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Table 5. Transfers In and Transfers Out - Amended Budget vs. Actual
<br />General Fund Reserves. Table 6 presents the proposed changes to the General Fund
<br />Reserves. As shown, with the proposed $2 million allocation of the General Fund
<br />surplus to reserves, operating reserves are almost $32.6 million. The $32.6 million
<br />represents 29 percent of FY 2020/21 actual General Fund operating expenses and 26
<br />percent of the FY 2021/22 General Fund operating expenses. The City's policy is to
<br />maintain General Fund reserves equal to a minimum of 20 percent of operating
<br />expenses with target reserves equal to 25 percent of operating expenses.
<br />Table 6. General Fund — Fund Balance
<br />Initial
<br />FY 2020/21
<br />Ending
<br />General Fund
<br />Balances at
<br />Recommended
<br />FY 2019/20
<br />Operating Transfers
<br />Actual
<br />Revised
<br />Actual
<br />Variance
<br />OPERATING TRANSFERS IN - From:
<br />$2,000,000
<br />$32,589,420
<br />COVID Response & Recovery
<br />-
<br />Urban Forestry Fund (1/2 of Landscape
<br />1,000,000
<br />Reserve for Crisis Response Program
<br />800,000
<br />1 -
<br />Arch Assist)
<br />$25,000
<br />$25,000
<br />$25,000
<br />$0
<br />Retiree Medical Fund (Implied Subsidy)
<br />1,006,000
<br />1,050,000
<br />765,000
<br />285,000
<br />Golf Loan Repayment
<br />-
<br />-
<br />500,000
<br />(500,000)
<br />Happy Valley Infrastructure Loan
<br />Repayment
<br />129,068
<br />31,780
<br />641
<br />31,139
<br />OPERATING TRANSFERS OUT - To:
<br />CIPR
<br />(2,590,482)
<br />(1,500,000)
<br />(1,500,000)
<br />-
<br />Discounts
<br />-
<br />Water Fund
<br />(266,729)
<br />(250,000)
<br />(283,252)
<br />33,252
<br />Sewer Fund
<br />(98,123)
<br />(110,000)
<br />(101,752)
<br />(8,248)
<br />Transit Fund (Subsidy)
<br />(70,204)
<br />(216,717)
<br />(16,577)
<br />(200,140)
<br />Storm Drain Fund (Subsidy)
<br />(330,000)
<br />(330,000)
<br />(330,000)
<br />-
<br />Cemetery Fund (Subsidy)
<br />(50,000)
<br />(50,000)
<br />(50,000)
<br />-
<br />Repayment to Retiree Med Fund for Golf
<br />Debt
<br />(1,006,000)
<br />(1,050,000)
<br />(1,050,000)
<br />-
<br />LED CEC Loan Repayment
<br />(190,628)
<br />(190,628)
<br />(190,628)
<br />-
<br />Rainy Day Fund
<br />(3,545,578)
<br />(3,852,975)
<br />(3,852,975)
<br />-
<br />NET OPERATING TRANSFERS
<br />1 ($6,987,676)
<br />($6,443,540)
<br />($6,084,543)
<br />($358,997)
<br />General Fund Reserves. Table 6 presents the proposed changes to the General Fund
<br />Reserves. As shown, with the proposed $2 million allocation of the General Fund
<br />surplus to reserves, operating reserves are almost $32.6 million. The $32.6 million
<br />represents 29 percent of FY 2020/21 actual General Fund operating expenses and 26
<br />percent of the FY 2021/22 General Fund operating expenses. The City's policy is to
<br />maintain General Fund reserves equal to a minimum of 20 percent of operating
<br />expenses with target reserves equal to 25 percent of operating expenses.
<br />Table 6. General Fund — Fund Balance
<br />Page 6 of 14
<br />Initial
<br />Year -End
<br />Ending
<br />General Fund
<br />Balances at
<br />Recommended
<br />Fund
<br />Fund Balance
<br />6/30/2021
<br />Adjustments
<br />Balance
<br />General Fund Reserve
<br />$30,589,420
<br />$2,000,000
<br />$32,589,420
<br />COVID Response & Recovery
<br />-
<br />1,000,000
<br />1,000,000
<br />Reserve for Crisis Response Program
<br />800,000
<br />1 -
<br />I800,000
<br />Total General Fund Reserves
<br />$31,389,420
<br />1 $3,000,000
<br />1 $34,389,420
<br />Page 6 of 14
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