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General Fund Carryover Reserves <br />Building Inspection & Plan Check $300,000 <br />Public Works Inspections 200,000 <br />Capital Outlay'98-99 Budget 113,300 <br />Total <br />$613,300 <br />Capital Proiects Reserve <br />In accordance with the City's Financial Policies, excess funds from the General Fund are set <br />aside in the Capital Project Reserve, and used for capital projects. This has been the funding <br />source for numerous projects over the years. <br />The Reserve began the year with a balance of $2 million from 1996-97. From this beginning <br />balance, $500,000 was used to complete purchase of our street lights from PG&E, and $95,000 <br />was used for the Mohr Avenue sidewalk, leaving a balance of $1.4 million. As part of the <br />1997-98 Quarter 1 Financial Report, revenue projections for sales tax and property taxes were <br />increased, resulting in $2 million being added to the Capital Reserve. This brought its balance to <br />$3.4 million as of Quarter 1, 1997-98. <br />For Midyear 1997-98, $800,000 is being added, bringing the balance to $4.2 million. However, <br />the City Council recently approved City funding for the joint gymnasium project at the new <br />middle school in Hacienda Business Park. When the final figures are agreed on, staff will be <br />recommending that funding (about $2 million) will come from the Capital Projects Reserve. <br />This will leave the reserve with an estimated balance of $2.2 million, which will be addressed <br />during the Midterm review of the 1998-99 through 2001-02 CIP. Current unfunded high priority <br />projects include improvements on the San Francisco Bernal property and the City Hall/ <br />Community Center project. In addition, potential funding shortfalls for the golf course in Happy <br />Valley have not yet been resolved. <br />SUMMARY OF RECOMMENDED REVISED GENERAL FUND BUDGET <br />Net recommended adjustments to General Fund revenue projections reflect a $1 million increase <br />due primarily to property taxes, and development related fee revenues. Staff is recommending <br />that net expenditure appropriations be increased by $235,000; reflecting the use of salary savings <br />SR 98:63 <br />Page 9 <br />