City Council
MEETING DATE: 5/10/2017
TITLE:
Title
Adopting Resolutions for the Biennial Budget
End
FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Adopt the FY 2017/2018 and FY 2018/2019 biennial budget
Body
BACKGROUND:
After months of review and discussions, we are pleased to present the adopted Biennial Budget for Fiscal Years (FY) 2017-18 and 2018-19 for the City of Cathedral City (Operating Budget and Capital Improvement Project (CIP) Plan), the Successor Agency to the Cathedral City Redevelopment Agency ("Successor Agency"), the Housing Successor Agency and the Cathedral City Public Financing Authority.
This biennial budget was developed with a primary focus to accomplish City Council goals established in January 2017. Departments reviewed their past accomplishments and developed objectives focusing on achieving these overarching Council goals:
Economic & Community Development
Public Safety
Community Engagement & Community Relations
Infrastructure
Governance
Financial Solvency
In the past two years, we are happy to see the City of Cathedral City continuing to experience positive signs of an economic recovery. There continues to be increases in property values and decreases in unemployment rates. These indicators are translating into increased revenues for the City.
For the past eight years, balancing the budget has been a challenge. For the five successive years from FY 2007-08 through 2011-12, the City adopted general fund budgets with structural deficits. In order to achieve stabilization in balancing the budgets for the next five successive years, FY 2012-13 through FY 2016-17, difficult employee-related decisions, including layoffs and concessions, were necessary.
To illustrate, revenues remained flat from $33.982 million in FY 2009-10 to $33.876 million in FY 2012-13. With the economic downturn, it was necessary to generate a stable source of revenues to ensure the City's ability to maintain f...
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