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Conejo Recreation & Park District GENERAL MANAGER BOARD OF DIRECTORS Jim Friedl Chuck Huffer, Chair George M. Lange, Vice Chair Susan L. Holt, Director Joe Gibson, Director Ed Jones, Director GENERAL MANAGER EMERITUS Tex Ward DATE: June 2, 2016 TO: Board of Directors FROM: Jim Friedl, General Mana:!iscal SUBJECT: Proposed Adjustments Year (FY) 2016-17 Preliminary Operating and Capital Improvement Budgets, the Second Year of the 2 -Year Budgets RECOMMENDATION Consider and provide input on proposed adjustments to the FY 2016-17 Preliminary Operating and Capital Budgets. DISCUSSION The FY 2016-17 preliminary Operating and Capital Improvement Budgets are the second year of the two-year budgets the Board approved on June 18, 2015. 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 2016-17 Budget on April 7, 2016. Public hearings have been held at Board meetings since April 7. The process is scheduled to conclude with the adoption of the budgets on June 16, 2016. Budget Environment The budget environment remains stable and the State budget is currently financially sound due to the voter -approved tax increase and the elimination of Redevelopment Agencies, thus there is no expectation of a State takeaway of local resources in fiscal 2016-17. However, legislation raising the minimum wage from $10/hour to $15/hour over the next 5 years will have an incrementally increasing impact on the District's budget. Park Development Fees (aka "Quimby") revenues are sporadic due to residential build -out of the community and are not expected to provide a material consistent source of income for capital projects and/or infrastructure upgrades, putting pressure on the District's general fund to support capital replacement and improvement projects. ADMINISTRATIVE OFFICES 403 West Hillcrest Drive - Thousand Oaks, CA 91360-4223 (805) 495-6471 • FAX: (805) 497-3199 • Email: parks@crpd.org - Website: www.crpd.org