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In addition to current year revenues, the City received $806,000 as <br />a PERS refund credit, which was $169,000 more than projected, and <br />had a correction of $341,000 in prior year sales tax. In total, <br />1990-91 General Fund current year and prior year revenues were <br />530,997,000, which was $594,000 (2$) more than projected. <br />Expenditures were S28,260,000 After setting aside a reserve for <br />budget carryovers from 1990-91 into 1991-92 as detailed in Appendix <br />D, expenditures were 5460,000 less than budgeted, a 1.6$ variance. <br />The difference is primarily attributable to the decision to leave <br />vacancies unfilled. The following table shows the difference <br />between budgeted and actual personnel costs: <br />BUDGETED ACTUAL DIFFERENCE <br />Employee Services Costs $20,557,000 $20,118,000 $439,000 <br />The General Fund ended the fiscal year 1990-91 with S1.15 million <br />more than anticipated (after carryovers). The total General Fund <br />balance as of June 30, 1991 is S5,682,713. With this balance, <br />staff recommends that Council establish the following specially <br />designated reserves: <br />$ 847,849 Reserve for carryovers <br />3,042,805 10$ operating Contingency <br />1,792,059 Reserve for Capital Projects <br />$5,682,713 Total Reserves <br />Carryovers <br />The reserve for carryovers is to provide the funds for specific <br />goods and services which were budgeted in 1990-91 but which had not <br />been received or completed by June 30, 1991 (see Appendix D). <br />Similar reserves are recommended in the Water and Sewer operating <br />funds, and the capital improvement funds. Approving these types of <br />carryovers has been routinely done each year. <br />In addition to the routine General Fund carryovers, staff is <br />recommending that some carryovers be made to provide funding to the <br />1991-92 budget in areas that were reduced due to the revenue <br />outlook. These carryovers relate primarily to funding replacement <br />for equipment, data processing hardware and software, and City <br />facilities maintenance and improvements ($100,000 each). <br />Additionally staff is recommending that the $70,000 balance in the <br />salary and benefit contingency account be carried over to 1991-92 <br />to fund a study to determine if the City's benefits and reporting <br />are in compliance with IRS regulations, to fund an actuarial study <br />to determine the City's dollar liability for retirees' medical <br />SR 91:448 <br />5 <br />