tax 504,202 478,476 (25,726) (5.1%)
Utility Taxes 6,394,989 6,385,167 (9,822) (0.2%)
Transient Occupancy Tax (TOT) 1,392,825 1,549,175 156,350 11.2%
Commercial/Industrial Dev. Tax 36,570 135,938 99,368 271.7%
Licenses and Permits 911,520 1,219,137 307,617 33.7%
Intergovernmental 44,615 55,835 11,221 25.1%
Charges for Svcs. (Includes RDA billings) 5,434,324 6,115,604 681,280 12.5%
Fines and Forfeitures 2,059,340 1,163,072 (896,268) (43.5%)
Use of Money & Property 190,298 214,741 24,443 12.8%
Interfund/Departmental (Admin. Allocation) 2,401,644 2,366,916 (34,728) (1.4%)
Other Revenues 89,942 159,601 69,659 77.4%
Other (Interfund Transfers) 1,513,145 801,484 (711,661) (47.0%)
TOTAL GENERAL FUND 27,297,033 26,573,515 (723,518) (2.7%) COMPARISON OF GENERAL FUND R EVENUES
MID-YEAR RECEIPTS FISCAL YEARS 2010-2011 AND 2011-2012
? Sales Tax is currently coming in lower than the same point last Fiscal Year, but this is
mostly due to adjustments. Based on the projection from our Sales Tax consultant, it is
expected to surpass last year’s total by the end of the Fiscal Year. Based on this
information, an increase to the budget projection is being recommended.
? Utility Taxes overall are performing at the same level they were at this time last year.
? Property Taxes are slightly above last year’s level, supported by the 2% increase in
assessed valuation for Fiscal Year 2011-2012.
? Business Tax is due by the end of February, and therefore is not a significant revenue
source as of December 31. It is expected to perform at approximately the same level as last
year.
? Transient Occupancy Tax (TOT) is slightly improved over the previous year, and staff is
recommending an increased budget projection.
? Real Property Transfer Tax is difficult to predict as it relies on property sales, which have
dropped considerably due to the economy. The mid-year total is consistent with the same
point in time last year, and it is now expected to exceed the current budget. Therefore, an
increased budget projection is recommended.
? Licenses and permits, greatly driven by residential and commercial construction permits, is
showing improved performance over last year’s total at this time. Because of this, an
increased budget projection is recommended.
? Charges for Services is performing better than it was as of last year’s mid-year review.
However, this is the revenue category that includes most of the General Fund charges to
the Redevelopment Agency. Due to the elimination of Redevelopment, this revenue source
is being significantly reduced for the remainder of the year.
33
? Fines and Forfeitures are significantly lower than the same time last year. This revenue
category is primarily made up of red light camera violations and moving violations written by
Culver City traffic enforcement. It appears most of the reduction is due to red light camera
violations. Due to construction projects related to the Metro line and Sepulveda Boulevard,
a number of cameras have been out of operation. During the July 2011 through December
2011 period, there were nearly 3,500 less red light camera violations issued than the
previous year. While the completion of construction should ultimately result in more
violations, the budget projection for this revenue category must be reduced for the current
fiscal year.
? Use of Money and Property includes rent charges to the Redevelopment Agency, which
cannot be charged for the remainder of the Fiscal Year. Coupled with all-time low
investment returns, a reduction in the budget projection is recommended.
? The revenue associated with the City’s Cost Allocation Plan must also be reduced for
certain costs that can no longer be funded by the Redevelopment Agency.
? Other Revenues and Interfund Transfers are expected to meet current budget projections.
This revenue category is significantly lower than the same period last year due to one-time
transfers in Fiscal Year 2010-2011. An increase in the budget projection of $130,000 for
Interfund Transfers is recommended to cover required expenditure increases that will be
discussed in the following section of the report.
The following table represents the current General Fund revenue budget, receipts through
December 31, 2011, and a revised projection for Fiscal Year 2011-2012:
ADJUSTED
BUDGET
2011-12
PRELIMINARY
RECEIPTS
AS OF 12/31/11
% RECEIVED
AS OF
12/31/11
REVISED
BUDGET
PROJECTION
2011-12
Property Tax 3,925,000 1,319,858 33.6% 3,925,000
Sales Tax 16,542,000 3,955,330 23.9% 16,700,000
Public Safety Sales Tax (PSAF) 342,000 112,311 32.8% 342,000
Business Tax 10,050,000 429,798 4.3% 10,050,000
Franchise Tax 1,350,000 111,074 8.2% 1,350,000
Real Property Transfer Tax 1,000,000 478,476 47.8% 1,400,000
Utility Taxes 15,120,000 6,385,167 42.2% 15,120,000
Transient Occupancy Tax (TOT) 3,050,000 1,549,175 50.8% 3,150,000
Commercial/Industrial Dev. Tax 250,000 135,938 54.4% 250,000
Licenses and Permits 1,949,310 1,219,137 62.5% 2,100,000
Intergovernmental 3,631,227 55,835 1.5% 3,631,227
Charges for Svcs. (Includes RDA billings) 11,729,920 6,115,604 52.1% 9,839,920
Fines and Forfeitures 4,099,700 1,163,072 28.4% 2,750,000
Use of Money & Property 688,000 214,741 31.2% 550,000
Interfund/Departmental (Admin. Allocation) 5,100,030 2,366,916 46.4% 4,590,030
Other Revenues 242,230 159,601 65.9% 242,230
Other (Interfund Transfers) 1,589,257 801,484 50.4% 1,719,257
TOTAL GENERAL FUND $80,658,674 $26,573,515 32.9% $77,709,664
MID-YEAR GENERAL FUND REVENUES
44
Total revenues for Fiscal Year 2011-2012 are expected to be approximately $3.1 million lower than
the current budget. As discussed previously, this is primarily due to a significant decrease in Fines
and Forfeitures and reimbursements previously received from the Redevelopment Agency. Staff is
recommending budget amendments to reflect these updated projections.
55
EXPENDITURES SUMMARY
General Fund Expenditure Overview as of 12/31/2011)
? Overall, General Fund expenditures through December were $37.073 million or 43.9% of
appropriations. Continued salary savings from vacant positions and, to a lesser extent,
departments spending less O&M, has resulted in lower levels of expenditures.
? Through April, all General Fund departments are at or under 48% of their expenditure
budget.
The table below provides a comparison between the first six months of Fiscal Year 2011-
2012 and the same period for the prior year:
ADJUSTED
BUDGET
2010-11
PRELIM
EXPEND
AS OF
12/31/10
%
EXPEND
AS OF
12/31/10
ADJUSTED
BUDGET
2011-12
PRELIM
EXPEND
AS OF
12/31/11
%
EXPEND
AS OF
12/31/2011
CITY COUNCIL/CITY MANAGER 1,330,645 669,251 50.3% 1,248,050 562,022 45.0%
CITY CLERK 357,861 152,604 42.6% 406,334 164,647 40.5%
CITY ATTORNEY 1,876,390 833,616 44.4% 1,874,109 603,946 32.2%
FINANCE 4,255,627 1,660,608 39.0% 4,484,464 1,949,104 43.5%
HUMAN RESOURCES 1,042,361 441,255 42.3% 1,009,757 450,497 44.6%
INFORMATION TECH. 3,192,090 1,371,892 43.0% 3,202,789 1,329,658 41.5%
PARKS, REC. & COMMUNITY SVCS 6,370,744 2,845,838 44.7% 6,513,168 2,817,737 43.3%
POLICE DEPARTMENT 28,412,656 12,702,236 44.7% 29,078,721 13,031,145 44.8%
FIRE DEPARTMENT 15,381,125 7,096,687 46.1% 15,991,579 7,680,377 48.0%
COMMUNITY DEVELOPMENT 7,231,614 3,126,089 43.2% 7,240,504 2,973,546 41.1%
PUBLIC WORKS 9,541,736 4,082,911 42.8% 9,496,427 3,886,917 40.9%
NON-DEPARTMENTAL 4,061,872 1,246,820 30.7% 4,494,994 1,255,594 27.9%
Transfers 2,892,068 1,414,966 48.9% 701,350 367,342 52.4%
Cost Savings 0 0 - (1,340,000) 00.0%
Projected Excess Appropriation (325,000) 0 0.0% 0 0 -
TOTAL GENERAL FUND $85,621 ,789 $37,644,774 44.0% $84,402,246 $37,072,534 43.9%
COMPARISON OF SIX MONTH GENERAL FUND EXPENDITURES FISCAL 2010-11 AND 2011-12
* Percent expended represents the percent of the adusted budget expended as of the end of the period covered in this report.
In aggregate, total expenditures through six months have decreased by approximately $0.6 million.
Most of this decrease is attributable to a reduction in transfers to other City funds. Finance
Department expenditures are higher for Fiscal Year 2011-2012 as all positions are currently
staffed, where there were vacancies that existed in the prior year. Similarly, the Police Department
expenditures are higher primarily due to fewer vacancies, though vacancies do exist at the present
time. Fire Department expenditures are higher due to an increase in Constant Staffing overtime.
As a percentage of total adjusted budget, the expenditure pattern for Fiscal Year 2011-2012 (at
43.9% of budget), is very consistent with the same point last year (44.0%). The combination of a
66
hiring freeze on non-safety positions, vacancies in safety positions while recruitments are
underway, and departments keeping a close eye on operations and maintenance costs have
allowed the General Fund to come in well under 50% through the first half of the year.
The table below reflects a comparison of expenditures to date versus the adjusted budget, as well
as a column for recommended budget adjustments for the mid-year
ADOPTED
BUDGET
2011-12
ADJUSTED
BUDGET
2011-12
PRELIMINARY
EXPEND
AS OF
12/31/11
%
EXPEND
AS OF
12/31/11
RECOMMENDED
BUDGET
2011-12
CITY COUNCIL/CITY MANAGER $1,241,653 $1,248,050 $562,022 45.0% $1,248,050
CITY CLERK $406,130 $406,334 $164,647 40.5% $406,334
CITY ATTORNEY $1,779,809 $1,874,109 $603,946 32.2% $1,874,109
FINANCE $4,362,836 $4,484,464 $1,949,104 43.5% $4,484,464
HUMAN RESOURCES $971,186 $1,009,757 $450,497 44.6% $1,009,757
INFORMATION TECH. $3,047,898 $3,202,789 $1,329,658 41.5% $3,232,789
PARKS, REC. & COMMUNITY SVCS $6,406,924 $6,513,168 $2,817,737 43.3% $6,513,168
POLICE DEPARTMENT $29,015,288 $29,078,721 $13,031,145 44.8% $29,078,721
FIRE DEPARTMENT $15,920,241 $15,991,579 $7,680,377 48.0% $16,091,579
COMMUNITY DEVELOPMENT $7,121,357 $7,240,504 $2,973,546 41.1% $7,240,504
PUBLIC WORKS $9,346,339 $9,496,427 $3,886,917 40.9% $9,496,427
NON-DEPARTMENTAL $4,488,451 $4,494,994 $1,255,594 27.9% $4,494,994
Transfers $700,000 $701,350 $367,342 52.4% $701,350
Cost Savings ($1,340,000) ($1,340,000) $0 0.0% ($4,716,000)
TOTAL GENERAL FUND $83,468,112 $84,402,246 $37,072,534 43.9% $81,156,246
MID-YEAR GENERAL FUND EXPENDITURES * Percent expended represents the percent of the adjusted budget expended as of the end of the period covered in this report.
There are limited adjustments to the expenditure budget proposed. They are summarized as
follows:
? The Information Technology budget is increased by $30,000 to fund a limited-term
Computer Programmer position for the remainder of the Fiscal Year. This position is
required to assist with the conversion and implementation of the new Financial and Human
Resources System. This position will also be included in the Fiscal Year 2012-2013
Recommended Budget. The position will be eliminated at the completion of the project,
which is expected to be mid-2013. The position is fully funded by a transfer from the
Financial System Implementation project budget into the General Fund.
? The Fire Department budget is increased by $100,000 due to significant required
maintenance that has occurred on certain fire apparatus. This cost is being offset by a
transfer from the Equipment Replacement Fund.
? The Adopted Fiscal Year 2011-2012 Budget included a negative line item for cost savings in
the amount of $1.34 million. This was the amount of savings assumed to be achieved
through negotiations with the bargaining groups. Based on the final negotiated agreements
with all bargaining groups, there is limited savings that will be recognized in the current
Fiscal Year. The majority of the short-term savings will phase in over the course of the next
two to three fiscal years. There were also significant long-term savings negotiated, that will
phase in over a much longer period of time. Based on the expenditure pattern for the year-
77
to-date, existing vacancies, and the known results of negotiations, staff is estimating the
General Fund will end the year at approximately 96% expended. In order to formally reduce
the total General Fund appropriations, the Cost Savings line item will be increased to $4.72
million.
The result of these items is that the total General Fund appropriations for expenditures in Fiscal
Year 2011-2012 will reduce from $84.4 million to $81.2 million. The City Manager and Chief
Financial Officer will work to ensure that overall expenditures throughout all departments do not
exceed this amount.
FIVE-YEAR PROJECTION
For the current Fiscal Year 2011-2012, it is projected that expenditures will exceed revenues by
approximately $3.4 million. General Fund reserves will be used to make up this deficit. The deficit
in the adopted budget was $2.8 million, so it has increased by $0.6 million. Due to the loss of
certain Redevelopment-related revenues and the lower moving citation revenues, the City is
fortunate to have mostly offset these reductions in the current year with expenditure savings.
Based on the estimated expenditure and revenue estimates for the current fiscal year, staff has
performed a high-level update of the five-year forecast. This forecast assumes continued slow
growth in most revenues. Some notable changes include the following:
? Approximately $7 million in revenues received from Redevelopment to fund direct and
indirect staff, and other activities, are eliminated in 2012-2013 and beyond.
? It is assumed the Successor Agency to the Redevelopment Agency will receive some
funding for administration, and $600,000 is assumed to reimburse core staff costs in Fiscal
Year 2012-2013 and 2013-14, declining in subsequent years.
? It is assumed that approximately $250,000 of staff costs can also be charged directly to the
various bond-funded projects that have been approved.
? It is assumed the Housing Authority will reimburse the General Fund for a core level of
staffing of approximately $485,000. It is also assumed the Housing Authority will pay
approximately $100,000 in overhead costs to the General Fund.
? While net revenue from the Pacific Theater agreement was formerly accounted for in the
Redevelopment funds, the Theater is City property and this revenue will be reflected in the
General Fund in subsequent years.
? The ballot measure to increase the Transient Occupancy Tax from 12% to 14% is assumed
to be approved by the voters in April, resulting in approximately $500,000 in additional
revenues in future years.
On the expenditure side, the forecast includes the resulting assumptions from all of the new
MOU’s. For Fiscal Year 2012-2013 and thereafter, there is no ‘assumed’ savings against
budgeted positions. To convert some of the savings being realized during the current year into
future years, permanent staffing reductions or other reorganizations will be necessary. Other
assumptions of note include:
88
? The known increases to public safety positions as a result of the Salary Initiative Ordinance
are included for the years covered by the L.A. City and L.A. County contracts. For the final
two years of the forecast, there is an assumption of 2% in annual increases.
? There are no cost-of-living increases assumed for non-sworn personnel during the entirety
of the forecast.
? There is an assumption that a major reorganization will take place with many of the
positions formerly funded by the Redevelopment Agency, and approximately
$2.35 in personnel costs will be reduced. More specifics will be forthcoming at the onset of
the 2012-2013 budget development process.
Below is the current forecast:
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Beginning Appropriable Fund Balance 42,492 39,128 34,058 26,531 19,024 12,075
Total GF Revenues 77,710 78,653 81,220 83,823 86,661 89,218
Total GF Expenditures (79,776) (86,675) (89,039) (90,931) (92,553) (94,226)
OPEB Contribution (680) (1,450) (2,150) (2,850) (3,600) (3,600)
Current Net Operating Surplus/Deficit
(2,747) (9,472) (9,969) (9,958) (9,492) (8,608)
Est. Savings from Two-Tiered Pensions 0 51 93 101 193 243
2% TOT Increase 83 500 500 500 500 500
Reorganization
0 2,350 2,350 2,350 2,350 2,350
Adjusted Net Operating Surplus/Deficit (2,664) (6,571) (7,026) (7,007) (6,449) (5,515) One-time - Transfers to CIP Projects (700) (500) (500) (500) (500) (500)
One-time - Sale of Property
0 2,000 0000
Total Net One-time (700) 1,500 (500) (500) (500) (500)
Gross Surplus/Deficit (3,364) (5,071) (7,526) (7,507) (6,949) (6,015) Ending Appropriable Fund Balance 39,128 34,058 26,531 19,024 12,075 6,060
49.48% 39.52% 29.97% 21.04% 13.12% 6.43%
Revenue Assumptions
Eliminates $7 million received from RDA beginning in 12/13 Assumes reimbursement from Successor Agency for $600k in staff costs, declining over time
Assumes reimbursement of $250k in staff costs from Community Improvement bond projects
Assumes reimbursement from Housing Authority for $486k in staff costs
Assumes $100k in Cost Allocation applied to Housing Authority Assumes $1.3 million in net Pacific Theater revenue
Assumes TOT increase is approved in April 2012
Expenditure Assumptions
Reflects results of negotiations in personnel cost projections
Reflects known salary ordinance increases for Safety through 14/15, and 2% per year thereafter
Reflects NO salary adjustments to non-sworn positions over term of projection
Assumes full staffing of budgeted positions for 12/13 and beyond
Assumes elimination of $2.35 million in former RDA / Housing and other positions in 12/13
Estimates reduction in amount to fully fund OPEB based on negotiations (waiting on actuarial report) General Fund Forecast [in thousands] Current Plus Five-Year Forecast
99
Based on these current assumptions, the structural deficit is approximately $7 to $7.5 million. It is
likely the upcoming proposed budget will include further recommended reductions.
CONCLUSION
As the City Council is aware, approximately 80% of General Fund expenditures are employee cost
related and there are known cost increases coming for rising pension costs and responsibly
funding retiree medical benefits. Over half of the General Fund budget is for public safety.
Significant action is still required to bring ongoing expenditures in line with available ongoing
revenues. With negotiations completed, there are limited options beyond more staff reductions.
With the significant reductions that have already occurred, there will need to be visible and painful
service reductions to accomplish this. It is also important to note the Five-Year Forecast above
assumes only $500,000 per year in infrastructure investment. This is not nearly the investment
that is required.
10Business Unit Description Amount
10115100.313000 Sales Tax (158,000)
10114400.317000 Real Property Transfer Tax (400,000)
10114400.318000 Transient Occupancy Tax (100,000)
10151500.321000 Building Permits (90,000)
10151500.324000 Plumbing & Heating Permits (60,690)
10153100.371100 Redevelopment Agency Billings 943,000
10155100.371100 Redevelopment Agency Billings 757,000
10131100.365740 Auditorium Rental 80,000
10131100.365720 Teen Center 50,000
10145600.367500 Hazardous Materials Fee 60,000
10140900.338200 Vehicle Code Fines 1,349,700
10115100.383200 Rent from RDA 92,000
10115100.382000 Interest Income 46,000
10153100.375000 Admin Cost Allocation 204,000
10155100.375000 Admin Cost Allocation 306,000
10199900.391307 Transfer-in - ERF (100,000)
10199900.391420 Transfer-in - I & A (30,000)
TOTAL 2,949,010
Business Unit Description Amount
10124100.411100 Regular Salaries - IT 30,000
10145100.600800 Equip. Maintenance Charges 100,000
10189900.699100 TBD Personnel Rltd Cost Reductions 1,340,000
10189900.910300 Projected Excess Appropriations (4,716,000)
Sub-total (3,246,000)
42099900.952101 Transfer-out - GF (30,000)
30799900.952101 Transfer-out - GF (100,000)
TOTAL (3,376,000)
REVENUES
EXPENDITURES
Attachment 2
Proposed Budget Adjustments
11