SR 05:167 - Laserfiche WebLink

4. Net Change in Fund Balance for all Operating Funds is a $3.9 million increase in 2005-06, and a $9.6 million increase in 2006-07. These changes are summarized by Fund type in the follow table. In the case of the General Fund, the $1.6 million reduction in 2005-06 represents the transfer of funds to the Golf General Fund Debt/Cash Flow Reserve, as discussed above. In 2006-07, the increase of $730,000 in the General Fund represents additions to the 10% Reserve for Economic Uncertainties. CHANGE IN FUND BALANCE 2005-06 2006-07 General Fund $(1,600,000) $730,000 Enterprise Funds 484,670 (37,600) Internal Service Funds 2,789,490 6,279,105 Special Revenue Funds 2,253,646 2,602,158 Other Funds ( 19,300) ( 19,300) TOTAL CHANGE $3,888,506 $9,554,363 The following sections provide a more detailed overview of the Budget Plan. Further details are provided in the body of the Budget document and the Budget Workbook. B. GENERAL FUND 1. General Fund Revenue Projected General Fund revenues total: ~' $78.2 million in 2004-05 } $81.9 million in 2005-06 (a 4.7% projected increase) ~' $89.2 million in 2006-07 (an 8.9% projected increase). The following sources comprise over 70% of the General Fund's revenue: Secured property taxes Sales taxes (including compensation for 25% of Sales Tax lost as part of State "Triple Flip" plan) ~' Hotel taxes ~' Vehicle License Fees (VLF) combined with Property Taxes In Lieu of VLF. Both housing and non-residential construction, and strong housing resales in the last couple of years have resulted in increased secured property assessments. As a result, secured property taxes are projected to grow more than the City's other tax revenues. Based on estimates from the County Assessor's office, staff is projecting an increase of 7.2% in 2005-06 to $32.9 million. Given the lag time in County processing of new assessed values after resales, staff is projecting growth of at least 6% in 2006-07 to $34.9 million, even if the resale market cools later this year. b41