RES 96130 - Laserfiche WebLink

$175,000 from salary savings be carried over and transferred to the Workers Compensation Fund to continue to replenish and build reserves. This brings the net recommended General Fund expenditure and net transfer carryovers to $1,384,000. With the $45,900 carryover from the COPS Ahead grant, this brings total carryovers to $1,430,000. ' General Fund 1995-96 Net Income and Reserve Balances Overall, after accounting for carryovers, General Fund revenues/transfers-in exceeded expenditures/transfers-out by $422,000. This is $782,000 better than projected. Recommended additions to General Fund Reserves are outlined in Appendix C and discussed below. Staff is recommending that $200,000 be added to the 10% Reserve for Economic Uncertainties, ,430,000 be added to the Carryover Reserve, and $72,000 be added back to the Recession Rleserve (to re lenish it for a fourth quarter 1995-96 budget amendment for San Francisco land studies). Sta~'Fis recommending that the remaining $664,000 be added to the Capital Projects Reserve. Staff further recommends that appropriate uses for the $664,000 be examined along with the rest of the Ca ital Improvement Program when it is considered a ain in the spring of 1997. Potential uses for ~e money could include additional sums if needed ~r temporary expansion of City Hall s ace, and for previously identified but unfunded projects such as a commumty center, sports ~J~lds, new city hall, and golf course. Reserve for Economic Uncertainties The 10% Reserve for Economic Uncertainties is an ongoi~.g re. serve to meet unexpected emergencies such as nantral disasters, and economic deficiencies such as the temporary loss o major revenue source due to a fire. This Reserve was established in 1990 with the adoption o[a the City's Financial Policies. It is recommended that the budgeted amount of $200,000 be added to this reserve to bring its total to $3.86 million, as provided in the City's Reserve policy. Reserve for CarrVovers Staff is recommending that the Reserve for Carryovers be increased by $1.43 million to $2.4 million per Appendix C. This amount consists of the $1.17 million in expenditure carryovers detailed in Appendix D, plus $46,000 in revenue carryovers and $210,000 in net transfers-out. After the $1.43 million carried over from 1995-96 is used in 1996-97, the Carryover Reserve will have a balance of $435,000, as shown in Appendix C. This balance is designated in future budget years for the following: Future Planned Uses of Existing Carryover Reserves Community Groups $200,000 Youth (1997-98 budget) 35,000 Public Works Inspections (1997-98 budget) 200,000 TOTAL $435,000 10 SR96:318