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June 24, 2004 Page 2 7. DEFERRED MATTERS A. Public Hearing — Fiscal Year 2004-2005 Budget 1. Discussion - Proposed Budget for 2004-2005 Halt declared the Public Hearing open. Ward stated that the District expects a two-year loss in property tax revenues of $4.5-$5 million or approximately 25% of property tax revenues, and he commended staff members for their work on the budget given the difficult financial situation. Lewanda thanked staff members for their efforts on the budget. Referencing a handout and slides, she presented an overview of the budget and stated: the fiscal year 2004-2005 budget is based on the assumption that the state will shift $2.3 million from the District, but she noted that the state budget has not yet been finalized; to respond to the shift, staff has employed strategies approved at the May 27, 2004 meeting to sustain District operations and preserve resources, these strategies include deferral of capital projects, which will provide $848,000 for fiscal year 2004-2005 operations; vacant positions will be left unfunded, providing $295,000 in savings; recreation revenues will increase by $318,000; delaying capital outlays, such as purchase of computers and software, will save $191,000; and she noted that, at this time, the budget does not contemplate intra - district or external loans. In response to Board inquiries, staff said it is possible that operating transfers from the General Fund totaling $128,000 for the Thousand Oaks High School pool repair can be deferred; appropriations for contingencies constitute approximately 1.5% of the proposed operating budget; heavy mowing is done by contract; the purchase of two vehicles will be postponed; if critical personnel needs arise, staff will return to the Board; the budget is scheduled for adoption on July 8; and the budget can be amended at any time, if necessary. Board members expressed appreciation for the completeness and organization of the budget. The Public Hearing was continued to July 8, 2004.