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Table 10. Employee Benefit Fund —Amended Budget vs. Actual
<br /> Amended
<br /> Employee Benefit Fund Budget Actual $Variance
<br /> Beginning Fund Balance ($4,610,266) ($4,610,266) $0
<br /> Plus Revenues 17,722,633 19,006,464 1,283,831
<br /> Less Expenditures (16,874,239) (18,124,518) (1,250,279)
<br /> Ending Fund Balance ($3,761,872) ($3,728,320) $33,552
<br /> Change in Fund Balance $848,394 $881,946 $33,552
<br /> Replacement/Renovation Funds
<br /> In accordance with the City's financial policies and the General Plan, the City maintains
<br /> various Replacement/Renovation Funds. The purpose of these funds is to provide
<br /> ongoing replacement of City equipment, vehicles, traffic signals, streetlights, and to make
<br /> major repairs/renovations to City facilities, parks, and medians, in order to extend their
<br /> useful lives.
<br /> Table 11 presents the activity in FY 2014/15 in these funds. Additionally, $1 million of
<br /> expenditures originally planned for FY 2014/15 were not undertaken and/or were
<br /> rescheduled to a later time. Therefore, these funds ended the year with $1 million more
<br /> in fund balance than originally budgeted.
<br /> Table 11. Repair & Replacement Funds -Amended Budget vs. Actual
<br /> Year-End
<br /> Amended Recommended
<br /> Repair&Replacement Funds Budget Actual $Variance Actual
<br /> Beginning Fund Balance $20,827,168 $20,827,168 $0 $20,827,168
<br /> Plus Revenues 4,711,454 4,750,706 39,252 4,750,706
<br /> Less Net Transfers 80,000 80,000 - 80,000
<br /> Less Expenditures (5,045,110) (4,031,622) 1,013,488 (4,031,622)
<br /> Ending Fund Balance $20,573,512 $21,626,252 $1,052,740 $21,626,252
<br /> Change in Fund Balance ($253,656) $799,084 _ $1,052,740 $799,084
<br /> Self-Insurance Fund
<br /> The Self Insurance Fund accounts for losses and liabilities related to lawsuits and public
<br /> liability insurance claims and deductibles. The General Fund currently funds a majority of
<br /> the annual revenue to this fund based on claims activity. The claims activity is reflected
<br /> in Table 12. The current level of funding appears to be adequate based on the current
<br /> claims activity.
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