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September 2015 as a result of Proposition 218 requiring all fees and charges with a CPI adjustment to be reviewed every five years. Table 6. Water O&M and Debt Service Funds —Amended Budget vs. Actual Amended Water O&M/Debt Service Funds Budget Actual S Variance %Variance Beginning Fund Balance $6,029,352 $6,029,352 - Plus Reeenues 20,975,483 21,722,756 747,273 3.6% Less Net Transfers (1,830,090) (1,871,172) (41,082) 2.2% Less Expenditures (19,420,271) (19,444,952) (24,681) 0.1% Ending Fund Balance $5,754,474 $6,435,984 $681,510 Change in Fund Balance ($274,878) $406,632 $681,510 Sewer Operations and Maintenance (0 & M) and Debt Funds The Sewer Operating Fund ended 2012/13FY with a deficit operating balance of $16,572 as shown in Table 7. Staff had projected an operating profit at Midyear of $72,790; therefore, the variance in operations was $89,362. The majority of the variance was due to DSRSD sewer charges being slightly higher than staff had estimated. Sewer rates charged to our customers include both a local collection fee and a regional fee (passed on to either the City of Livermore (Ruby Hills area) or Dublin San Ramon Services District (DSRSD for the remainder of the City) for sewer treatment services and to the Livermore-Amador Valley Water Management Agency (LAVWMA) for export services). As a result of this, the ending fund balance has decreased slightly to approximately $3.8 million. The adopted sewer rates effective September 1, 2010 only included an annual CPI adjustment for local collection fees. The rates were designed to maintain the Sewer Operating Fund in a balanced operating position with a minimum fund balance of $3.5 million. Staff is pleased to see that operations are continuing to be stabilized and that the minimum fund balance has been maintained or slightly exceeded after three years since adoption of the new rate structure. Staff will continue to monitor the revenues and expenditures of the Sewer operations. Like the water rates, the next sewer rate review (local collection system rates only) will need to be adopted by the City Council no later than September 2015 as a result of Proposition 218 requiring all fees and charges with a CPI adjustment to be reviewed every five years. The results of the 2012/13FY sewer operations are shown in Table 7. Page 7 of 11