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Public Hearing — Reaffirm and Revise the Fiscal Year 2014 -15 Budget <br />June 17, 2014 <br />Page 2 <br />supports those functions most commonly associated with city government such as police, fire, <br />recreation, library, planning and building, street maintenance and general city administration. <br />Additionally, the revised General Fund budget incorporates over $3M in funding for the five -year <br />Strategic Plan which is scheduled to commence July 1, 2014. <br />In an effort to protect critical front -line services provided to the public, the proposed revisions to <br />the 2014 -15 budget continue to incorporate various expenditure reduction strategies which include <br />fire and medic services through the Orange County Fire Authority, employee retirement cost <br />sharing, implementing workforce changes, and continued evaluation of all business practices to <br />achieve innovation and efficiency cost savings. <br />The proposed revisions to the 2014 -15 General Fund budget continue the City's commitment to <br />fiscal stability by allocating additional funding to attain a target reserve level of 20% of operations. <br />As of June 2013, the City's reserves levels increased to over $30M (or the equivalent of 15% of <br />operations). Included in the revised 2014 -15 budget is approximately $1.3M in additional reserve <br />appropriations. Staff anticipates reserve levels to reach a target level of $41.7M (or approximately <br />20% of operations) in 2015 and well ahead of schedule. <br />With regard to workforce changes, a net total of 2 positions will be added to the 2014 -15 budget. <br />In addition, the proposed resolution amends prior resolutions by adding classification titles and 6- <br />step and 15 -step salary rate ranges, and the designation of several new classification titles, most <br />of which also result from departmental reorganizations to implement the five -year Strategic Plan. <br />FISCAL IMPACT <br />With approval of the proposed revisions to the fiscal year 2014 -15 budget, $430.9M will be <br />appropriated to the City's various funds, departments, programs and enterprise activities. Of those <br />amounts, $208.9M will be appropriated to the various general fund operating departments. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency (1L� <br />75B -1 -2 <br />