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Table 1. General Fund Amended Budget to Actual Revenues, Expenditures & Transfers
<br /> FY 2020/21 FY 2021/22
<br /> General Fund Actual Amended Actual Variance
<br /> Revenues $125,351,125 $136,489,838 $142,599,464 ($6,109,626)
<br /> Use of COVID Reserve - 600,850 - 600,850
<br /> Net Transfers (8,585,925) (11,938,047) (11,831,954) (106,093)
<br /> Expenditures (114,985,859) (125,152,641) (120,540,274) (4,612,367)
<br /> Net Surplus/(Deficit)* $1,779,341 $0 $10,227,236 ($10,227,236)
<br /> Unrealized Investment Loss for FY22 ($3,592,581)
<br /> Adjusted Net Surplus/(Deficit) $0 $6,634,655 ($6,634,655)
<br /> *FY 2021/22 Actual Revenue total excludes GASB 31 fair value adjustments,a loss of$3,592,581. The adjusted net
<br /> surplus for FY 2021/22, including this unrealized loss,is $6,634,655.
<br /> As described in Table 2 below, staff recommends allocating approximately $8.1 million
<br /> of the surplus in the General Fund reserve to allow the unrestricted reserve level to
<br /> reach $22.9 million, which is equivalent to 16.7 percent, or two months, of FY 2022/23
<br /> General Fund operating expenditures at $137.2 million. $950,000 of the remaining
<br /> surplus is recommended to be transferred to the Miscellaneous CIP Fund, which serves
<br /> as the City's capital reserve fund, and $280,000 is recommended to be set aside to fund
<br /> the Library and Recreation Mobile Outreach Vehicle Program in the General Fund. The
<br /> City Council accepted a $175,000 grant by the California State Library to purchase a
<br /> mobile vehicle to bring literacy, technology, and other services to the Pleasanton
<br /> community; the total cost for the mobile vehicle is approximately $455,000, and the
<br /> required contribution from the City is $280,000. Funds set aside in the Miscellaneous
<br /> CIP Fund will be distributed for future projects through City Council action.
<br /> Table 2. Proposed Use of General Fund Surplus
<br /> Proposed Use Amount Rationale
<br /> Increase the unrestricted General Fund reserve level
<br /> General Fund Reserve` $8,055,605 to two months of FY 2022/23 operating expenses.
<br /> Increase the Capital Improvement Program Reserve
<br /> CIP Reserve 950,000 for future capital projects.
<br /> Mobile Outreach Vehicle Reserve 280,000 Department's Mobile Outreach Vehicle Program.
<br /> Total $9,285,605
<br /> *Adjustment to the General Fund Reserve represents the amount for its unrestricted reserve only.
<br /> General Fund Revenues. Actual General Fund revenues received were greater than
<br /> the amended budget by approximately $6.1 million, or 4.5 percent greater than the
<br /> amended budget. Table 3 below presents the major revenue categories with a
<br /> comparison of the amended budget versus actual revenues, as well as the variance to
<br /> the amended budget.
<br /> Page 3 of 13
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