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GENERAL MANAGER Jim Friedl To: From: Date: Subject: Introduction @@ZM MMUE18199@21 : 9MMIE D)Nz ° NIff Board of Directors Jim Friedl, General Manager June 11, 2009 Proposed Budget for Fiscal Years 2009-2010 & 2010-2011 BOARD OF DIRECTORS Susan L. Holt, Chair Joe Gibson, Vice Chair Mark H. Jacobsen, Director George M. Lange, Director John A. Short III, Director GENERAL MANAGER EMERITUS Tex Ward This letter transmits the proposed two year budget, covering fiscal years (FY) 2009-2010 and 2010- 2011, including the following funds: General Fund, Districtwide Assessment District Fund, Dos Vientos Assessment District Fund, Rancho Conejo Assessment District Fund, and the Equipment Replacement Fund. Although not mutually exclusive, each of these 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, 2009 meeting. The budget process began with the adoption of a preliminary budget on April 16, 2009. Public hearings have been held at subsequent meetings. The process is scheduled to conclude with the adoption of budgets for all funds, including capital projects, on June 25, 2009. Budget Environment National Level The budget environment for the two proposed budget years can be described as bleak. National, state and local economies are facing fiscal challenges not seen since the Great Depression. The current recession "officially' began in December 2007 (according to the National Bureau of Economic Research) and is very likely to be the longest since the Great Depression of the 1930's. The good news is that although individual economists' opinions may be wildly divergent, most believe the economy will stabilize sometime between late 2009 and mid -2010. The bad news is that many economists also believe that the recovery (positive growth in gross domestic product) may be less robust than the recessions of the recent past. State Level California is faring a bit worse than the nation as a whole in terms of unemployment and certainly in terms of the financial health of the state government. California has the lowest bond rating of any state. The State of California is an enormously large and complex operation and there are many causes for the State's financial situation. The basic problem is that structurally, the State's budget is HILLCREST CENTER 403 WEST HILLCREST DRIVE, THOUSAND OAKS, CALIFORNIA 91360-4223 (805) 495-6471 FAX: (805) 497-3199 E-MAIL:parks@crpd.org