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HomeMy WebLinkAboutSupplemental Item #11 City of Downey Mid-Year Budget Review 2009-10 Projected Revenues$ 65,600,000 –Sales Taxes$ -1,910,000 –State Sales Tax Compensation-1,160,000 –Utility Taxes-550,000 –Other Taxes-90,000 –Licenses & Permits-200,000 –Motor Vehicle Fees-217,000 –Charges for Services-450,000 –Fines and Forfeitures-120,000 Total Projected Reductions-4,789,000 Adjusted 2009-10 Projected Revenues$ 60,811,000 City of Downey Mid-Year Budget Review Sales Tax Revenue $14,000,000 $12,000,000 SALES AND USE $10,000,000 TAX $8,000,000 $6,000,000 SALES AND USE TAX $4,000,000 COMPENSATION $2,000,000 $0 2006-072007-082008-092009-10 Fiscal Year City of Downey Mid-Year Budget Review 2009-10 Approved Budget Deficit$ -2,734,000 Projected Revenue Reductions-4,789,000 Potential Budget Deficit-7,523,000 Projected Cost Cutting Measures Labor and benefit costs$ 2,000,000 Equipment Charges800,000 Liability Charges400,000 Estimated Cost Cutting Measures3,200,000 Potential Budget Deficit, as Adjusted$ -4,323,000 City of Downey Mid-Year Budget Review Combined Reserves Available$ 40,000,000 Reserves Used for 08-09 Fiscal Year-1,500,000 Net Reserves Currently Available38,500,000 Potential Reserves Used for 09-10 Fiscal Year-4,323,000 Net Reserves Projected for 10-11 Fiscal Year$ 34,177,000