SR 05:017A - 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 carried 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 of: } 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/(unfavorabte) $ 9,355 *revenue received in FY04 that by policy is not budgeted for use until FY05 SR 05:017 2