SR 05:300 - Laserfiche WebLink

General Fund Impacts Fiscal Year 2005-06 (FY06) and Bevond: . A Midyear review for FY06 and Midterm review for FY07 will be conducted in a few months. Staff is not expecting any major changes at this time. . The $5.1 million Temporary Recession Reserve is still intact at the end ofFY05. ~ Staff does not expect the need to draw on it in FY06. ~ However, it is not known if the City will be subject to additional State Impacts in FY07, and if another downturn in the local economy will occur due to high gasoline/energy costs, a softening in the real estate market, etc. ~ Therefore, while staff remains cautiously optimistic that draws will not be necessary, it is still recommended that the balance in the Temporary Recession Reserve be kept whole through at least the current two-year budget cycle (FY06 and FY07). ~ Depending on the outlook at the end of FY07, the Reserve potentially could then be made available for other one-time purposes such as Capital Improvement Program (CIP) projects. . The recommended transfer in FY06 of $2 million to the Golf (General Fund) Reserve will provide most of the estimated shortfall in net revenues needed for debt service through the next two-year budget cycle, thereby lessening the possibility of the CIP being adversely impacted. Other Overatine: Funds . Water Operating Fund net income (after setting aside reserves for requested carryover appropriations) was $421,000 more than projected. . Sewer Operating Fund net income (after setting aside reserves for requested carryover appropriations) was $250,000 more than projected. . Workers' Compensation expenses were less than projected. More analysis will be needed to determine the reasons. . Many scheduled equipment and vehicle replacements, as well as street light and facility repairs/renovations, were not completed by year's end. Therefore staff is requesting Council approval to carryover the appropriations to FY06 in order to complete these planned items. . FY05 is being amended to reflect $40,000 for unexpected program income (and the offsetting expense) from housing rehabilitation loan payoffs in the Community Development Block Grant Fund (CDBG). Carryovers to FY06 are also being recommended for the CDBG and Lower Income Housing Fund projects that were not complete as of June 30, 2005. . Lower Income Housing Fund fee revenues expected in FY05 were $2 million less than projected. The projections will be carried forward to FY06 and reviewed as part of the midyear update in the early part of2006. . Approximately $40,000 in budget adjustments are being requested for a few Funds that slightly exceeded budget. . The budget for the 2004 Certificates of Participation (debt service) was not previously established so the report reflects the required amendments. SR 05 :300 5