Last week the City Council worked for 6 hours on the preliminary budget. The budget is a document that covers all revenues and expenses of the Foster City government. Foster City has had a history of sound fiscal policies that has kept our city strong even through the downturns in the economy. We are required to have a final budget in place by June 30th. The document we are working with now is over 400 pages and is very detailed. It includes a proposed 2002-2003 fiscal budget as well as a 5 year projection. The 5 year plan looks at best case scenarios and the worst case scenarios. This helps us look past just 1 year and gives us a look at possible items that we need to start changing now so 5 years from now we are not caught off guard.
The big unknown is the State of California with a $24 billion dollar budget shortfall in their budget. Most cities including Foster City are concerned what the State may take from us. I am concerned that the State may raid our revenues. The State budget will not be completed until after our budget is adopted. That means we will not know what to anticipate so we could make adjustment to our budget to compensate what the State may take from us.
The current City Council is fiscally conservative and will adopt a budget that keeps Foster City financially sound for years to come. It does not look like any City services will be cut. This is due to strong fiscal responsibilities of current and previous City Councils.
Copies of the preliminary budget are on display at almost all of our public buildings including the Foster City Library.
At the City Council meeting on June 3 we will take public comments on the City budget.
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