RES 95137 - Laserfiche WebLink

The Miscellaneous CIP ended the year with :!;21.000 more funds than expected. Staff is recommending carryover appropriations totaling $2.3 million, which are partially offset by carryover revenues of $12,000. After adjusting for carryovers, the net projected ending fund balance is $408,000 more than pro'ected, primarily due to funds remaining for miscellaneous rojects that have now been comp~e~ted (including $258,000 from the Senior Center Project and ~80,000 from the Harvest Park Gym), or from projects which have been deleted for now ilh will be rebudgeted in the future. The Sewer CIP ended the year with $10.000 less funds than expected. Staff is recommending can'yover appropriations totaling $2.7 million, which are partially offset by carryover revenues of $117,000. After adjusting for carryovers, the net projected ending fund balance is $107,000 more than projected, primarily due to refunds being less than projected to office type businesses who purchased too much sewage capacity (office coefficient refunds). The Street CIP ended the year with :1;887.000 less funds than exl~.ected. However, about $982,000 in ant funding will be carded over to 1995-96, as vail $2.7 million in carryover projects. A~r adjusting for carryovers, the net projected ending fund balance is $119 000 more than projected, primarily due to gas tax and Measure B revenues being $67,000 more il~ expected. The Water CIP ended the year with $182.000 less funds than ex cted. Staff is recommending carryover appropriations totaling $2.8 million, which are partialFey offset by carryover revenues of $202,000. After adjusting for carryovers, the net projected ending fund balance is $294,000 more than projected, primarily due to funds remainin for miscellaneous p. ro'ects that have now been completed, or from projects which have been d~e~e~ted for now and vall ~e rebudgeted in the future. Appendix E contains tables showing capital improvement revenues and expenditures in 1994-95 (projected versus actual), and recommended carryovers. APPROPRIATION OF FUND BALANCES Each year the City Council is re uired by law to adopt the City's Appropriation Limit (Prop.4). The City's limit in 1994-95 was~86.148.309 Appropriations subject to limitation were ~ which was not in excess of the limit. However, all funds were not spent by June 30, 1995. The City is allowed to appropriate the additional funds that are within its limit to a contingency reserve to meet existin and future known and unknown obli ations. This will allow the City to exclude these funds from the ~ity's a propriation limit ~en the funds are expended in a future fiscal ~.ear. Although not all fun~ have revenues which are subject to the appropriations limit, it is still advisable to fully appropriate all fund balances of the operating internal service, capital, special revenue, enterprise and expendable trust funds. Therefore, s~tff recommends that Council fully appropriate all such balances to contingency reserves. CONCLUSION During 1994-95 staff continued to man.a~e the City's f'mancial resources closely. With few exceptions, e.x~penditures were kept within budget. With the exception of the one-time accounting adjustment reflecting changes in the timing of revenue recognition, revenue projections closely matched the final results. In coming years, staff will continue to focus on improving the budget process, the financial reporting documents, and quarterly and midperiod reports. 12