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These increases in revenues over budget were offset by reductions
<br />compared to budget as follows:
<br />• TDA Grant monies - Bicycle and Pedestrian Paths
<br />• Tri- Valley Transportation Fees
<br />• HBPOA LED Street Light Loan
<br />• miscellaneous grant revenues
<br />in revenues as
<br />$ 92,719
<br />143,192
<br />285,325
<br />177,939
<br />$699,175
<br />Actual expenditures were less than adjusted budget by $24,687,220. The majority of
<br />the expenditure variance is due to budgeted projects not being completed during the
<br />fiscal year ($19,316,894) and the accumulation of project reserves ($5,370,328) all of
<br />which are being recommended to be carried forward to the 2014/15FY as presented in
<br />Table 5B.
<br />Staff is recommending Council approval of additional revenue ($380,319) and
<br />expenditure ($354,093) budget amendments and budget carryovers to 2014/15FY
<br />($24,687,222) as shown in Tables 5A and 5B, respectively. The recommended budget
<br />amendments are as follows:
<br />• Increase in revenue budget of $380,319 to account for the receipt of a
<br />developer contribution ($329,930) from Ponderosa Homes for the
<br />undergrounding of utilities and street improvements on Stanley Boulevard and
<br />interest earnings ($50,389).
<br />• A majority of the increase in the expenditure budget ($354,093) is due to an
<br />increase in developer contributions to future CIP projects ($380,319) offset by
<br />the close out of the Bi- Annual Evaluation and Reclassification of Street
<br />Surfaces project ($47,640)
<br />Table 5A - Streets CIP Funds Adjusted Budget to Actual Revenues, Transfers &
<br />Expend itu res /Reserves
<br />Page 8 of 10
<br />Recommended
<br />Year -End
<br />Amended
<br />Budget
<br />Adjusted
<br />$
<br />%
<br />Streets CIP Funds
<br />Budget
<br />Amendments
<br />Budget
<br />Actual
<br />Variance
<br />Variance
<br />Beginning Fund Balance
<br />$ 29,127,913
<br />$ 29,127,913
<br />$ 29,127,913
<br />Revenues
<br />10,045,557
<br />$ 380,319
<br />10,425,876
<br />10,581,755
<br />$ 155,879
<br />1.5%
<br />Transfers In /(Out)
<br />(378,037)
<br />(378,037)
<br />(382,832)
<br />(4,795)
<br />1.3%
<br />Expenditures
<br />31,758,489
<br />354,093
<br />32,112,582
<br />7,425,362
<br />(24,687,220)
<br />-76.9%
<br />Ending Fund Balance
<br />$ 7,036,944
<br />$ 26,226
<br />$ 7,063,170
<br />$ 31,901,474
<br />$ 24 838 304
<br />Page 8 of 10
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