13 - Laserfiche WebLink

The majority of the variance was due to the following: Transfers In o Happy Valley Specific Plan Fees ($174,181) received to date for the repayment of infrastructure loans made by the General Fund to the Golf Course. This item was not included in the Amended Budget because receipt of these funds is dependent on when new development in this area occurs. $174,181 The Year-End Recommended Budget Adjustment ($928,584) is for the transfer to the PERS Stabilization Fund for the funding of additional payments to PERS that are needed to offset the impact of smoothing or negative amortization of the City's Unfunded Pension Liability by PERS. General Fund Reserves Table 5 presents the proposed changes to the General Fund Reserves. As shown, the overall reserves of $13.041 million are proposed to increase to $15.041 million as a result of staffs recommended allocation of the excess funds at year-end ($2.0 million) to reserves. As indicated at the time the City paid off the golf course debt using reserves (May 2013), the City would continue to replenish the reserves to a recommended level of $20 million. The further recommended allocation of these funds is due to maintaining the Reserve for Economic Uncertainties at 10% of revenues in the General Fund. Table 5. General Fund — Fund Balance Reserve Designations Year-End Recommended General Rind-Rind Balance Amended Budget Ending Fund Reserve Designations Budget Adjustments Balance 10% Reserve for Economic Uncertainties $9,437,000 $213,000 $9,650,000 Unassigned Fund Balance 3,604,582 1,787,000 5,391,582 Total $13,041,582 $2,000,000 $15,041,582 ENTERPRISE FUNDS The City currently has seven Enterprise Funds as follows: • Water O&M Fund • Sewer O&M Fund • Callippe Preserve Golf Course Fund • Storm Drain Fund • ParaTransit Fund • Cemetery Fund • Electrical Vehicle Charging Stations Fund Only the Operations & Maintenance (O&M) and Debt Service, if any, portions of these enterprises are reflected in the Operating Budget. Capital improvements and Page 6 of 12