RES 95137 - Laserfiche WebLink

could include previously identified but unfunded projects, such as a community center, a golf course, and matching funds requested by the East Bay Regional Park District. 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 over the next few years to adjust to the reduced funding level that resulted from statewide fiscal problems. The Fund has maintained a balance of $3.7 million for the last two years. Now that the City's revenues have again stabilized, at some point it will be appropriate to consider using the money for already identified, high priority unfunded capital projects. It has been suggested in a separate staff report, that these funds. could potentially be utilized, with funds from the business community, to build a new community park with additional lighted sports fields to meet current and expected demands. Staff continues its recommendation as part of the 1994-95 year end report that this reserve remain intact. As a part of the mid-period budget review in June 1996, staff will make further recommendations as to whether to leave it intact through this two year budget cycle (June 1997), or whether to amend the two year CIP by transferring the money for the 1996-97 year. Reserve for Economic Uncertainti~.~ The 10% Reserve for Economic Uncertainties is an ongoing reserve to meet unexpected emergencies such as natural disasters, and economic deficiencies such as the temporary loss of a major revenue source due to a fare. This Reserve was established in 1990 with the adoption of the City's Financial Policies. It is recommended that an additional $160,000 be added to this reserve at the end of 1994-95 along with the bud eted addition of $100,000 to bring its total to $3.66 million, which is 10% of the General Fun~operating budget (revenues), as provided in the City's Reserve policy. General Fund Capital Pro_iects 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 the years. Most recently, artial funding for the Harvest Park Middle School Gym, the new public safety radio system, anaPnaew community pool have come from this source. During 1994-95, the Capital Project Reserve was fully utilized for planned projects. As was detailed earlier, staff is now recommending that the 1994-95 surplus funds and balance resulting from an accounting change be added to the Capital Project Reserve to give it a balance of $1.7 million. Reserve for Carrvovers Staff is recommending that the Reserve for Carryovers be increased to $1.2 million. This amount consists of the $675,000 in expenditure carryovers detailed in Appendix B, lus $128,000 that was a planned carryover to fund capital equipment as already adoptedP~n the 1995.-96 budget, and $400,000 in revenue that was collected for Public Works Inspection servmes that will be delivered in future years. While we don't normally carryover revenue for ongoing future services the Public Works Inspection fees are different. The amount of dollars are very si '~cii~i and can materially distort future years budgets, when the expenses will be incurre~bbu~t thei:~ will be no offsetting revenue. A timeline for collecting and using these fees is included in Appendix C. 10 SR 95:386