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RES 98034
City of Pleasanton
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RES 98034
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3/20/2012 2:46:13 PM
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1/8/1999 4:35:42 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
4/7/1998
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AUDIT ADJUSTMENT <br />The General Fund beginning balance is being adjusted for an audit adjustment made after the <br />1996-97 Year End Financial report was prepared. This adjustment resulted from an account <br />coding error regarding interest earnings. The General Fund had been credited for $237,000 in <br />interest that should have been allocated to other Operating and CIP Funds. The error was <br />detected when a budget to actual variance analysis was performed. <br />GENERAL FUND RESERVES <br />With the changes staff is recommending to the General Fund 1997-98 Budget, a fund balance of <br />$9.37 million is projected . Actual 1997-98 Beginning Reserves are compared to midyear <br />adjusted Ending Reserves below: <br />General Fund Reserves <br /> Actual Adjusted <br /> Beginning Endin <br />Reserve for Economic Uncertainties $4,190,000 $4,400,000 <br />Reserve for Carryovers 2,620,938 613,300 <br />Reserve for Inventory 113,821 113,821 <br />Capital Projects Reserve 1,967,857 4,243,771 <br />Total $8,892,616 $9,370,892 <br />Reserve for Economic Uncertainties <br />The 10% Reserve for Economic Uncertainties is an ongoing reserve to meet unexpected <br />emergencies such as natural disasters, and economic deficiencies such as the temporary loss of a <br />major revenue source due to a fire. This Reserve was established in 1990 with the adoption of <br />the City's Financial Policies and represents 10% of the General Fund's revenue. The reserve's <br />projected balance at June 30, 1998 is $4.4 million. <br />Reserve for Ca , overs <br />After all midyear adjustments are made, this reserve will have a balance of $613,300 which has <br />been previously designated for use in future budget years as shown in the following table. <br />SR 98:63 <br />Page 8 <br />
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