February 25, 2009 > Fremont City Council Fremont City Council February 17, 2009 Work Session Fiscal Year 2008/09 mid-year budget review: Budget Manager Catherine Chevalier and Finance Director Harriet Commons led a discussion of the city's fiscal condition and budget projections. Property tax and sales tax revenue is declining. The Budget Uncertainty Reserve will be depleted in 2009/10 fiscal year. Budget balancing strategies include suspending fund transfers to Capital Improvement Program, One time fund use by reducing reserve policy from 15 percent to 12.5 percent and reduction of ongoing expenditures. Service impacts are unavoidable. Recommendations for FY 2009/10 Budget scheduled for May 19, 2009. Council meeting Acquisition of 14.02 acres for a public park was approved. Funds for this $2.5 million purchase are from designated Park Dedication Funds strictly limited for that purpose. The property located near Sabercat Road and Sabercat Place is rich in fossil resources and may also be used as a Fremont link to the Bay Area Ridge Trail. Mayor Bob Wasserman Yes Vice Mayor Anu Natarajan Yes Bob Wieckowski Yes Bill Harrison Yes Suzanne Lee Chan Yes Mayor's referral of Lisa Quan to Planning Commission Mayor Bob Wasserman Yes Vice Mayor Anu Natarajan Yes Bob Wieckowski No Bill Harrison Yes Suzanne Lee Chan Yes