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Table 6. Water Operations and Maintenance Fund Overview
<br /> FY 2014/15 FY 2015/16 FY 2016/17
<br /> Water(O&M) Actual Actual Mid-Term Budget Adjustments Mid-Year Budget
<br /> Beginning Balance, July 1 $7,320,211 $7,976,521 $8,547,338 $8,547,338
<br /> Revenues 16,822,340 17,320,032 17,820,700 $2,670,000 20,490,700
<br /> Net Transfers (1,442,949) (2,987,455) (1,510,702) (1,510,702)
<br /> Expenses
<br /> Zone 7 Purchased Water 8,849,619 7,992,237 9,750,000 2,750,000 12,500,000
<br /> All other expenses 5,873,462 5,769,523 6,443,055 104,215 6,547,270
<br /> Total Expenses 14,723,081 13,761,760 16,193,055 2,854,215 19,047,270
<br /> Net Income $656,310 $570,817 $116,943 ($184,215) ($67,272)
<br /> Ending Balance, June 30 $7,976,521 $8,547,338 $8,664,281 _ $8,480,066
<br /> Sewer Operations and Maintenance Fund - As shown in Table 7, recommended
<br /> changes to the Sewer Operations and Maintenance Fund total $244,391 and includes
<br /> salary adjustments approved in October of 2016, and carryover contracts from FY
<br /> 2015/16 for the Utility Billing system project, utility billing implementation expenses, and
<br /> new LPFD permit fees,
<br /> Table 7. Sewer Operations and Maintenance Fund Overview
<br /> FY 2014/15 FY 2015/16 FY 2016/17
<br /> Sewer(O&M) Actual Actual Mid-Term Budget Adjustments Mid-Year Budget
<br /> Beginning Balance, July 1 $4,180,740 $4,687,872 $5,299,511 $5,299,511
<br /> Revenues 13,730,592 13,915,734 14,137,000 14,137,000
<br /> Net Transfers (1,103,095) (1,128,295) (1,118,700) - (1,118,700)
<br /> Expenses
<br /> DSRSD 9,540,757 9,616,214 10,050,000 - 10,050,000
<br /> All other expenses 2,579,608 2,559,586 2,804,352 244,391 3,048,743
<br /> Total Expenses 12,120,365 12,175,800 12,854,352 244,391 13,098,743
<br /> Net Income $507,132 $611,639 $163,948 ($244,391) ($80,443)
<br /> Ending Balance, June 30 $4,687,872 $5,299,511 $5,463,459 $5,219,068
<br /> Special Revenue Funds
<br /> Lower Income Housing Fund - The Affordable Housing Agreement for the Vintage
<br /> Village Project with the previous project owner E & S Ring was originally approved in
<br /> August of 2013 with an option of providing affordable units within the project, or accepting
<br /> a cash payment of up to $4.5 million. In September of 2014, the City Council voted to
<br /> require payment of$1,041,421 of in lieu fees to the Lower Income Housing Fund plus an
<br /> additional $3,458,579 to a special fund for a one time operating or capital project, to be
<br /> determined at a future date as part of the City's regular priority discussions.
<br /> The City received the $4.5 million in October of 2016 and deposited the funds into the
<br /> Lower Income Housing Fund. As part of this midyear budget review, staff is
<br /> recommending that the Council approve a transfer of the $3,458,579 that is not the in lieu
<br /> payment from the Lower Income Housing Fund to the Capital Improvement Project
<br /> Reserve to be allocated at a future date. Alternatively, the Council may deposit 100% in
<br /> the Lower Income Housing Fund. Staff's recommendation is based on the number of
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