|
Table 11. Retirees Medical Reserve Funds - Amended Budget vs. Actual
<br /> FY 2021/22
<br /> Retirees Medical Reserve Fund Amended Actual Variance Variance %
<br /> Beginning Fund Balance $0 $0 $0 0.0%
<br /> Revenues 4,270,000 3,465,172 (804,828) -18.8%
<br /> Net Transfers (91,000) 0 91,000 -100.0%
<br /> Expenditures (4,179,000) (3,303,791) 875,209 -20.9%
<br /> Ending Fund Balance $0 $161,381 $161,381 -139.8%
<br /> Change in Fund Balance $0 $161,381 $161,381 139.8%
<br /> Replacement/Renovation Funds. In accordance with the City's financial policies and
<br /> the General Plan, the City maintains various Replacement/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 life.
<br /> As described in Table 12 below, expenditures from the Repair and Replacement funds
<br /> were $1.8 million less than anticipated in FY 2021/22, all of which will remain in the
<br /> Repair and Replacement funds to be expended on projects and equipment
<br /> replacements in the future. In addition, revenues were $70,977 greater than budget due
<br /> to interest earnings, and net transfers ended with a difference of $723,220 due to no
<br /> transfers made to the CIP funds for Repair and Replacement funded projects while
<br /> receiving transfers from the Golf Operating Fund into the Golf Repair and Replacement
<br /> Fund.
<br /> Table 12. Repair & Replacement Funds - Amended Budget vs. Actual
<br /> FY 2021/22
<br /> Repair& Replacement Funds Amended Actual Variance Variance %
<br /> Beginning Fund Balance $22,414,568 $22,414,568 $0 0.0%
<br /> Revenues 2,830,500 2,901,477 70,977 2.5%
<br /> Net Transfers (546,906) 176,314 723,220 -132.2%
<br /> Expenditures (4,861,780) (3,104,696) 1,757,083 -36.1%
<br /> Ending Fund Balance $19,836,382 $22,387,663 $2,551,280 -165.9%
<br /> Change in Fund Balance ($2,578,186) ($26,905) $2,551,280 165.9%
<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 ($4.8 million for the
<br /> City of Pleasanton and $7.1 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 13 and 14 below, the
<br /> City's Claims Paid is lower than expected by $617,234 and Future Liability is higher
<br /> than expected by $199,000 while LPFD's Claims Paid and Future Liability are higher
<br /> than expected by $164,816 and $217,000, respectively.
<br /> Page 11 of 13
<br />
|