RES 86067 - Laserfiche WebLink

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, 1986, is projected to be $4,065,981 or $67,542 less than originally projected. This is mainly attributable to a higher beginning fund balance of $634,139 and an increase in projected revenues of $512,524; and these are offset by a projected increase in expenditures of $728,704 and an increase in the Proposition 4 reserve of $485,501. The analyses of the Cityws financial status at mid-year tend to reflect that the continuing impact of Proposition 4 is apparent in that it continues to grow, $1,111,117 in 1984-85 and an additional $1,855,367 in 1985-86. It is anticipated that the City can continue to provide current service levels within its appropriations limit by using its General Fund reserves thus making the excess revenues available for capital improvements. The Sewer and Drainage Fund balance as of June 30, 1986, is projected to be $1,004,622 or $60,936 greater than originally projected. This is mainly due to projected revenues and the beginning fund balance being greater. than the estimates made last spring, and is partially offset by projected expenditure increases of $129,391. The Water Maintenance and Operation Fund balance as of June 30, 1986 is projected to be $586,172. This is $2,836 less than originally projected last spring. Recommendation Staff recommends that Council amend the 1985/86F¥ 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. ~}~n~t~~//~~/;C~~ James R. Walker Director of Finance City Manager CSRMidYr/SR/gt Page 7 SR 86:70