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The following is an explanation by major category of the changes in <br />the General Fund Budget as adopted by Council. <br /> <br />Beginning Fund Balance - 7/01/85 <br /> <br />The audited General Fund beginning fund balance as of June 30, 1985 <br />was $634,139 greater than estimated at the time the budget was <br />approved. This was due to actual revenues (and net transfers) <br />exceeding projections by $159,433, and actual expenditures being <br /> less than projected by $474,706. Therefore, the audited beginning <br /> fund balance is $5,616,433. <br /> <br />Revenue: <br /> <br />Based on revised staff estimates, revenues are projected to be <br />$512,524 greater than originally projected. The majority of the <br />increase is in the following categories of revenues: <br /> <br />Category Amount <br /> <br />Property Taxes $263,453 <br />Public Works Plan Checking & <br /> Inspection Fees 250,000 <br /> Total $513,453 <br /> <br />Tax Revenues in Excess of the Appropriation Limit (Prop. 4) <br /> <br />At this time, it appears given the anticipated increase in tax <br />revenues, that the City's tax revenues will be greater than the <br />City's 1985-86 Appropriation Limit (ie., Proposition 4) by <br />approximately $1,855,367. This amount is in addition to the <br />$1,111,117 that exceeded the limit in 1984-85. These two amounts <br />comprise the General Fund Proposition 4 reserve of $2,966,484. <br /> <br />Expenditures: <br /> <br />The following table shows by department or division, the original <br />budget adopted by the City Council and the amendments to the budget <br />approved by City Council as of January 21, 1986. Also shown by <br />department or division, are the latest estimates of cost based on <br />actual cost and experience for the first six months of operation. <br /> <br />Page 2 <br />SR 86:70 <br /> <br /> <br />