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<br /> <br />':. <br /> <br /> <br />Office of the City Manager <br /> <br />DATE: 4-15-08 <br />ITEM NO.: 3 <br /> <br />April 15, 2008 <br /> <br />Honorable Mayor & City Council <br />City of Riverside, California <br /> <br />FY 2008-2009 Preliminary Budget Workshop <br /> <br />I am pleased to submit a Fiscal Year 2008-09 draft budget plan for your <br />consideration during today's Budget Workshop. <br /> <br />The proposed fiscal package follows three unprecedented years of <br />expanding services to all residents of our City. The draft budget sustains <br />this progress, funds key services, maintains a prudent General Fund <br />reserve, balances expenditures with revenues and maintains momentum <br />on the Riverside Renaissance Initiative. <br /> <br />As part of the 2007-08 Mid-Year Budget Report, your Council approved a <br />series of prudent measures to adjust departmental spending to reflect <br />regional economic trends which have slowed the growth of City <br />revenues. To maintain the City's strong fiscal footing, Departments have <br />instituted strategic cost control measures, prioritized program delivery <br />to meet the Council's primary policy directives, held vacant staff <br />positions, eliminated all but the most necessary expenditures, and <br />maximized use of Redevelopment Agency funding and external resources <br />(to include grants) to preserve the service gains made over the past <br />three years. In addition to reflecting reduced revenue growth, next <br />year's spending plan was adjusted to absorb approximately $6 million in <br />new costs required by Agreements with the City's labor organizations. <br />The Council's direction to appropriately adjust the City's 2007-08 <br />spending effectively set the stage for a 2008-09 Budget which preserves <br />core services and spares local residents from many of the negative fiscal <br />impacts seen in neighboring jurisdictions. <br /> <br />The City's overall proposed bUdget for FY 2008/09 is $991,041,206, with <br />proposed General Fund expenditures totaling $213,417,799. General <br />Fund revenues are conservatively budgeted at the corresponding level, <br />and the fiscal plan meets the terms of Memoranda of Understanding <br /> <br />3900 Main Street . Riverside, California 92522 . (951) 826-5553 <br /> <br />3-1 <br />