11 - Laserfiche WebLink

Cemetery Fund As shown in Table 10 below, the Cemetery Fund ended the year with a fund balance of $659,424 which is $72,847 less than anticipated in the amended budget due to actual revenues and expenditures less than the budget by $105,806 and $32,959, respectively. Revenues are derived from burial plot sales and expenditures are primarily related to burials, both of which are challenging to predict. The General Fund budget includes a transfer of $50,000 to the Cemetery Fund. Table 10. Cemetery Fund— Amended Budget vs. Actual FY 2021/22 Cemetery Operations Amended Actual Variance Variance % Beginning Balance, July 1 $719,503 $719,503 $0 0.0% Revenues 320,500 214,694 (105,806) -33.0% Expenses (357,732) (324,773) 32,959 -9.2% Net (37,232) (110,079) (72,847) 195.7% Transfer In - General Fund subsidy 50,000 50,000 0 0.0% Net Income $12,768 ($60,079) ($72,847) -570.5% Ending Balance, June 30 $732,271 $659,424 ($72,847) -9.9% 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 Funds, 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 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 2021/22 actual revenues and expenditures reflect the 2019 OPEB actuarial study recommendations and actual retiree medical payments. As shown in Table 11 below, actual revenues are $0.8 million less than budget due to reduced actual expenses. Actual expenditures, including transfers, are approximately $1 .0 million less than budgeted, which is related to unused retiree medical benefits that occur when eligible retirees have their medical benefits provided through another means such as a spouse or another job. The Retirees Medical Reserve Fund does not require a fund balance. Staff will monitor the level of activities in FY 2022/23 and propose to make necessary adjustments to utilize the fund balance of $161,381. Page 10 of 13