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by $15,184. The General Fund budget includes a transfer-out of$50,000 to the Cemetery Fund. Table 9. Cemetery Fund—Amended Budget vs. Actual FY 2019/20 FY 2019/20 Cemetery Operations Revised Actual Variance Variance% Beginning Balance, July 1 $641,128 $641,128 $0 0.0% Revenues 190,180 223,857 33,677 17.7% Expenses (252,725) (237,541) 15,184 -6.0% Net (62,545) (13,684) 48,862 -78.1% Transfer In - General Fund subsidy 50,000 50,000 0 0.0% Net Income ($12,545) $36,316 $48,862 -389.5% Ending Balance, June 30 $628,583 $677,444 $48,862 7.8% Internal Service Funds Internal Service Funds account for the financing of goods or services provided by a department to other departments on a cost-reimbursement basis. Three examples of this are the Retirees Medical Reserve Fund, the Repair and Replacement Fund and the Self Insurance Fund. These funds not only account for current year expenditures but also long-term liabilities of the City. These liabilities may not result in actual expenditures in the short term but will result in future expenditures for the future replacement of equipment or the payment in the future of employee retirement, medical benefits and unused vacation. In accordance with the City's adopted financial policies and the City's General Plan, the City recognizes costs as they accrue, and sets money aside to fund the future expenditures, rather than allowing these costs to accumulate and become a future financial burden. Retirees Medical Reserve Fund. The FY 2019/20 actual revenues and expenditures reflect the 2019 OPEB actuarial study recommendations and actual retiree medical payments. As shown in Table 10 below, the actual expenditures to the Retiree Medical Reserve Fund are $70,846 less than budgeted, which is related to unused retiree medical benefits. $22.2 million of the initial $28 million allocation to the City's Section 115 Pension Trust Fund was invested in longer term, more aggressive investment portfolio and was included in the Retiree Medical Reserve Fund. As part of the FY 2019/20 year-end close staff created a new fund to house the Section 115 Pension Trust fund long-term investments and transferred that $22.2 million to it. The remaining $6.7 million of the initial investment and $10 million subsequent investments are part of the City's operating budget reserves and invested in a short-term conservative investment portfolio. As such, it will remain in the City's operating budget reserves. Page 10 of 13