A 2003 City ordinance requires the City budget staff to prepare and update a 5 year projection of city revenues and expenditures. Focuses on General Fund but includes some projected All Funds data.
There is a subtotal for each year for "normal" revenue and expenditures, and then a line item for what the expenditures should be to fully fund retirement benefits, capital improvements and maintenance, etc. So called "structural" obligations. AKA "deferred" expenditures.
The 5 year projection prepared in Dec 2013 projects deficits deficits after the current 2 year budget cycle ends with the fiscal year ending June 30 2015.
The forecast prepared in December 2013 shows smaller "differences" between revenues and expenditures (aka surpluses/deficits) ranging from 36Mill to 68Mill for the General fund if the "deferred" are NOT funded. If funded, the deficits are forecast to be 142 Mill to 177 Million by the end of the 5 year period. Those deficits are larger if the deficits forecast for the "restricted" other funds are counted. Then the forecast annual deficits after funding the "deferred" expenses are 241Mill to 292Mill by the fye (fiscal year ending) June 30 2018.
The five year forcecasts are to be revised in February 2014.
See link below, Attachments C and D
.http://www2.oaklandnet.com/oakca1/groups/cityadministrator/documents/memorandum/oak044539.pdf 5-Year Tables from Budget.xlsx (outdated?)
