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13 City of Pleasanton Mid-Term Budget Update • FY 2022/23 <br />The increase in net transfers is due to the transfer of $1.7 million to the Capital Improvement Program <br />(CIP). The Rainy Day fund was established as part of the COVID-19 response in FY 2020/21 to help the <br />City withstand revenue fluctuations. Allocations to this fund were made by reducing annual General <br />Fund contribution to CIP from a $5 million average to a $2.5 million average. Based on current revenue <br />projections, there is no new transfer budgeted to the Rainy Day Fund. Beginning FY 2022/23, the Rainy Day <br />fund is being programmed to return the annual General Fund contribution for CIP budget back to the $5 <br />million level as was in past practice. <br />General Fund Reserves <br />The General Fund reserves are projected to be $43.9 million at the end of FY 2021/22. This is made up of <br />$33.8 million of General Fund, as reflected in Table 2 and $10.1 million in the Rainy Day fund. This equals <br />approximately 32.9 percent of the operating expenses. The City’s policy is to maintain minimum reserves <br />equal to 20 percent of operating expenses, a maximum of 30 percent and a target of 25 percent. The FY <br />2022/23 original budget included the use of $400,000 from reserves for operating expenses and a transfer <br />of $2.9 million from the Rainy Day fund to cover CIP allocations. There is no change recommended to this <br />use of fund balance. This action will reduce the reserve to 30.7 percent of the operating expenses. <br />Table 7Table 7 <br />Changes to ResChanges to Reserves in FY 2022/23erves in FY 2022/23 <br />General Fund <br />Fund Balance <br />Initial <br />Balance <br /> at 6/30/2022 <br />Recommended <br />Adjustments <br />FY 2022/23 <br /> Mid-Term <br />Budget <br />General Fund $33,788,571 ($400,000)$33,388,571 <br />Rainy Day 10,133,310 (2,512,760)7,620,550 <br />Total General Fund Reserve $43,921,881 ($2,912,760)$41,009,121