City of Key West

Key West Bight FundFiscal Year 2009-10

Mid-Year Budget Review

October 1, 2009 - March 31, 2010

City of Key West Key West Bight Fund

Major Revenue Sources:

1) Marina Revenues– Projected to Make Budget

2) Parking Revenues– Mid-Year Unfavorable Variance Approx. $8K– Projected Annual Loss to Budget Approx. $16K

3) Upland Revenues– Projected to Make Budget

4) Fuel Profit (Marina Only) – Projected Annual Loss to Budget Approx. $144K

5) Ferry Terminal – Projected to make Budget

City of Key West Key West Bight Fund

Recovery Plan:

– Projected FY10 $160K Revenue Shortfall

– Planned Expenditure Reductions: • Reduce Promotional Expenses $60K• Reduced Property Tax Expense $40K• Lapsed Salary Dollars & Reduced Operating Expenses $105K