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Expenditures were $25.725.000. After setting aside a reserve for <br />budget carryovers from 1989-90 into 1990-91 as detailed in Appendix <br />D, expenditures were $589.000 less than projected, a 2.1% variance. <br />The difference is primarily attributable to unfilled positions. <br /> <br />PROJECTED ACTUAL DIFFERENCE <br /> <br />Employee Services Costs $1,834,000 $1,788,000 $452,000 <br /> <br />The General Fund ended the fiscal year 1989-90 with $1,382,688 more <br />than anticipated (after carryovers). The total General Fund <br />balance as of June 30, 1990 is $7,487.351. From this balance staff <br />recommends that Council establish the following specially <br />designated reserves: <br /> 561,427 Reserve for carryovers <br /> $2,687,638 10% Operating Contingency <br /> 4,238,286 Reserve for Capital Projects <br /> <br />$7,487,351 Total Reserves <br /> <br />The reserve for carryovers is to provide the funds for Specific <br />goods and services which were budgeted in 1989-90 but which had not <br />been received or completed by June 30, 1990 (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 /> <br />The 10% Operating Contingency, as discussed in the 1990-91 <br />Operating Budget document, is a reserve to meet unexpected <br />emergencies. Although we have shown such a reserve in the budget <br />document for the last two years, it has never been technically <br />established. <br /> <br />The Reserve for Capital Projects represents the balance of the <br />available funds in the General Fund, and is recommended to help <br />fund necessary capital improvements as determined through the <br />Capital Improvement Program process and future Council action. <br /> <br />However, it should be noted that the current 5-year Capital <br />Improvement Program contains several capital projects which are <br />designated to be built using long-term financing. These include <br />the Senior Center, the Police Building expansion, two gyms in <br />conjunction with the school district, and a possible fourth fire <br />station. The present plan is to sell Certificates of Participation <br />guaranteed by the lease-back of the new Operations Service Center <br />after it is completed. However, the City's financial advisor has <br />advised us that there will probably be a shortfall between the <br />amount we can finance and the amount needed for all these projects. <br /> <br />SR 90:487 <br /> <br />4 <br /> <br /> <br />