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Table 4. Transfers In and Transfers Out - Amended Budget vs. Actual <br /> FY 2018/19 FY 2018/19 <br /> Operating Transfers Midyear Actual Variance <br /> OPERATING TRANSFERS IN - From: <br /> Urban Forestry Fund(1/2 of Landscape Arch Assist) $20,000 $20,000 $0 <br /> Retiree Medical Fund (Implied Subsidy) 735,000 888.000 153,000 <br /> Happy Valley Infrastructure Loan Repayment 88,166 - (88,166) <br /> OPERATING TRANSFERS OUT -To: <br /> CIPR (7,969,048) (7,969,048) - <br /> Senior& Low Income Water& Sewer Discounts <br /> Water Fund (244,000) (243,312) 688 <br /> Sewer Fund (106,000) (94,609) 11,391 <br /> Transit Fund (Subsidy) (387,238) (186,639) 200,599 <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 (735.000) (735,000) - <br /> LED CEC Loan Repayment (190,628) (190,628) - <br /> Prefund Pension Liability to Trust (721,177) (721,177) <br /> NET OPERATING TRANSFERS ($9,884,925) ($9,607,413) $277,512 <br /> General Fund Reserves. Table 5 presents the proposed changes to the General Fund <br /> Reserves. As shown, the overall operating reserves of almost $27.9 million are $1.8 <br /> million greater than the Amended Budget after factoring in staff's recommended <br /> allocation of the excess year-end funds. The $27.9 million represents 25 percent of FY <br /> 2018/19 actual General Fund operating expenses and 23 percent of the FY 2019/20 <br /> budgeted expenditures. The City's policy is to maintain General Fund reserves equal to <br /> a minimum of 20 percent of operating expenses with target reserves equal to 25 percent <br /> of operating expenses. Thus, the proposed $1 .8 million allocation from the FY 2018/19 <br /> General Fund surplus to General Fund reserves results in meeting the reserve target. <br /> Table 5. General Fund — Fund Balance <br /> General Fund Initial Year-End Ending <br /> Fund Balance Balances at Recommended Fund <br /> Reserve Designations 6/30/2019 Adjustments Balance <br /> General Fund Reserve $26,063,367 $1,790,292 $27,853,659 <br /> Enterprise Funds <br /> The City currently has six2 Enterprise Funds as follows: <br /> • Water/Recycled Water O&M Fund <br /> • Sewer O&M Fund <br /> • Callippe Preserve Golf Course Fund <br /> • Storm Drain Fund <br /> 2 The Water and Recycled Water Fund are two funds that are combined for presentation purposes. <br /> Page 5 of 11 <br />