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<br />Due to budget shortages for the last three years, the above Funds have been funded at <br />10 - 20% of their recommended levels. However, each year as part of the year end <br />report, staff has recommended additional transfers to these Funds, utilizing savings from <br />the related departments. <br /> <br />This brings the total recommended General Fund expenditure and transfer carryovers to <br />$953,000. <br /> <br />General Fund 1993-94 Net Income and Fund Balance <br /> <br />As shown in the table in Appendix D, the recommended General Fund additions/uses of <br />reserves for the fiscal year 1993-94 are as follows: <br /> <br /> Beg;nnlng Net Ending <br />General Fund BgIAn~ 7/1/93 Balance Additions (Uses) 6/30/94 Balance <br />10% Reserve for Uncertainties $3,294,902 $105,098 $3,400,000 <br />Temporary Recession Reserve 3,706,282 0 3,706,282 <br />Capital Projects Reserve 2.438,000 (688,000) t,750.000 <br />Gasoline Inventory Reserve 29,461 0 29,46t <br />Carryover Reserve 756,850 196,115 952,965 <br />Carryover Balance (undesi8oated) 0 96t,782 96t,782 <br />Total $10,225,495 $574,995 $10,800,490 <br /> <br />10% Reserve for Economic Uncertainties <br /> <br />The 10% Reserve for Economic Uncertainties is an ongoing reserve to meet unexpected <br />emergencies such as natural disasters, and economic deficiencies such as the temporary <br />loss of a major revenue source due to a frre. This Reserve was established in 1990 with <br />the adoption of the City's Financial Policies. It is recommended that an additional <br />$105,000 be added to this reserve at the end of 1993-94 so that it totals $3.4 million, <br />which again brings it to 10% of the General Fund operating budget (revenues). <br /> <br />Temporary Recession Reserve <br /> <br />During the 1991-92 Midyear Budget review, staff recommended the establishment of a <br />temporary reserve to help transition the City's operations as we reduced our expenditure <br />levels over the next couple of years to adjust to the reduced funding level that has <br />resulted from statewide fiscal problems. <br /> <br />SR 94:365 <br /> <br />11 <br />