RES 83078 - Laserfiche WebLink

' CITY OF PLEASANTON STAFF REPORT February 7, 1983 HONORABLE CITY COUNCIL Pleasanton, California Mid-Year Budget Review - 1982-83 Members of the Council: Introduction The Mid-Year Budget Review is prepared by staff to provide an updated status report on the financial condition of the General Fund, Water Enterprise Fund, and the Sewer Enterprise Fund based on the first six months of the fiscal year. Expenditure and revenue estimates are reviewed and adjusted to reflect any changes based on information available today. The Mid-Year Budget Review is also the first step in the budget process. The 1983-84 FY Operating Budget will be prepared in much the same format as this year's budget. However, staff will present a three-year operating budget. It is planned to be submitted to Council for study along with the Three Year Capital Improvement Program the first week in May. General Fund The General Fund ending balance is projected to be approximately $238,035 greater than estimated at the time the budget was approved. This is primarily due to prior period revenues identified in the audit and a refund to be received from the Public Employees' Retire- ment System (PERS) of $160,356 over the next six months. The refund is a one time refund of interest earnings on the employer's retire- ment contribution that should have been used by PERS to defer rate increases over the past three years. However, instead the funds were set aside in a contingency reserve that was determined earlier this year to be an inappropriate action by the PERS Board. Revenue: Based on revised staff estimates, revenues are $2,625 less than originally projected. A detailed breakdown of revenue sources is shown beginning on page 12. SR. 83:68