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June 7, 2007 Page 3 expenditures reflect a 3.7% increase. The increases are attributable to estimated adjustments to personnel costs, the transfer of maintenance projects formerly budgeted in the Capital Projects Fund to the General Fund, increased utility expenses, accruing retiree medical expenses, and the community pool at California Lutheran University. The current Memorandum of Understanding with the Service Employees International Union provides for a cost of living increase based on the May CPI increase. The MOU expires in June 2008, thus negotiations are anticipated prior to the 2008-2009 fiscal year and the budget will be adjusted as necessary. Secured property tax revenue was increased approximately 5% in each budget year to reflect anticipated growth in assessed valuation. Additionally, Lewanda presented a budget history of District revenue and expenditures, and said that challenges currently facing the District include: dwindling of Park Development Fees, which are not expected to provide a material source of income for capital projects and/or infrastructure upgrades; rising construction costs; and increasing energy and utility costs. In response to Gibson's inquiry, Lewanda explained that consideration is being given to an umbrella policy for increased liability coverage. Gibson urged that budget reserves be increased in the future. Jacobsen requested a listed of undeveloped sites which, due to topography or other issues, are not considered suitable for development. He said that with economic prudence in mind, thought should be given to disposal of such properties. Lewanda thanked Board and staff members for their support 8. NEW ITEMS None 9. ITEMS FOR DISCUSSION None 10. REPORTS AND ANNOUNCEMENTS A. Investment Report — April 2007 -- No Comment B. Community Project Funding Proposals — 2007 Relative to the Community Project Funding Proposals, Friedl said that the