PROPOSED ADJUSTMENTS TO FY 2020 21 PRELIM OPERATING BUDGETS

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Conejo Recreation & Park District GENERAL MANAGER BOARD OF DIRECTORS Jim Friedl George M. Lange, Chair Doug Nickles, Vice Chair Susan L. Holt, Director Chuck Huffer, Director Nellie Cusworth, Director GENERAL MANAGER EMERITUS Tex Ward DATE: June 18, 2020 TO: Board of Directors FROM: Jim Friedl, General Manag ' v SUBJECT: Proposed Adjustments�to the fiscal Year (FY) 2020-21 Preliminary Operating Budgets, the Second Year of the 2 -Year Budgets RECOMMENDATION Consider and provide input on proposed adjustments to the FY 2020-21 Preliminary Operating Budgets. DISCUSSION The FY 2020-21 preliminary Operating Budgets are the second year of the two-year budgets the Board approved on July 18, 2019. This memo provides information on proposed adjustments to those budgets. The budget process began with the approval of a two-year budget, followed by adoption of the second year of that approved budget as the preliminary FY 2020-21 Budget on March 19, 2020. Public hearings have been held at Board meetings since April 2. The process is scheduled to conclude with adoption of the budgets on July 2, 2020. Budget Environment The budget environment is uncertain; the rapidly evolving COVID-19 pandemic has created an unprecedented global health and economic emergency, that along with nationwide protests are the primary contributors to the current economic uncertainty. Many economists believe that a recession has already taken hold. CO VID-19 The latest COVID-19 news, recommendations, and policies from local, State, and federal agencies have caused significant changes in everyday life. As a result, the economy has experienced severe shocks, including significant stock market volatility. Local businesses and employment have been hurt by declines in consumer and business spending. ADMINISTRATIVE OFFICES 403 West Hillcrest Drive I Thousand Oaks, CA 91360-4223 (805) 495-6471 1 FAX: (805) 497-3199 1 Email: parks@crpd.org I Website: www.crpd.org