RES 96032 - Laserfiche WebLink

Sewer Maintenance & Operating (M & O) Fund Appendix D (page 19) contains a recap of staff recommended budget amendments for the Sewer Division in 1995-96. The midyear expenditure adjustments reflect the delay in transferring a position to the Urban Runoffprogram from the Sewer Division due to the need to better define the Urban Runoffprogram. Actual ending fund balance last June 30, 1995 was $1.1 million. Projected ending fund balance for the year ending June 30, 1996 is $1.15 million. ALL OTHER OPERATING FUNDS Most Funds reflect an increase in interest earnings projections with few other revenue changes. The most significant expenditure and other changes are outlined below. A transfer of $1 million from the. General Fund (from the PERS credit) is recommended to the Workers' Comp Reserve Fund ($300,000) and the Retirees' Medical Reserve Fund ($700,000). In addition, it is recommended that a PERS rate decrease of $160,000 (which is reflected by decreases in the PERS aecrual charges to the General Fund and Utility Funds) be offset by equivalent accrual charge increases to be credited to the Retirees' Medical Reserve Fund. This will result in a net zero adjustment to the original budget for the General Fund and-. Utility Funds, but will increase credits to the Retirees' Medical Reserve Fund. With the two adjustments being recommended above, the Workers' Comp Reserve Fund and the Retirees' Medical Reserve Fund will be brought to recommended levels through 1995-96, based on previous actuarial studies conducted by independent consultants. As staff has indicated in earlier reports to Council, staff will be gradually increasing credits to the Retirees' Medical and Workers' Comp Reserves over the next two to four years to bring their balances to optimal levels. This approach is similar to the one used to phase replacement accrual funding into the Utility Funds. The reinstatement of an $85,000 equipment replacement charge to the General Fund is recommended, to be credited to the Eu_uipment Replacement Fund. This will bring the current year funding to $107,000. The accmal was reduced at the time the budget was adopted in order to increase the City's contribution to the Library. An additional $32,000 in expenditures for computer hardware and software upgrades is included in the Data Processing Replacement Fund. Funding for the Finance Department's General Ledger software upgrade ($20,000) is coming from budget transfers within that department's budget. Funding for additional hardware for the KIVA land management system is coming from development fees in the Miscellaneous, Water and Sewer Expansion Ftmds. SR 96:120 10