SR 05:017 - Laserfiche WebLink

OVERVIEW Fiscal year 2003-04 (FY04) ended with all CIP Funds essentially on target with projections, with a few exceptions as outlined below and reflected in Appendix A. Major highlights include: >' Interest income exceeded projections in most cases. > Some fee revenues were less than projected, but this could be a timing issue only, and will be examined in more depth when the midyear review of FY05 is conducted in the coming months. ~' In most cases, staff is recommending that appropriations be carded over from FY04 to FY05 for projects that are not yet complete and for projects that have not yet been started. ~' In a few cases, staff is recommending that remaining funds be transferred from completed projects to others that need additional funds. Most of these transfers are minor. Appendix A provides a line item breakdown off recommended budget changes adjusted budget after recommended budget amendments are made audited actual results of FY04 recommended carryovers of revenues and expenditures to FY05, and variance between budget and actuals (after carryovers). DISCUSSION The Sewer CIP Funds ended the year with a favorable variance of actuals (plus carryovers) to budget of $9,355. The majority of the difference was attributable to interest income, which was $8,287 more than projected. Staff is recommending one small transfer between projects, as can be seen in Appendix A. SEWER Total Budgeted Ending Fund Balance $ 2,311,802 Plus Revenue Transfer Fwd* 222,633 Projected Ending Fund Balance $ 2,534,435 Actual Fund Balance after Carryovers 2,543,790 Variance favorable/(unfavorable) $ 9,355 *revenue received in FY04 that by policy is not budgeted for use until FY05 SR 05:017 2