RES 84080 - Laserfiche WebLink

SR 84:86 Page 12 Library In October 1983, the Pleasanton Library Branch Manager submitted a request for funding from the City to allow for expansion of the library hours. Exhibit A to this report is a copy of this request for Council's review and consideration. Staff has not included funding for this request in the mid-year budget review. Summary Overall the City's financial position is better than expected at the time the budget was prepared last spring. The General Fund balance as of June 30, 1984, is projected to be $3,108,779 or $1,031,146 greater than originally projected. This is mainly attributable to a higher beginning fund balance caused by the following: prior period adjustments identified in the audit ($95,968), actual revenues exceeding revenue projections in 1982-83FY ($527,579), actual expenditures were less than projected ($47,963), and the payment on outstanding loans made to several assess- ment districts in 1970 ($138,000). After transferring Revenue Sharing Funds to the General Fund to support police services, and the (net) reimbursement by the utility funds (ie, sewer and water) to the General Fund of overhead expenses, the City's operating budget is balanced. For the past four years, including the current year, the City budget has been balanced. Staff will continue to maintain as a goal, a balanced operating budget in order to ensure the financial stability and security of the City. The Sewer and Drainage Fund balance as of June 30, 1984, is projected to be $496,024; or $197,832 greater than originally projected. This is mainly due to a two year sewer rate increase OD July 1, 1983. Typically reserves or excess working capital are earned in the first year of a two year program, and depleted in the second year by increases in operating costs.