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Changes in Reserves in FY 2015/16 <br /> Estimated Estimated <br /> General Fund - Fund Balance Balance FY 2015/16 Balance <br /> Reserve Designations 6/30/2015 Adjustments 6/30/2016 <br /> 10% of Revenues - Reserve for <br /> Economic Uncertainties $10,037,000 $609,000 $10,646,000 <br /> Undesignated Reserve 6,538,799 21,228 6,560,027 <br /> Proposed Use of Fund Balance <br /> from FY 2014/15 (1) 1,200,000 (360,000) 840,000 <br /> TOTALS $17,775,799 $270,228 $18,046,027 <br /> Staff is recommending that the Reserves be combined for a Reserve equal to 17% of operating <br /> expenses ($17.2 million Reserve / $100.7 million total operating expenses = 17%). The <br /> recommended goal long-term is to have a Reserve equal to 20% of operating expenses <br /> (approximately $20 million). <br /> Changes in Reserves in FY 2016/17 <br /> Estimated Estimated <br /> General Fund - Fund Balance Balance FY 2016/17 Balance <br /> Reserve Designations 6/30/2016 Adjustments 6/30/2017 <br /> 10% of Revenues - Reserve for <br /> Economic Uncertainties $10,646,000 $378,000 $11,024,000 <br /> Undesignated Reserve 6,560,027 (32,211) 6,527,816 <br /> Proposed Use of Fund Balance <br /> from FY 2014/15 (1) 840,000 (840,000) - <br /> TOTALS $18,046,027 ($494,211) $17,551,816 <br /> (1) Staff is recommending to use the $2,908,218 in additional estimated surplus FY 2014/15 <br /> General Fund Balance as follows: $1 million to reduce CaIPERS liability in FY 2014/15, <br /> $708,218 to reduce OPEB liability in FY 2014/15, $360,000 to fund the FY 2015/16 CIP <br /> and $840,000 to fund the FY 2016/17 CIP. This proposal retains the 10% Reserve for <br /> Economic Uncertainties and maintains the Undesignated Reserve at approximately $6.5 <br /> million. <br /> Enterprise Funds <br /> Water Fund <br /> Revenues from water sales are expected to decrease approximately 2.8% in FY 2015/16 and <br /> increase by 4.6% in FY 2016/17; mainly attributable to decreased non-recycled water <br /> consumption that the Governor mandated to conserve water during the drought. The increase in <br /> FY 2016/17 is related to expected Zone 7 rate increases. Expenses in the Water Fund are <br /> estimated to decrease overall by 3.5% in FY 2015/16 and increase by 3.4% in FY 2016/17. The <br /> 11 <br />