Status of City Finances / Separation Incentive Program / Revenues and Expenditures

MOTION-- The 2020-21 fiscal year is likely to be one of the most volatile and unpredictable in
generations, and will require the City to respond rapidly to changing circumstances. While
the City Administrative Officer regularly generates Financial Status Reports to adjust
departmental budgets and manage deficits, it may be necessary for the Council to make
more frequent adjustments to the budget and forecast potential shortfalls, curtail services
to compensate for revenues coming in under plan or, if possible, enhance them in the less
likely event that revenues are coming in stronger than expected.

I THEREFORE MOVE that the Council INSTRUCT the City Administrative Officer to provide
mid-quarter reports to the Budget and Finance Committee on the status of the City's
finances, including updates on revenues, expenditures, the pace at which employees are
subscribing to the Separation Incentive Program or the savings generated if it is
implemented, and any other pertinent details that substantially impact the city’s finances,
at its meetings on August 24, October 26, and December 14.