SR 05:300 - Laserfiche WebLink

SECTION I OVERVIEW OF YEAREND 2004-05 OPERATING BUDGET AND CAPITAL IMPROVEMENT PROGRAM OVERVIEW OF OPERATING BUDGET Fiscal year 2004-05 (FY05) ended with all Operating Funds essentially on target with projections, with a few exceptions to be discussed later. Generally, revenues were on target with projections. For all Operating Funds, expenditures were below or on target with budget, with only a few exceptions. The following provides a brief overview of FY05, as discussed in more detail in the body of this report. General Fund The General Fund ended FY05 with net income of $3.6 million, which was $7.8 million better than budgeted. However, after making recommended budget carry overs to FY06 for items not yet completed, the positive budget variance is $3.99 million. Staff is recommending that these funds be applied as follows: 0 $2 million to the General Fund Capital Projects Reserve, designated for transfer to the Golf (General Fund) Reserve. 0 $1.8 million to the General Fund Capital Projects Reserve, undesignated. 0 $190,000 to the 10% Reserve for Economic Uncertainties. The following are highlights of specific General Fund yearend results. General Fund Revenue . General Fund revenue exceeded projections by about $1.68 million due primarily to sales tax. Interest income, recreation and other fees also exceeded projections. General Fund Expenditures . General Fund expenditures were about $6.2 million under budget, including $1.2 million in personnel cost savings, plus $2.6 million in contingency funds and $2.4 million in supplies/services not spent. Of this $6.2 million, staff is recommending that $3.86 million be carried forward to FY06 for the purposes following: SR 05:300 3