RES 87071 - Laserfiche WebLink

'STA~.F REPORT 87:73 Mid-Year Budget Review - 1986-87 Fiscal Year February 17, 1986 Page 8 As previously reported to you, it is anticipated that rate increases will be necessary to aid in the financing of the proposed Sycamore Reservoir and to provide funds sufficient to meet increasing operating costs. The City's Financing Consultant is expected to have a report to you on this matter in the near future. Summary Overall the City's financial position is approximately what was expected at the time the budget was prepared last spring. The General Fund Balance as of June 30, 1987, is projected to be $3,320,763 or $27,304 more than originally projected. This is attributable to a higher beginning fund balance by $1,642,502; and is offset by a decrease in projected revenues of $183,205, an increase in expenditures of $553,880, and an increase in the Prop. 4 reserve of $878,113. The Sewer and Drainage Fund balance as of June 30, 1987, is projected to be $995,877 or $151,835 less than originally projected. This is due to an increase in expenditure of $135,000. The Water Maintenance and Operation Fund balance as of June 30, 1987 is projected to be $356,979. This is $36,050 more than originally projected last spring. This is mainly due to a higher beginning fund balance by $195,323 and an increase in expenditure of $119,900. Based on current projections there will be $13,832,735 in excess Prop. 4 funds available for City Council approved projects through June 1988. This is $769,515 more than originally projected. Recommendation Staff recommends that Council amend the 1986/87FY budget to reflect the adjustments in the financial status of the General Fund, Sewer Fund, and Water Maintenance and Operation Fund as presented in this staff report. Respectfully submitted, Kenneth M. Hammon /James R. Walker Director of Finance City Manager KMH/SRR/kh(kccmidyr) Attachments