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Transfer of Funds. As shown in Table 4, actual net General Fund transfers out were <br /> less than the Amended Budget by $18,604 as a result reduced transfers out to the <br /> Water, Sewer and Transit funds due to reduced demand for those services. <br /> Table 4. Transfers In and Transfers Out - Amended Budget vs. Actual <br /> FY 2017/18 FY 2017/18 <br /> Operating Transfers Midyear Actual Variance <br /> OPERATING TRANSFERS IN -From: <br /> Urban Forestry Fund (1/2 of Landscape Arch Assist) $19,000 $19,000 $0 <br /> Retiree Medical Fund (Implied Subsidy) 695.000 695,000 - <br /> Happy Valley Infrastructure Golf Loan Repayment 79,743 79,743 - <br /> Developer Reimbursements - 13,594 13,594 <br /> OPERATING TRANSFERS OUT -To: <br /> CIPR (5,195,725) (5,195,725) - <br /> Senior& Low Income Water& Sewer Discounts: <br /> Water Fund (237,000) (263,165) (26,165) <br /> Sewer Fund (103,000) (94.829) 8,171 <br /> Transit Fund(Subsidy) (381,981) (358,977) 23,004 <br /> Storm Drain Fund (Subsidy) (330,000) (330,000) - <br /> Cemetery Fund(Subsidy) (45,000) (45,000) - <br /> Repayment to Retiree Med Fund for Golf Debt (695,000) (695,000) - <br /> LED CEC Loan Repayment (190,628) (190,628) <br /> NET OPERATING TRANSFERS ($6,384,591) ($6,365,987) $18,604 <br /> General Fund Reserves. Table 5 presents the proposed changes to the General Fund <br /> Reserves. As shown, the overall operating reserves of almost $26.8 million are $2 <br /> million greater than the Amended Budget after factoring in staff's recommended <br /> allocation of the excess year-end funds. The $26.8 million represents 25.3 percent of <br /> FY 2017/18 actual General Fund operating expenses and 23.3 percent of the FY <br /> 2018/19 budgeted expenditures. The City's policy is to maintain General Fund reserves <br /> equal to a minimum of 20 percent of operating expenses with target reserves equal to <br /> 25 percent of operating expenses. Thus, the proposed $2 million allocation from the FY <br /> 2017/18 General Fund surplus to General Fund reserves moves the City closer to its <br /> reserve target. <br /> Table 5. General Fund — Fund Balance <br /> Year-end <br /> Recommen <br /> Initial ded Budget Ending <br /> Balance at Adjustment Fund <br /> General Fund Balance 6/30/2018 s Balance <br /> General Fund Reserve $24,063.367 $2,000,000 $26,063,367 <br /> Enterprise Funds <br /> The City currently has six3 Enterprise Funds as follows: <br /> ■ Water/Recycled Water O&M Fund <br /> The Water and Recycled Water Fund are two funds that are combined for presentation purposes. <br /> Page 5 of 11 <br />