RES 94042 - Laserfiche WebLink

Projected ending fund balance at June 30, 1994 is $427,000. See Table 5 in Appendix E (page 78). Reallocate COP Proceeds There is currently about $72,000 left in the 1988 COP Construction Fund to do some minor work at the Operations Service Center (OSC). In addition, there is about $187,000 left in the 1991 COP Construction Fund to close out the Senior Center construction. About $479,000 remains to be paid from the General Fund Capital Projects Fund for the Harvest Park Gym. Staff is recommending that the funding sources be reallocated between the three projects (the OCS, the Senior Center, and the gym), so that the remaining COP proceeds are spent before the General Fund money. There is no net impact to any of the projects. in making this reallocation. The total funding for each project would remain unchanged. However, less recordkeeping would be required. Gym payments would be an allowable use of proceeds from either of the COP issues. The reallocation can be accomplished by using the balance of the COP money (about $259,000) for the next gym payments, which are likely to occur before the closeout of the other two projects. The offsetting General Fund money (about $259,000) will then be used for the OSC and Senior Center. The reallocation will assist staff in refunding the 1988 COP by closing out the construction fund and eliminating recordkeeping. The reallocation will also eliminate additional IRS required recordkeeping for the earnings. CONCLUSION Overall, net adjustments to revenue projections are minimal at this time, but a further review will be needed this .spring. Staff has continued to reduce expenditures and put savings in the Temporary Recession Reserve. These savings have come from continuing to fill vacant personnel positions on a case by case basis, delaying the purchase of most capital outlay items, sharing resources between departments, and monitoring expenditures closely. The City will need to continue adjusting to the current economic environment. The diversity of our revenue sources, our long range financial planning and policies, the Service Level Analysis and the Temporary Recession Reserve will all play a role in our adjuslment. Because of the continued economic uncertainty facing the City in 1994-95, staff is recommending that the current conservative approach be continued. In preparing next year's CIP, staff will again be recommending only projects in 1994-95 for which the revenue has already been received. There are many significant unknowns about the City's future revenue allocations and sources. We are currently experiencing a major change in the way government is structured at all levels. Therefore, staff is continuing to conduct fee studies, identifying services levels, looking for alternative ways to deliver the same level of services to the public in a more cost effective SR94:100 13