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OVERVIEW OF F~SC,~., YEXR ~989-90 <br /> <br />Fiscal year 1989-90 ended with all operating funds either on target <br />or with favorable variances from projections. Generally, permits <br />and fee revenues came in slightly under projections, but property <br />taxes and sales taxes more than offset these shortfalls. <br /> <br />Development revenues fell short of original projections, which was <br />not particularly surprising because of the overall economy and the <br />slowing in the real estate sector. This shortfall had no immediate <br />impact on the City's 1989-90 capital projects, but some projects in <br />1990-91 will not be able to proceed until funds become available. <br />Each year when the 5-year Capital Improvement Program (CIP) is <br />prepared, it is always acknowledged that projects are subject to <br />revision and prioritization dependent upon the revenues being <br />realized. A detailed review by staff is in progress to determine <br />the impact on the current year CIP because of delays in receiving <br />development revenues. <br /> <br />DETAIL BY FUND TYPE <br /> <br />Appendix A lists all the City's Funds by fund type. The table <br />shows all the beginning balances as of July 1, 1989, and the <br />revenues, expenditures and transfers that resulted in 1989-90. The <br />total ending balances as of June 30, 1990 are shown, and are also <br />broken down into three categories. The three categories are: <br /> <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 $72.8 million. <br /> <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 tot&l $21.4 million, including $3.3 <br /> million in operating reserves and $18.1 in reserves <br /> for specified capital projects. <br /> <br />All Other Designated Reserves - Ail other fund balances <br /> fall into this category. These balances are all <br /> designated as contingency reserves for future <br /> obligations. Within certain legal and fund <br /> restrictions, Council has discretion over these <br /> funds through the budget process. They total $13 <br /> million; of which $7.8 million is restricted to <br /> Sewer and Water purposes, $1.2 million is for <br /> insurance and liability reserves, $270,000 is for <br /> equipment replacement, $760,000 must be used for <br /> <br />SR 90:487 <br /> <br />2 <br /> <br /> <br />