RES 94132A - Laserfiche WebLink

being done at the advice of the City's auditors, and to comply with new governmental accounting standards. Staff will also be analyzing the 1993-94 budget results to determine if any of the surplus revenues aud expenditure savings came from one-time sources. If so, staff will be recommending that they be added to the Capital Projects Reserve, in accordance with the City's fInancial policies. WATER MAINTENANCE AND OPERATING (M & OJ FUND The Water M & 0 Fund ended the year with a $128,000 surplus of revenues and transfers compared to expenditures, which is $149,000 more than expected. These surplus funds will be used to increase reserves, as provided for in the comprehensive 1994 water rate study. A water rate review is currently underway, which will take into consideration the impact of the pending Zone 7 rate increase for water purchased by the City. SEWER MAINTENANCE & OPERATING (M & OJ FUND The Sewer M & 0 Fund ended the year with a $160,000 surplus of revenues and transfers compared to expenditures, which is $304,000 more than expected. Although revenues exceeded projections by $416,000, approxintately 66% percent of this revenue is passed on to the Dublin San Ramon Services District (DSRSD) for sewage treatment costs. This is reflected by expenditures also exceeding budget. Therefore, staff is recommending that Council amend the 1993-94 Sewer Maintenance and Operations budget accordingly (to reflect actual revenue and expenditures). Sewer rates are studied at least bi-annually in conjunction with DSRSD. A review is being undertaken presently. Staff expects to present the results of the study to Council in December or January. At that time staff will be recommending that we continue to phase replacement funding into the rates. Replacement funding is needed to guarantee that we have the money necessary to provide for the ongoing replacement of existing sewer lines, pump stations, etc. This program is analogous to the one already in place for the Water Fund. WORKERS' COMPENSATION FUND In 1992-93, the liability for current workers' compensation cases far exceeded what was projected, with $426,000 being taken from reserves. Therefore, in 1993-94 an additional one-time contribution of $500,000 was made to this Fund from the Employee Benefit Fund and General Fund in order to restore its reserve levels. As was indicated previously, an actuarial study is under way to determine adequate reserve levels for this SR 94:365 13