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Streets CIP Funds <br /> Table 5A summarizes the FY 2019/20 activity for the Streets CIP Funds. Actual <br /> revenues were $929,827 less than the adjusted budget primarily due to the lower <br /> revenues received in FY 2019/20 including Traffic Impact Fees and Gas Tax that is <br /> offset by increased interest earnings. There are also revenue carry-forwards of <br /> approximately $2.9 million. The adjusted expenditure budget is reduced by $57,894 <br /> related to projects that have been closed out and the unused budget returned to fund <br /> balance. Actual expenditures were less than the adjusted budget by $43.2 million. The <br /> expenditure variance is due to budgeted projects not completed during the fiscal year <br /> and the accumulation of project reserves of$6.9 million all of which have been carried <br /> forward to the FY 2020/21 as presented in Table 5B. <br /> Staff is recommending that Council approve the following: <br /> • Decrease the revenue budget $929,827 as described above. <br /> • Increase the expenditure budget by $3,690 to cover a project budget shortfall. <br /> Staff is recommending that Council approve additional revenue transfers out totaling <br /> $172,701 to cover project budgets that had exceeded budget. <br /> Table 5A - Streets CIP Funds Adjusted Budget to Actual Revenues, Transfers & <br /> Expenditures/Reserves <br /> Year-End <br /> Amended Budget Adjusted $ <br /> Streets CIP Funds Budget Amendments Budget Actual Variance Variance <br /> Beginning Fund Balance $48,065,716 $48,065,716 $48,065,716 <br /> Reeenues 11,212,006 (929,827) 10,282,179 7,406,788 (2,875,391) -28% <br /> Transfers In/(Out) 950,000 ($172,701) 777,299 777,299 - <br /> Expenditures 50,155,298 (54,204) 50,101,094 6,894,356 (43,206.738) -86% <br /> Ending Fund Balance $10,072,424 ($1,048,324) $9,024,099 $49,355,446 $40,331,347 <br /> 8 <br />