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