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June 11, 2009 Page 3 As no one was in attendance who wished to address the Board, the Public Hearing was continued to the next regular meeting on June 25, 2009. 8. NEW ITEMS A. Proposed Budget for Fiscal Years 2009-2010 & 2010-2011 Lewanda referenced the documentation, and provided relevant information. She said that the documentation includes the proposed two-year budget, covering fiscal years (FY)2009-2010 and 2010-2011, and includes the following funds: General Fund, Districtwide Assessment District Fund, Dos Vientos Assessment District Fund, Rancho Conejo Assessment District Fund, and the Equipment Replacement Fund. Each of the funds has an independent revenue source(s) and has been created to accomplish designated expenditure goals. The Board reviewed capital projects at its May 28 meeting, the budget process began with the adoption of a preliminary budget on April 26, public hearings have been held at subsequent meetings, and the process is scheduled to conclude with the adoption of budgets for all funds, including capital projects, on June 25, 2009. Lewanda highlighted the financial environment at the national, state and local levels. Additionally, she discussed General Fund proposed revenues by type from 1998 through 2010, General Fund expenses by division, General Fund expenses by category, water costs, and a comparison of revenues and expenses over the past 10 years. She indicated that, of late, revenues have been flat; approximately 74 percent of District revenues are from property taxes; and issues to be observed and monitored include the State budget, economic environment, CaIPERS rates and the cost of water. Lewanda stated that July 23 will be a study session devoted to funding options and financial issues. Gibson expressed concern about the lack of a contingency fund, and the potential impact of the economic environment on the District. Comments from Holt, Jacobsen, Short and Lange were supportive of the proposed budget. In response to Lange's inquiry, Benton said that the Community Pool at California Lutheran University is doing well and generating more revenue than expected at this early stage.