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Changes in General Fund Reserves
<br /> – The changes in General Fund Reserves
<br />are summarized in table 7. Reserve for carryovers is being reduced by
<br />$(900,000). This includes the use of $(800,000) in remaining 2007-08
<br />contingency funds not used during the year and carried over into 2008-09 for use
<br />in balancing the budget, and the use of $(100,000) which was added to the
<br />Carryover Reserve with the 2005-06 Mid-Year update that was designated as a
<br />cushion for uncertainty about revenue from economic and development cycles.
<br />In addition the 10% Reserve for Economic Uncertainty will be reduced by
<br />$(260,000) due to revised lower revenue estimates. City Council policy dictates
<br />that the Reserve for Economic Uncertainty be a reserve equal to 10% of
<br />revenues. The revised estimate for total General Fund revenues is $95.8 million
<br />which requires a reserve of $9,580,000, and is a $260,000 decrease from the
<br />amount included in the original budget.
<br />Table 7
<br />Changes in General Fund Reserves
<br />General Fund - Fund Balance Reserve Beginning Fund Changes Approved in Recommended
<br />Designations BalanceBudgetChanges to ReservesEnding Fund Balance
<br />Reserve for Carryovers 1,600,000 (500,000) (900,000) 200,000
<br />10% Reserve for Economic
<br />Uncertainties
<br /> 9,410,000 430,000 (260,000) 9,580,000
<br />Capital Projects Reserve 3,000,000 (3,000,000) - -
<br />Reserve for Golf Debt Service 2,000,000 - - 2,000,000
<br />Temporary Recession Reserve 6,100,000 - - 6,100,000
<br />Reserve for Inventories 55,144 - - 55,144
<br />Total 22,165,144 (3,070,000) (1,160,000) 17,935,144
<br />Enterprise Fund Adjustments
<br />2008-09 Enterprise Fund recommended adjustments include reductions in
<br />revenues of $(57,849), increases to net transfers of $94,762, and reductions to
<br />expenses of $(192,391).
<br />The specific adjustments in each Enterprise Fund are shown in Table 8.
<br />Table 8
<br /> Enterprise Fund Recommended Adjustments
<br />Adjustments
<br />Enterprise FundsRevenueTo NetExpenditure
<br />AdjustmentsTransfersAdjustments
<br />
<br />Storm Drain(2,720)10,5615,590
<br />Golf Course Operations 78,133-164,697
<br />Cemetery Operations 1,000--
<br />Water Operations (122,832)57,236(263,139)
<br />
<br />Sewer Operations(11,430)26,965(99,539)
<br />Total - Enterprise Funds (57,849)94,762(192,391)
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