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equipment or the payment in the future of employee retirement, medical benefits and
<br /> unused vacation. In accordance with the City's adopted financial policies and the City's
<br /> General Plan, the City recognizes costs as they accrue, and sets money aside to fund
<br /> the future expenditures, rather than allowing these costs to accumulate and become a
<br /> future burden.
<br /> Employee Benefit Fund
<br /> The Employee Benefit Fund (EBF) is used to account for employee benefit costs. The
<br /> departments' budgets are charged for benefit expenses as a percent of salary, and the
<br /> dollars then flow to the EBF, where the actual costs are recorded. For 2009 -10FY,
<br /> expenditures were less than anticipated by $59,130 and revenues exceeded budget by
<br /> $569,274 as shown in Table 9.
<br /> Table 9. Em • � to y ee Benefit Fund — Amended Bud • et vs. Actual
<br /> +(. .t .�a "2 4 �` m'3 ��` % t j i
<br /> 1 e, .; .
<br /> Beginning Fund Balance 2,016,012 2,016,012
<br /> Plus Revenues 20,086,650 20,655,924 569,274 2.8%
<br /> Less Net Transfers (2,016,012) (2,016,012) - 0.0%
<br /> Less Expenditures 20,086,650 20,027,520 (59,130) -0.3%
<br /> Ending Fund Balance - 628,404 628,404
<br /> Replacement/Renovation Funds
<br /> In accordance with the City's financial policies and the General Plan, the City maintains
<br /> various Replacement/Renovation Funds. The purpose of these Funds is to provide
<br /> ongoing replacement of City equipment, vehicles, traffic signals, streetlights, and to
<br /> make major repairs/ renovations to City facilities, parks, and medians, in order to extend
<br /> their lives.
<br /> In 2009 -10FY the accruals in the General Fund for both the Facility Renovation and Fire
<br /> Apparatus replacement funds were increased by $1,000,000 ($600,000 to Facility
<br /> Renovation and $400,000 to Fire Apparatus) to restore funding reductions from prior
<br /> budget adjustments. As a result, the General Fund contributions to these funds
<br /> increased by a similar amount. Additionally, $4.2 million of expenditures originally
<br /> planned for 09 /1OFY will be carried over into the next fiscal year (2010/11FY) due to
<br /> replacements /renovations budgeted in 2009/10FY that were not completed and /or were
<br /> rescheduled (see Attachment 3 for details). The City's Twenty Year Replacement Plan
<br /> will continue to allow for the replacement of assets as needed by revising timelines for
<br /> replacement, updating the useful lives of assets, and reprioritizing scheduled
<br /> replacements on an ongoing basis.
<br /> Table 10. Repair & Replacement Funds * - Amended Budget vs. Actual
<br /> Amended %Actual vs
<br /> Budget Actual Variance Budget
<br /> Beginning Fund Balance $ 22,823,854 $ 22,823,854 $ -
<br /> Plus Revenues $ 2,121,021 $ 2,990,178 $ 869,157 41.0%
<br /> Transfers In $ 84,100 $ 84,100
<br /> Transfers Out $ - $ - $ -
<br /> Less Expenditures $ 6,632,178 $ 2,520,359 $ (4,111,819) -62.0%
<br /> Ending Fund Balance $ 18,396,797 $ 23,377,773 $ 4,980,976 27.1%
<br /> 'Includes the activity of the Vehicle Replacement Fund, Equipment Replacement Fund, Facilities Renovation Fund, IT Replacement Fund,
<br /> Police Vehicle Replacement Fund, Park 8 Median Renovation Fund, Street Light Replacement Fund and Traffic Signal Replacement Fund
<br /> Page 7 of 9
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