RES 95137 - Laserfiche WebLink

Capital Reserve Transfers are made from the General Fund Capital Projects Reserve to the CIP. Sohrces of money to date have been one-time revenues and one-time savings. Use of the funds has been for cash payments for the construction of major ca ital projects and facilities. Because of the City's current level of debt, it is not possible to debt ~rL~nce all new facilities using General Fund revenues alone for repayment. Historically, the City has paid cash for some projects such as the two middle school gyms. It has fully financed other pro'ects such as the OSC and the Police Facility. Sometimes the City has used a combination o~debt and cash to fund a project, such as in the case of the Senior Center. Staff is currently reviewing develo merit fees in accordance with AB 1600. As part of this study. staff has identified future parks ~gfacilities, required through buildout of the City, by using the' CIP and the Master Facilities Plan documents. It is estimated that approximately $30 million will be needed over the next twenty years for parks and facilities not funded by new development. Potentially General Obligation or assessment bonds could be used to finance some of these facilities, with property owners making the debt payments. However, the balance will need to be funded by the General Fund at a cost of approximately one to three millions dollars annually (either in cash or lease purchase payments). Therefore, as part of the City's long term financial planning and budgeting, we should expect to annually fund some portion of future capital projects from the General Fund. General Fund Recommended Carryovers The reserve for carryovers is to rovide the funds for specific goods and services which were budgeted in 1994-95 but which Kad not been received or completed by June 30, 1995 (see Appendix B). Similar reserves are recommended in the Water, Sewer and other O rating Funds, and the Capital Improvement Funds. A proving these types of carryovers ~ been routinely done each year. These carryovers will be reflected as amendments to the 1995-96 budget. Recommended General Fund ex enditure carryovers total $675,000. These carryovers consist of ~ for goods and services ~r which commitments have been made. Also included is ~ for Council approved items that staff is recommending be done, but for which contracts/commitments have not been ~naized. These consist of $200,000 for the G. eneral Plan Update; $47,000 for Engineering and Recreation software; $97,000 for contract services; $33,000 for equipment; $8,000 in reimbursables (offset by revenue); $77,000 for salary adjustments a proved in emplo ee contracts' $42,000 to the Downtown Association for organizationa~Psupport and mar[:ting; and $~i9,000 for additional City Hall space, which has previously been approved by Council. Also included is a transfer-in carryover of $5,300 from the Community Development Block Grant Fund (CDBG), for administration. This brings the net recommended General Fund expenditure and transfer carryovers to I;670.000. General Fund 1994:95 Net Income and Reserve Balances Overall, after accounting for carryovers, General Fund expenditures/transfers-out exceeded revenues/transfers-in by $367,000. This is $1.9 million better than projections due to a one-time net revenue adjustment of about $900,000, and expenditures being about $960,000 less than budgeted. Staff is recommending that an additional $160,000 be added to the 10% Reserve for Economic Uncertainties (in addition to the $100,000 originally budgeted), and the remaining $1.7 million be added to the Capital Projects Reserve. Staff further recommends that appropriate uses for the $1.7 million be examined along with the rest of the Capital Improvement Program when it is considered. Potential uses for the money 9 SR 95:386