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Table 9. Storm Drain Fund —Amended Budget vs. Actual Year-End Amended Recommended Storm Drain Budget Actual $Variance Actual Beginning Fund Balance $1,127,353 $1,127,353 $0 $1,127,353 Plus Revenues 695,269 711,613 16,344 711,613 Less Net Transfers 324,165 324,165 - 324,165 Less Expenditures (1,007,698) (883,898) 123,800 (883,898) Ending Fund Balance $1,139,089 $1,279,233 $140,144 $1,279,233 Change in Fund Balance $11,736 $151,880 $140,144 $151,880 INTERNAL SERVICE FUNDS Internal Service Funds account for the financing of goods or services provided by a department to other departments on a cost-reimbursement basis. Three examples of this are the Employee Benefit Fund, the Repair and Replacement Fund and the Self Insurance Fund. These funds not only account for current year expenditures but also long term liabilities of the City. These liabilities may not result in actual expenditures in the short term, but will result in future expenditures for the future replacement of equipment or the payment in the future of employee retirement, medical benefits and unused vacation. In accordance with the City's adopted financial policies and the City's General Plan, the City recognizes costs as they accrue, and sets money aside to fund the future expenditures, rather than allowing these costs to accumulate and become a future financial burden. Employee Benefit Fund The Employee Benefit Fund (EBF) is used to account for employee benefit costs. The departments' budgets are charged for benefit expenses as a percent of salary, and the dollars then flow to the EBF, where the actual costs are recorded. For FY 2014/15, the variance in actual revenues and expenditures to budget was $881,946 as shown in Table 10. The Fund Balance is equal to the amount of the outstanding PERS Side Fund Loan paid off in July 2011 (current balance $3.7 million). The Retiree Medical Fund advanced the monies to pay off the Side Fund Loan with PERS for the Police Officers Group. The original loan was $7.8 million. It is anticipated that the loan will be fully repaid by FY 2018/19. Table 10 presents the activity in FY 2014/15 for the Employee Benefit Fund. Page 9 of 11