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Table 10. Retirees Medical Reserve Funds - Amended Budget vs. Actual
<br /> FY 2018/19 FY 2018/19
<br /> Retirees Medical Reserve Fund Midyear Actual Variance Variance %
<br /> Beginning Fund Balance $17.412,784 S17.412,784 SO 0.0%
<br /> Plus Revenues 5,138,538 5,698,181 559,643 10.9%
<br /> Less Net Transfers (65.000) 2.494.995 2.559,995 -3938.5%
<br /> Less Expenditures (5,137,000) (4,564,474) 572,526 -11.1%
<br /> Ending Fund Balance $17,349.322 $21,041,486 $3,692,164 -3938.7%
<br /> Change in Fund Balance ($63,462) $3,628,702 $3,692,164 3938.7%
<br /> Replacement/Renovation Funds. In accordance with the City's financial policies and
<br /> the General Plan, the City maintains various Replacement/Renovation Funds. The
<br /> purpose of these funds is to provide ongoing replacement of City equipment, vehicles,
<br /> traffic signals, streetlights, and to make major repairs/renovations to City facilities,
<br /> parks. and medians, in order to extend their useful lives.
<br /> Table 11 presents the activity in FY 2018/19 in these funds. As described in Table 11,
<br /> expenditures from the Repair and Replacement funds were $3.3 million less than
<br /> anticipated in FY 2018/19. All of this $3.3 million will remain in the Repair and
<br /> Replacement funds to be expended on projects and equipment replacements in the
<br /> future.
<br /> Table 11. Repair & Replacement Funds - Amended Budget vs. Actual
<br /> FY 2018/19 FY 2018/19
<br /> Repair& Replacement Funds Midyear Actual Variance Variance %
<br /> Beginning Fund Balance $23,694,108 $23,694,108 ' SO 0.0%
<br /> Plus Revenues 5,656,629 5,486,833 (169,796)1 -3.0%
<br /> Less Net Transfers (18,000) (20,752) (2,752) 15.3%
<br /> Less Expenditures (8,461,814) (5,177,934) 3,283,880 -38.8%
<br /> Ending Fund Balance $20,870,923 $23,982,255 $3,111,332 -26.5%
<br /> Change in Fund Balance $2,823,185 ($288,147) ($3,111,332) 26.5%
<br /> Workers Compensation Funds. There are two Workers Compensation funds: one for
<br /> the City of Pleasanton workers compensation expenses and liabilities and the other for
<br /> LPFD's workers compensation expenses and liabilities. While there is and has been
<br /> sufficient cash in both funds ($5.3 million for the City of Pleasanton and $2.1 million for
<br /> LPFD) to cover actual Worker Compensation expenses, the incurred but not expensed
<br /> claims (Future Liability) causes both funds to have negative fund balances. The City
<br /> periodically allocates portions of budget surpluses to the Workers Compensation funds
<br /> to ensure there is available funding to cover claims in the event the City settles more
<br /> claims than anticipated in the annual budget3.
<br /> City Council allocated approximately $1.2 million as part of the FY 2017/18 year-end budget surplus to
<br /> the LPFD Workers Compensation Fund pending the City of Livermore providing a similar level of funding.
<br /> As of the writing of this report. the City of Livermore has not provided additional funding to cover LPFD's
<br /> workers compensation liabilities. As such, the $1.2 million that Pleasanton allocated last year remains in
<br /> the General Fund reserve.
<br /> Page 10 of 11
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