1. General Fund Fiscal Year 2008-09 Revenue Shortfall Recovery Plan
City of Key West
General Fund
Fiscal Year
Revenue Shortfall Recovery Plan
March 10, 2009

2. City of Key West Revenue Shortfall Recovery Plan
1ST QTR REVENUE ACTUALS PROJECTED FOR BALANCE OF FY
NOMINAL NEW REVENUE GAINS
ELIMINATE FIVE (5) FILLED POSITIONS IMMEDIATELY
TWO (2) BUILDING INSPECTORS
ONE (1) CODE OFFICER
ONE (1) PARK RANGER
ONE (1) FMT PROJECTS COORDINATOR
FREEZE ONE (1) VACANT POSITION
SENIOR PLANNER III
FAVORABLE FUEL PRICES (50% increase for balance of FY)
STRICT OVERTIME POLICY
ELIMINATE RESERVE FOR FY CITY WIDE SALARY INCREASES
MISCELLANEOUS EXPENDITURE ELIMINATIONS FOR THIS FY

3. City of Key West Revenue Shortfall Recovery Plan
FIVE (5) PERCENT REVENUE SHORTFALL
FIVE PERCENT SHORTFALL OF “EXPOSED” REVENUES ($1.675M)
REMOVES INTERFUND TRANSFERS
NOMINAL NEW REVENUE GAINS
ELIMINATE 20 FILLED POSITIONS IMMEDIATELY
5 FROM $1.275M REDUCTION PLAN, PLUS;
5 POLICE DEPARTMENT
3 FIRE DEPARTMENT
7 PUBLIC WORKS / COMMUNITY SERVICES
FREEZE THREE (3) VACANT POSITIONS
SENIOR PLANNER III & 2 MAINTENANCE WORKERS
FAVORABLE FUEL PRICES (50% increase for balance of FY)
STRICT OVERTIME POLICY
ELIMINATE RESERVE FOR FY CITY WIDE SALARY INCREASES
MISCELLANEOUS EXPENDITURE ELIMINATIONS FOR THIS FY

4. City of Key West Revenue Shortfall Recovery Plan
EIGHT (8) PERCENT REVENUE SHORTFALL
EIGHT PERCENT SHORTFALL OF “EXPOSED” REVENUES ($2.685M)
REMOVES INTERFUND TRANSFERS
NOMINAL NEW REVENUE GAINS
ELIMINATE 40 FILLED POSITIONS IMMEDIATELY
20 FROM FIVE (5) PERCENT REDUCTION PLAN, PLUS;
10 POLICE DEPARTMENT
8 FIRE DEPARTMENT
1 PUBLIC WORKS / COMMUNITY SERVICES
1 BUILDING INSPECTOR
FREEZE THREE (6) VACANT POSITIONS
SENIOR PLANNER III & (4) MAINTENANCE & PURCHASING MANAGER
FAVORABLE FUEL PRICES (50% increase for balance of FY)
STRICT OVERTIME POLICY
CLOSE COMMUNITY POOL FOR SIX (6) MONTHS
ELIMINATE RESERVE FOR FY CITY WIDE SALARY INCREASES
MISCELLANEOUS EXPENDITURE ELIMINATIONS FOR THIS FY

5. City of Key West Revenue Shortfall Recovery Plan
General Fund Cash Reserves
FYE 2008
FYE 2008 Unadjusted $14.1M
Receivables - Cruiseships $ .287M
Receivables - Grant / State $ .357M
Wages Payable ($.657M)
Accts. Payable ($.685M)
FEMA Payable ($.473M)
Underfunded Insurance Fund ($.300M) – 75% Probability
FYE 2008 Adjusted $12.63M
Approx. 120 $105,000 Per Day

6. City of Key West Revenue Shortfall Recovery Plan
RECOMMENDATION
ACKNOWLEDGE FIVE (5) PERCENT SHORTFALL
APPROX. $1,675,000 REVENUE SHORTFALL
IMPLEMENT “1ST QUARTER ACTUALS” PLAN
$1,275,000 SHORTFALL
BALANCE WITH OPERATING CASH RESERVES
APPROX DAYS
REVIEW AT END OF 2ND QUARTER