RES 94132A - Laserfiche WebLink

1993-94. The ending balances as of June 30, 1994 total $75.8 million, as shown broken down into three categories. The three categories are as follows: Other Equity - These are Fund Balances which represent the equity of parties other than the City; and amounts which are held by the City to meet the debt service requirements of various Assessment Districts. These balances are not available to the City for any other uses. They total $36.4 million. Specially Designated Reserves - These are Fund Balances which have been designated for specific purposes either by Council action, bond covenants or the voters. They total $21.6 million; including $1 million in General Fund Carryover reserves; $3.4 million as a Reserve for Economic Uncertainties; $3.7 million as a temporary Recession Reserve; $5.8 million in reserves for specified carryover capital projects in the capital improvement program budget; $1.1 million restricted for debt service; $1.7 million in restricted investments used to secure the loan from CHFA (California Housing Finance Agency) for Ridge View Commons; and $2.9 million for the Case A venue project. All Other Designated Reserves - All other Fund Balances fall into this category. These balances are all designated as contingency reserves for future obligations. Within certain legal and Fund restrictions, Council has discretion over these funds through the budget process. They total $17.8 million; of which $6.1 million is restricted to Sewer, Storm and Water purposes; $2.6 million is for insurance and liability reserves; $1.7 million is for park renovation, facility, equipment and vehicle replacement; $2.1 million must be used for Park improvements; $1.7 million is restricted for lower income housing; and $1. 6 million has other restricted uses. Other ApJlendices Appendix B goes into further detail describing the allowable and/or planned uses of all the City's reserves as of June 30, 1994. The table is prepared in the same format as the table in Appendix A, breaking all Fund Balances into the three categories described above. Appendix C contains a table reflecting the history of the General Fund's net income and fund balances. Appendix D contains tables comparing budgeted versus actual results of 1993-94 operations for all operating Funds. SR 94:365 3