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Table 9. Storm Drain Fund —Amended Budget vs. Actual ?ear-end MIDOC32d Recommended Storm DE OE Budget Actual Nattii@l9 Actual Beginning Fund Balance $1,279,234 $1,279,234 $0 $1,279,234 Plus Revenues 689,440 797,240 107,800 797,240 Transfers In/(Out) 312,200 312,200 0 312,200 Less Expenditures (1,446,898) (1,121,346) $325,552 (1,121,346) Ending Fund Balance 833,976 1,267,328 433,352 1,267,328 Change OE Fund Balance Q$445,W) 0%906) $436,2 6399,906); 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 2015/16, the variance in actual expenditures were$73,725 greater than the Amended Budget as shown in Table 10 The Fund Balance includes the amount of the outstanding PERS Side Fund Loan paid off in July 2011 (current balance of $2 83 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 2015/16 for the Employee Benefit Fund Page 9 of 11