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Item # 5.7. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor and City Council <br /> <br />FROM: <br />DATE: <br /> <br />Pat Klaers, City Admi~ator <br />February 24, 2003 Y& · <br /> <br />SUBJECT: Budget Update <br /> <br />Attached is a memo to the department heads regarding the impact of the Governor's <br />proposal. The plan from the Governor reduces the city LGA and Market Value Homestead <br />Credit by 50% in 2003, and 100% in 2004. The reduction is $644,138 in 2003, and <br />$1,292,865 in 2004. All of the revenues that we receive from the State go into the General <br />Fund Budget so most of the reductions likewise have to come out of the General Fund. The <br />2003 adjustments need to be made from an akeady approved and adopted budget. <br /> <br />I will provide a verbal update to the City Council on this proposal and its potential impact <br />on the city at the Council meeting. <br /> <br /> <br />