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Parks CIP Funds
<br /> Table 4A summarizes the 11/12FY activity for the Parks CIP Funds. Actual revenues
<br /> exceeded adjusted budget by $667,273 and actual expenditures were less than
<br /> adjusted budget by $11,134,475. Revenues exceeding budget included Park
<br /> Dedication in Lieu Fees ($618,574) and interest income ($48,699). The majority of fees
<br /> received were from Ponderosa Homes for the construction of single family residential
<br /> homes at the Ironwood Active Adult Community Development ($339,745) and at the
<br /> Lehman/Selway Property Development ($281,503). The expenditure variance is due to
<br /> budgeted projects not being completed during the fiscal year ($3,750,693) and the
<br /> accumulation of project reserves ($7,383,782); all of which are being recommended to
<br /> be carried forward to the 2012/13FY and are presented in Table 4B.
<br /> Table 4A - Parks CIP Funds Adjusted Budget to Actual Revenues, Transfers &
<br /> Expenditures/Reserves
<br /> Recommended
<br /> Amended Year-End Adjusted $ ok
<br /> Park CIP Funds Budget Budget Budget Actual Variance Variance
<br /> Amendments
<br /> Beginning Fund Balance 12,992,836 12,992,836 12,992,836
<br /> Plus Revenues 48,010 28,288 76,298 743,571 667,273 874.6%
<br /> Transfers In/Out 1,389,864 561,000 1,950,864 1,950,864
<br /> Less Expenditures/Reserves (13,987,038) (584,548) (14,571,586) (3,437,111) 11,134,475 -76.4%
<br /> Ending Fund Balance 443,672 4,740 448,412 12,250,160 11,801,748
<br /> Staff is recommending that Council approve additional budget amendments totaling
<br /> $4,740 and budget carryovers to 2012/13FY totaling $11,134,475 as shown in Tables
<br /> 4A and 4B, respectively. The recommended budget amendments include the following:
<br /> • Increase in revenue budget for the receipt of a developer
<br /> contribution ($25,000) for the Bernal Property Improvements
<br /> Reserve and additional interest earnings ($3,288) $28,288
<br /> • Increase in transfers-in to account for the recommended
<br /> General Fund year-end surplus transfer for the Bernal
<br /> Property Improvements Reserve ($561,000) and an increase
<br /> in the project's reserve balance ($578,548) (17,548)
<br /> • Close out of the Bernal Property Mitigation Pond Observation
<br /> Deck due to the completion of this project ($6,000) (6,000)
<br /> Net Recommended Amendments $4,740
<br /> As shown in Table 4A, the Parks CIP funds' projected fund balance at June 30, 2012 is
<br /> $12,250,160 or $11,801,748 higher than the Adjusted Budget. This is mainly due to
<br /> projects not being started or completed in the 2011/12FY. Table 4B presents the
<br /> recommended project carryovers and project reserve carryovers to the 2012/13FY.
<br /> After carrying forward these projects and project reserves the adjusted fund balance is
<br /> projected to be $1,115,685.
<br /> Page 7 of 11
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