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DISCUSSION:
<br />
<br />OPERATING BUDGET
<br />
<br />General Fund
<br />
<br />When Council first adopted the 1989-90 operating budget, the
<br />projected ending fund balance (after setting aside a 10% reserve)
<br />was $1.6 million. The 1989-90 fiscal year started with an actual
<br />beginning balance which was $2.5 million higher than originally
<br />projected, from which $333,881 in funds were committed (via
<br />purchase orders or contracts) and thus, carried over from 1988-89
<br />into 1989-90. Revenues in 1989-90 were $1,043,554 greater than
<br />anticipated. Of this amount, property taxes were $397,093 higher
<br />than the County's estimates; sales taxes were $435,398 higher
<br />than staff's estimates, due largely to one-time adjustments made
<br />as a result of our sales tax audit program; and subventions were
<br />$161,546 higher than state and county estimates. Expenditures
<br />were $444,106 lower, due mostly to salary savings because of
<br />unfilled positions. Lastly, the City's share of the Stoneridge
<br />Assessment Districts was fully funded in 1988-89, and the excess
<br />of $1,181,488 was transferred to the General Fund.
<br />
<br />Between July 1989 and March 1990, Council has appropriated a net
<br />additional $1,024,711. After reviewing revenues and expenditures
<br />to date and looking at projections from the State and County,
<br />staff is now recommending midyear adjustments which would reduce
<br />the estimated ending fund balance by an additional $674,838.
<br />With all these adjustments, the projected ending General Fund
<br />balance at June 30, 1990 (after setting aside a 10% reserve) is
<br />projected to be $2.1 million. The following table outlines these
<br />adjustments. Details of the adjustments are contained in
<br />appendices A-E.
<br />
<br />GENERAL FUND
<br />
<br />ADOPTED CARRYOVERS FROM COUNCIL ADOPTED MIDYEAR
<br /> 1O~O/OO 1088-~0 AND ADJ AMENDMENTS ADJU~I'MENTS
<br /> BEGIN FUND BAL
<br />
<br />REVISED
<br />
<br />July 1, Reserves
<br />To(al Revenue
<br />Net Operating Transfers (out)
<br />ClP Co~tributio~
<br />To(al Expenditurss
<br />Contingency
<br />General Fund Operating Re~erv® (10%)
<br />
<br />June 30, Fund Balance
<br />
<br />$3,370,104 $2.542.023 $5,918,217
<br />27.482,505 $'7,925 (,$209,084) $27,281,346
<br />(S63,11o) (Ss.o(x)) ($M.1 lO)
<br />805,000 :$75~.528 ($118.434) $1,503,094
<br />25.347.989 $333.~1 $419,057 $475,988 $26,576,915
<br />$450,00~ ($147,949) $0 $302,051
<br />2.57~,800 $108,200 $2,088,000
<br />
<br />$1;562;~ $2;1208~142 ($t ~024i711)($674~838)$2~071,393
<br />
<br />SR:90:130 2
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