RES 91194 - Laserfiche WebLink

Staff will be performing a detailed review of the 1990-91 and 1991- 92 Capital Improvement Programs before the 1992-93/1996-97 CIP is prepared this spring. Staff will return to Council with an update report at Midyear. Appendix C contains a table showing major revenues in 1990-91, budgeted vs. actual, including the major development revenue sources. APPROPRIATION OF FIIND BALANCEB Each year the City Council is required by law to adopt the City's Appropriation Limit (Prop.4). The City's limit in 1990-91 was $52,803,755. Appropriations subject to limitation were 525,082.929, which was not in excess of the limit. However, all funds were not spent by June 30, 1991. The City is allowed to appropriate the additional funds that are within its limit to a contingency reserve to meet existing and future, known and unknown obligations. This will allow the City to exclude these funds from the City's appropriation limit when the funds are expended in a future fiscal year. Although not all funds have revenues which are subject to the appropriations limit, it is still advisable to fully appropriate all fund balances of the operating, internal service, capital, special revenue, enterprise and expendable trust funds. Therefore, staff recommends that Council fully appropriate all such balances to contingency reserves. CONCLOSION Although feeling the recession, most of the City's Funds were able to meet budget projections. The financial policies the Council adopted in 1990 have provided a framework for prudent fiscal management, from which we are already benefitting. The City has been able to maintain a 10$ operating reserve in the General Fund in the event of unforeseen economic situations or emergencies. The City has established funding mechanisms to provide for replacement of equipment, vehicles, water and sewer infrastructure, and major facility maintenance. The City has funded accrued unused employee vacation and is now making provisions for funding its commitments towards retirees' medical insurance. Excess General Fund revenues have been given back to the community in the form of capital projects, the most recent being the City's share of the Pleasanton Middle School Gym. Excess revenues are also being used to partially fund the Senior Center and the Harvest Park Gym. Although full funding for the gym has yet to be identified, the City is striving to build the facility with cash rather than incur additional debt. The debt that was recently incurred to build the Senior Center was greatly reduced from the original plan, also in SR 91:448 9