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Table 6. Water O&M and Debt Service Funds — Amended Budget vs. Actual
<br /> Year-End
<br /> Amended Recommended
<br /> Water O&M/Debt Service Funds Budget Actual $Variance Actual
<br /> Beginning Fund Balance $7,320,211 $7,320,211 $0 $7,320,211
<br /> Plus Revenues 19,039,519 16,822,340 (2,217,179) 16,822,340
<br /> Less Net Transfers (1,745,551) (1,442,949) 302,602 (1,442,949)
<br /> Less Expenditures (17,493,242) (14,723,080) 2,770,162 (14,723,080)
<br /> Ending Fund Balance $7,120,937 $7,976,522 $855,585 $7,976,522
<br /> Change in Fund Balance ($199,274) $656,311 $855,585 $656,311
<br /> Sewer Operations and Maintenance (0 & M) and Debt Funds
<br /> The Sewer Operating Fund ended FY 2014/15 with a positive operating balance of
<br /> $340,837 as shown in Table 7. The majority of the variance was due to actual revenues
<br /> exceeding the Amended Budget. As a result of this, the ending fund balance has
<br /> increased to approximately $4.7 million. The adopted sewer rates effective September
<br /> 1, 2010 included an annual CPI adjustment for local collection fees. The rates were
<br /> designed to maintain the Sewer Operating Fund in a balanced operating position with a
<br /> minimum fund balance of $3.5 million. Similar to the Water Operating Fund, operations
<br /> are continuing to stabilize such that the minimum fund balance has been exceeded. Like
<br /> the water rates, the sewer rate review (local collection system rates only) was completed
<br /> and the new rates adopted by the City Council in October 2015 as required by Proposition
<br /> 218 (that states all fees and charges with a CPI adjustment be reviewed every five years).
<br /> Table 7. Sewer O&M and Debt Funds — Amended Budget vs. Actual
<br /> Year-End
<br /> Amended Recommended
<br /> Sewer O&M/Debt Funds Budget Actual $Variance Actual
<br /> Beginning Fund Balance $4,180,740 $4,180,740 $0 $4,180,740
<br /> Plus Revenues 13,382,616 13,730,592 347,976 13,730,592
<br /> Less Net Transfers (1,098,900) (1,103,095) (4,195) (1,103,095)
<br /> Less Expenditures (12,117,422) (12,120,366) (2,944) (12,120,366)
<br /> Ending Fund Balance $4,347,034 $4,687,871 $340,837 $4,687,871
<br /> Change in Fund Balance _ $166,294 $507,131 $340,837 $507,131
<br /> CALLIPPE PRESERVE GOLF COURSE OPERATING FUND
<br /> The Callippe Preserve Golf Course operating fund ended the year with a positive
<br /> operating balance of$314,468 as shown below in Table 8. Of these excess funds,
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