MEMORANDUM

Overview
I am pleased to submit the approved Fiscal year 2004-05 Budget in the amount of $93,458,790.
The approved budget differs from that proposed in total by $261,138. A detailed accounting of the changes to the expenditure classifications follows this narrative.

General Fund
Police, Fire and Rescue and Community Development departments' Personal Services were reduced a total of $43,333. This amount is shown as an increase in Transfers to Parks and Recreation recognizing the commitment of the City to landscape maintenance for Ashland School District administrative areas. The General Fund total budget and Ending Fund Balance remain unchanged.

Wastewater Fund
Ending Fund Balance is increased by $50,000 to correct for a Transfer from Parks and Recreation. Wastewater Fund's total is increased over the Proposed Budget by this amount.

Parks and Recreation Fund
Ending Fund Balance is reduced $261,138 to $965,822 recognizing several adjustments including a correction of the estimated carry forward from FY 2003-04. The correction is a $347,804 reduction in Resources (Carry Forward) offset by recognizing $43,333 in Resources (Transfer from the General Fund) and another $43,333 to be received from Ashland School District to maintain school grounds. Parks will absorb the final third of the cost to maintain the grounds for another year.

Parks Capital Improvements Fund
Ending Fund Balance is reduced $50,000 to reflect the correction of the transfer from Parks and Recreation to the Wastewater Fund as depicted above. This is the third and final payment from Parks to the City for flood damage repair work cost overages that was paid for by the Wastewater Fund.

There were no changes to the Property Tax levies proposed by the Budget Committee.

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