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Operating Transfers
<br /> Table 8 presents the Operating Transfers history and the recommended amendments to the
<br /> 2014/15FY:
<br /> Table 8
<br /> General Fund Transfers
<br /> 2014/15FY 2014/15FY
<br /> 2011/12FY 2012/13FY 2013114FY Original Adjustments Mid-Term
<br /> Operating Transfers Actuals Actuals Midyear Budget (Decreases) Budget
<br /> OPERATING TRANSFERS IN-From:
<br /> Employee Benefits Fund 432,467 - - - - -
<br /> Urban Forestry Fund(1/2 of Landscape Arch Assist) 37,274 30,199 37,274 37,274 (18,637) 18,637
<br /> Repayment of Temp Loan Windsor La 8,068
<br /> PERS Rate Stabilization 12,356
<br /> Retiree Medical Fund(Implied Subsidy) 572,719 675,209 (86,339) 588,870
<br /> Happy Valley Infrastructure Loan Repayment 520,539 155,960 269,961 289,005 (55,842) 233,163
<br /> OPERATING TRANSFERS OUT-To:
<br /> PERS Rate Stabilization (1,000,000) (1,000,000) -
<br /> CIPR (561,000) (1,000,000) (1,300,000) (1,300,000)
<br /> Senior 8 Low income Water 8 Sewer Discounts -
<br /> Water Fund (226,970) (230,362) (235,000) (244,000) (244,000)
<br /> Sewer Fund (94,257) (94,150) (100,000) (105,000) (105,000)
<br /> Transit Fund(Subsidy) (330,416) (368,284) (387,998) (395,807) (3,605) (399,412)
<br /> Storm Drain Fund(Subsidy) (330,000) (330,000) (330,000) (330,000)
<br /> Cemetery Fund(Subsidy) (30,000) (30,000) (30,000) (30,000) (30,000)
<br /> Golf Debt (1,330,000) (1,320,000) -
<br /> Debt SenAce 2003 COPS (406,800) (13,170,000) - -
<br /> Debt Ser4ce 2004 COP's (386,303) (385,480) (380,448) - -
<br /> Retiree Medical Fund(Repayment for 2003 COP Payoff) (588,870) (588,870)
<br /> NET OPERATING TRANSFERS (3,705,466) (16,391,693) ($1,583,492) ($1,403,319) ($753,293)($2,156,612)
<br /> Operating transfers to the General Fund include a transfer from the Urban Forestry Fund to
<br /> fund 50% of the Landscape Architect Assistant and operating subsidies to the Transit Fund,
<br /> Storm Drain Fund, Cemetery Fund, and Golf Course Fund. There are also transfers from the
<br /> General Fund to the Water and Sewer Funds to fund the senior and low income water and
<br /> sewer discounts. Under Proposition 218, one classification of water customers can not
<br /> subsidize another. Therefore, if a City desires to provide senior and low income discounts to
<br /> its customers it must fund the discounts through the General Fund of the City. Finally, there
<br /> are transfers from the General Fund to the debt service funds for the funding of the annual
<br /> debt service payments for the OSC and Senior Center facilities. The September 2, 2014 debt
<br /> service payment is the final payment on these obligations.
<br /> The majority of the increase in net transfers is due to the repayment of the loan from the
<br /> Retiree Medical Fund for the payoff of the 2003 Golf Course Certificates of Participation
<br /> (COPs). In 2013, the City paid off the COPs and borrowed $6.48 million from the Retiree
<br /> Medical Fund. Starting with the 2014/15FY Mid-Term Budget the City will begin to repay that
<br /> loan.
<br /> General Fund Reserves
<br /> The General Fund reserves are projected to remain at their current level of $13.041 million.
<br /> The slight recommended change in allocation of the General Fund Reserves is due to
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