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May 27, 2004 Page 3 by the California Special Districts Association (CSDA) and supplemental revenue enhancement information prepared by Dr. Benton. He said that the best estimate as to the impact on non -enterprise districts, such as Conejo Recreation and Park District (CRPD), is a transfer of 25 percent of net property taxes in each of two years; for CRPD this translates to an estimated loss of $2,337,250 in the first year and $2,500,000 in year two. He identified strategies to sustain District operations and preserve resources over the next two years, including: defer selected capital projects funded by the districtwide assessment and general fund revenues; postpone general fund capital expenditures, except those providing operational savings, revenue enhancement or health and safety benefits; retain existing personnel while affecting savings through attrition and an associated hiring freeze, except where extraordinary circumstances dictate otherwise; seek additional revenue enhancements; consider short term intra -fund loans, coupled with reimbursement plans; protect reserves through the creation of a line of credit that may be accessed as necessary and subsequently retired with assessed valuation growth in the out years. He said that the guidelines will be implemented through the budget process and through specific proposals for Board consideration. Ward answered Board inquiries. The meeting recessed at 8:05 pm and reconvened at 8:09 pm to allow Board members time to review the supplemental revenue enhancement information. Ward commended senior staff for their budgetary efforts under very difficult circumstances. Gibson said that with certain caveats and further information, he supports the guidelines. He recommended that a letter be drafted in support of the Governor's compromise. It was moved by Gibson, seconded by Berger, and carried 4-0 to direct staff to return with a budget and related proposals reflecting the guidelines discussed as the blueprint for the short-term financial strategy for the District, and to acknowledge staff's intent to increase overall program fee revenue by approximately 10 percent. Gibson suggested that an informational message explaining the State budget crisis and its impact on the District be part of the fall brochure. As there was no one in attendance who wished to address the Board, the Public