RES 96130 - Laserfiche WebLink

General Fund Capital Projects Reserve In accordance with the City's Financial Policies. excess funds from the General Fund are set aside in the Capital Project Reserve and used for capital projects. This has been the funding source for numerous projects over ie years. For example, partial funding for the Harvest Park Middle School Gym, the public safety radio system, and new community pool have come from this source. Staff is recommending that the 1995-96 surplus funds of $664,000 be added to the reserve as shown in Appendix C. Its existing balance of $1.87 million has already been appropriated for projects in 1996-97 as follows: Adopted Uses of Existing Capital Projects Reserve as of the 1996-97 Budget Year Transfer to Carryover Reserve for Community groups $23,550 Contributed Capital Fund (Golf) 1,000,000 Golf Course CIP 600,000 Assist EBRPD with Ridgelands purchases 250,000 TOTAL $1,873,550 Thus, at the end of 1996-97, only the $664,000 added from 1995-96 will remain in the Capital Projects Reserve. Staff recommends that its use be reviewed with the CIP budget in the spring of 1997. Temporary Recession Reserve During the 1991-92 Midyear Budget review, staff recommended the establishment of a temporary reserve to help transition the City's operations as we reduced our expenditure levels to adjust to the reduced funding that resulted from statewide fiscal problems. With both the State and City now recovering from the recession, Council approved closing out the Reserve as of the 1996-97 budget year. This Reserve had a balance of $3.7 million at the beginning of 1995-96, but in the fourth uarter, $287,500 was appropriated for transfer to the CIP for the Junipero extension project, and ~72,129 was appropriated for San Francisco land studies. This leaves a 1995-96 year end balance of $3,340,371. However, as shown in Appendix C, with the adoption of the 1995-96/1996-97 Midterm Budget Update, the projected balance of $3,412,500 in this Reserve was planned to be closed out in 1996-97. Since the Reserve is now short the $72,12.9. it advanced for the San Francisco studies, staff is recommending that it be reimbursed by that amount from 1995-96 net income. Thus, the Reserve will then have a balance of $3.4 million, enabling it to fund the following already adopted uses in 1996-97: Adopted Close-out of Temporary Recession Reserve as of the 1996-97 Budget Year Transfer to Carryover Reserve for Community Groups $176,450 Handicap access pathway Harvest Circle 80,000 City facility completion 750,000 Data Processing Replacement 150,000 Land purchases in CIP 2,200,000 Library Books, shelving, etc. 56,050 TOTAL $3,412,500 11 SR96:318