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Table 11. Retirees Medical Reserve Funds - Amended Bud et vs. Actual
<br />Replacement/Renovation Funds. In accordance with the City's financial policies and
<br />the General Plan, the City maintains various Rep lacement/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, to extend their useful lives.
<br />Table 12 presents the activity in FY 2020/21 in these funds. As described in Table 11,
<br />expenditures from the Repair and Replacement funds were $2.7 million less than
<br />anticipated in FY 2020/21, all of which will remain in the Repair and Replacement funds
<br />to be expended on projects and equipment replacements in the future. In addition,
<br />revenues were $86,114 greater than budget due to interest earnings and transfers out
<br />were $76,227 less than budget based on actual costs of Repair and Replacement
<br />funded projects in the CIP.
<br />Table 12. Repair & Replacement Funds - Amended Bud et vs. Actual
<br />FY 2020/21
<br />FY 2020/21
<br />Retirees Medical Reserve Fund
<br />Revised
<br />Actual
<br />Variance
<br />Variance %
<br />Beginning Fund Balance
<br />$510,100
<br />$510,100
<br />$0
<br />0.0%
<br />Plus Revenues
<br />5,183, 325
<br />2,661,045
<br />(2,522,280)
<br />-48.7%
<br />Less Net Transfers
<br />(91,000)
<br />218,000
<br />309,000
<br />-339.6%
<br />Less Expenditures
<br />(4,551,000)
<br />(3,389,145)
<br />1,161, 855
<br />-25.5%
<br />Ending Balance, June 30
<br />1 $1,051,425
<br />1 ($0)
<br />($1,051,425)
<br />-39.4%
<br />Replacement/Renovation Funds. In accordance with the City's financial policies and
<br />the General Plan, the City maintains various Rep lacement/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, to extend their useful lives.
<br />Table 12 presents the activity in FY 2020/21 in these funds. As described in Table 11,
<br />expenditures from the Repair and Replacement funds were $2.7 million less than
<br />anticipated in FY 2020/21, all of which will remain in the Repair and Replacement funds
<br />to be expended on projects and equipment replacements in the future. In addition,
<br />revenues were $86,114 greater than budget due to interest earnings and transfers out
<br />were $76,227 less than budget based on actual costs of Repair and Replacement
<br />funded projects in the CIP.
<br />Table 12. Repair & Replacement Funds - Amended Bud et vs. Actual
<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 />Livermore Pleasanton Fire Department's (LPFD) workers compensation expenses and
<br />liabilities. While there is and has been sufficient cash in both funds ($4.4 million for the
<br />City of Pleasanton and $7.3 million for LPFD) to cover actual Worker Compensation
<br />expenses, the incurred but not expensed claims (Future Liability) causes both funds to
<br />have negative fund balances. That said, as described in Tables 12 and 13 below, the
<br />City's Claims Paid and Future Liability are less than expected by $237,318 and
<br />$951,343 respectively while LPFD's Claims Paid is higher than expected by $379,339
<br />and the Future Liability declined by $64,688.
<br />The City periodically allocates portions of budget surpluses to the Workers
<br />Compensation funds to ensure there is available funding to cover claims in the event
<br />the City settles more claims than anticipated in the annual budget.
<br />Page 12 of 14
<br />FY 2020121
<br />FY 2020121
<br />Repair & Replacement Funds
<br />Revised
<br />Actual
<br />Variance
<br />Variance %
<br />Beginning Fund Balance
<br />$24,291,190
<br />$24,291,190
<br />$0
<br />0.0%
<br />Plus Revenues
<br />1,775,000
<br />1,861,114
<br />86,114
<br />4.9%
<br />Less Net Transfers
<br />(2,260,363)
<br />(2,184,136)
<br />76,227
<br />-3.4%
<br />Less Expenditures
<br />(6,568,187)
<br />(3,885,826)
<br />2,682,360
<br />-40.8%
<br />Ending Balance, June 30
<br />$17,237,640
<br />$20,082,341
<br />$2,844,701
<br />-39.4%
<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 />Livermore Pleasanton Fire Department's (LPFD) workers compensation expenses and
<br />liabilities. While there is and has been sufficient cash in both funds ($4.4 million for the
<br />City of Pleasanton and $7.3 million for LPFD) to cover actual Worker Compensation
<br />expenses, the incurred but not expensed claims (Future Liability) causes both funds to
<br />have negative fund balances. That said, as described in Tables 12 and 13 below, the
<br />City's Claims Paid and Future Liability are less than expected by $237,318 and
<br />$951,343 respectively while LPFD's Claims Paid is higher than expected by $379,339
<br />and the Future Liability declined by $64,688.
<br />The City periodically allocates portions of budget surpluses to the Workers
<br />Compensation funds to ensure there is available funding to cover claims in the event
<br />the City settles more claims than anticipated in the annual budget.
<br />Page 12 of 14
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