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