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Honorable Mayor and Members of the Council: <br />INTRODIICTION <br />The purpose of this report is to present the status of all City <br />funds as of the end of the fiscal year 1990-91, and to analyze any <br />variances between actual revenues and expenditures compared to <br />previous projections for that year. Staff is also recommending <br />Council actions, relating to the appropriation of fund balances and <br />the carryover of budgeted items from one fiscal year to the next, <br />which are done each year as the final step in closing the books. <br />OVERVIEW OF FIBCAL YEAR 1990-91 <br />Fiscal year 1990-91 ended with all operating funds either on target <br />or with favorable variances from projections. Generally, permits <br />and development revenues were slightly under projections, but <br />property taxes and sales taxes were slightly more than projections. <br />Staff will be presenting a separate report in the near future <br />describing the impact on the Capital Improvement Program because of <br />development fees falling short of projections. However, the <br />shortage is slight enough that the impact will be minimal. <br />DISCIISSION <br />Detail by Fund Type <br />Appendix A lists ate] the City's Funds by fund type. The table <br />shows all the beginning balances as of July 1, 1990, and the <br />revenues, expenditures and transfers that resulted in 1990-91. The <br />total ending balances as of June 30, 1991 are shown, and are also <br />broken down into three categories. The three categories are: <br />Other Equity - These are fund balances which represent <br />the equity of parties other than the City, and <br />amounts which are held by the City to meet the debt <br />service requirements of various Assessment <br />Districts. These balances are not available to the <br />City for other uses. They total S55 million. <br />Specially Designated Reserves - These are fund balances <br />which have been designated for specific purposes <br />either by Council action, bond covenants or the <br />voters. They total 515 million, including $3.9 <br />million in General Fund Contingency and Carryover <br />reserves, $1.8 million in the General Fund Capital <br />Reserve, $7.2 million in reserves for specified <br />carryover capital projects in the capital <br />improvement program budget, and $1.7 million in <br />SR 91:448 <br />2 <br />