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Water CIP Funds
<br /> Table 2A summarizes the 11/12FY activity for the Water CIP Funds. Actual revenues
<br /> and transfers exceeded adjusted budget by $113,016 and $592,300, respectively.
<br /> Actual expenditures were less than adjusted budget by $2,047,896. Revenues
<br /> exceeding budget included interest income ($47,443), PG&E solar rebates ($33,513)
<br /> and water connection fees ($32,060). Transfers exceeded budget by $592,300 and is
<br /> mainly attributable to the partial repayment of the water loan by the Vineyard Avenue
<br /> Corridor Specific Plan Area. The majority of the expenditure variance is due to
<br /> budgeted projects not being completed during the fiscal year ($2,037,376); all of which
<br /> are being recommended to be carried forward to the 2012/13FY as presented Table 2B.
<br /> Table 2A -Water CIP Funds Adjusted Budget to Actual Revenues, Transfers &
<br /> Expenditures
<br /> Recommended
<br /> Amended Year-End Adjusted $
<br /> Water CIP Funds Budget Budget Budget Actual Variance Variance
<br /> Amendments
<br /> Beginning Fund Balance 10,234,094 10,234,094 10,234,094
<br /> Plus Revenues 288,000 334 288,334 401,350 113,016 39.2%
<br /> Transfers In/Out 2,815,261 421,873 3,237,134 3,829,434 592,300 18.3%
<br /> Less Expenditures (3,322,795) 143,445 (3,179,350) (1,131,454) 2,047,896 -64.4%
<br /> Ending Fund Balance 10,014,560 565,652 10,580,212 13,333,424 2,753,212
<br /> Staff is recommending that Council approve additional budget amendments totaling
<br /> $565,652 and budget carryovers to 2012/13FY totaling $2,037,376 as shown in Tables
<br /> 2A and 2B, respectively. The recommended budget amendments include the following:
<br /> • Increase in revenue budget for additional interest earnings $334
<br /> • Net increase in transfers to account for the transfer in of
<br /> Recycled Water Revenue from the Water Maintenance and
<br /> Operations Fund ($491,579), offset with the transfer out to the
<br /> Water Maintenance and Operations Fund ($69,706) for the City's
<br /> matching funds related to the Recycled Water Study Grant 421,873
<br /> • Close out of the following projects:
<br /> • Annual Replacement of Water Meters ($150,000)
<br /> • Fire Hydrant Caps ($358)
<br /> • Increase in expenditure budget for the increase in City staff 1:ime
<br /> spent on water replacement projects ($6,462) 143,445
<br /> Net Recommended Amendments $565,652
<br /> As shown in Table 2A, the Water CIP funds' projected fund balance at June 30, 2012 is
<br /> $13,333,424 or $3,204,328 higher than the Adjusted Budget. This is mainly due to
<br /> projects not being started or completed in the 2011/12FY. Table 2B presents the
<br /> recommended project carryovers to the 2012/13FY. After carrying forward these
<br /> projects the adjusted fund balance is projected to be $11,296,048. These funds are
<br /> reserved for future repair, replacement and expansion of the City's water system.
<br /> Page 4 of 11
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