City Manager Jim Hardy has released a budget balancing plan for Foster City that will bring expenditures in line with revenues over a three year period. The City Council will consider the plan at a Budget Study Session scheduled for Monday, November 29. A second Study Session has been scheduled and will be held on Tuesday, November 30 if needed. Both meetings will be at 5:30 PM in the City Council Chambers, 620 Foster City Boulevard.

The budget balancing plan includes both expenditure savings and revenue enhancement strategies, and does include the elimination of programs and reductions in staff. The City Manager has strategically spread the implementation over three years, through June 2014. The complete budget balancing plan is on the City’s website.

A structural deficit was identified as the City prepared its financial forecasts in the last budget cycle. The deficit was created when the economy caused a decline in revenues with no similar decline in expenses. The City projects that a gap of about $3.4 million in its General Fund, or about 11% of the current budget, will need to be closed in order to achieve an on-going balanced budget.

“The tough budget decisions that the City Council will be making now and through the adoption of the final budget in June 2011 will shape Foster City’s future for years to come and could have a profound effect on both the residents and businesses that receive services and the employees who deliver those services.” said City Manager Jim Hardy.

The public is invited and encouraged to attend the Budget Study Sessions or to view them on Foster City TV, Comcast channel 27, ATT channel 99 or webstreaming at fostercity.tv.

For more information about public meetings, call the City Clerk’s office at 650-286-3250.