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Sewer Operations and Maintenance (0 & M) and Debt Funds. As shown in Table 7,
<br /> the Sewer Operating Fund ended FY 2017/18 with a positive operating fund balance of
<br /> $6.8 million which is $189,060 greater than the amount included in the FY 2017/18
<br /> Amended Budget. The recommended fund balance of $6.8 million equals 52 percent of
<br /> the Sewer Fund's actual FY 2017/18 operating expenses and 51 percent of the Sewer
<br /> Fund's FY 2018/19 operating budget. The operating reserve policy adopted by City
<br /> Council in November 2016 targets the Sewer Fund operating reserves equal to 35
<br /> percent of operating expenses. Thus, operating reserves exceed the target.
<br /> The variance is due to actual revenues exceeding the MidYear Budget by $246,984 or
<br /> 1.7 percent. In addition, expenditures were greater than the budget by $78,454 due to
<br /> actual Dublin San Ramon Services District (DSRSD) sewer treatment fees exceeding
<br /> budget by $109,372 which is off-set by the City's Sewer Fund operating expenses
<br /> under-expenditures of $30,918.
<br /> Table 7. Sewer O&M Funds — Amended Budget vs. Actual
<br /> FY 2017/18 FY 2017/18 FY 2017/18
<br /> Sewer(O&M) Midyear Actual Variance Variance %
<br /> Beginning Balance, July 1 $6,489,335 $6,489,335 $0 0.0%
<br /> Revenues 14,383,000 14,629,984 246,984 1.7%
<br /> Net Transfers (1,105,700) (1,085,171) 20.529 -1.9%
<br /> Expenses
<br /> DSRSD (9,750,000) (9,859,372) (109,372) 1.1%
<br /> All other expenses (3,358,805) (3,327,887) 30,918 -0.9%
<br /> Total Expenses (13,108,805) (13,187,259) (78,454) 0.6%
<br /> Net Income $168,495 $357,555 $189,060 112.2%
<br /> Ending Balance, June 30 $6,657,830 $6,846,889 $189,060 2.8%
<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 $207,479 as shown below in Table 8. Of these excess funds,
<br /> $79,743 was transferred to the General Fund to repay the golf course loan (originally
<br /> $10 million; as of June 30, 2018 the remaining balance is $6.2 million).
<br /> The highlights of the golf course operations in FY 2017/18 are as follows:
<br /> • 52,612 rounds of golf were played in FY 2017/18, down from 53,844
<br /> rounds played in FY 2016/17
<br /> • Operating revenues were less than budgeted by $246,591
<br /> • Expenses were $146,890 less than budgeted due to savings in personnel
<br /> costs.
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