20 - Laserfiche WebLink

General Fund Transfers The Operating Budget does not include any transfers to the capital improvement program (CIP) over the next two years. During the past few years the City was fortunate to have a level of funding in the CIP that allowed the City to complete five of the City Council's highest priority capital projects; the Alviso Adobe Community Park, renovation of the Veterans Memorial Building, Phase I of the Bernal Community Park, restoration of Kottinger Creek and the completion of the Firehouse Arts Center. The City's CIP focus will be on retaining the City's maintenance standards and continuance of active planning and design for new capital improvement projects. The General Fund transfers include operating subsidies to the Paratransit program, Storm Drain, Cemetery, and Golf Course operations. There are also transfers from the General Fund to the Water and Sewer Funds to fund the senior and low income water and sewer discounts. Under Proposition 218, one classification of water customers can not subsidize another; therefore, if the City desires to provide senior and low income discounts to their customers they must fund the discounts through the General Fund of the City. Finally, there are transfers from the General Fund to the debt service funds for the funding of the annual debt service payments for the OSC and Senior Center facilities that will continue until 2014 when the final payments are made. CONCLUSION The proposed Two Year Operating Budget is balanced. The Operating Budget provides funding for the programs and goals identified as priorities by the City Council. Staff recommends that the Council adopt the Operating Budget as presented. Staff will continue to monitor the progress of the economy, review revenues and expenditures quarterly, and report back to the Council, if and when, additional budget adjustments are required over the next two years. Furthermore, a detailed mid-term update will be conducted and presented to Council in June 2012 along with midyear reviews in January 2012 and 2013. Submitted by: Approved by: Aye. ,, Emily Wagner Nelson Fialho Director of Finance City Manager Attachments: 1. Resolution 2. Budget Summary; 2011/12FY and 2012/13FY Operating Budget Page 5 of 5