AgdaPkt 2015-01-12 Joint SA Amended

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7.1.A. - Page 96 , Notes to the Basic Financial Statements For the year ended June 30, 2014 NOTE 10 - NET POSITION AND FUND BALANCES (CONTINUED) fund balance of the general fund, the City Council has established a minimum balance representing a level not less than 15 %, nor more than 20% of estimated general fund revenues. In circumstances when an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is generally depleted in the order of restricted, committed, assigned, and unassigned. C. Deficit Fund Equity /Net Position The Successor Agency private purpose trust fund had negative net position of $21,365,530 due to long- term debt outstanding for bonds used to finance various downtown improvements. The self- insurance internal service fund had negative net position of $51,424 due to higher worker's compensation claims than budgeted and actuarial liability adjustments. NOTE 11- FUNDS WITH EXPENDITURES EXCEEDING APPROPRIATIONS The budgetary expenditures exceeded appropriations in the general fund due to Library department expenditures exceeding budget, primarily due to unbudgeted program expenditures for which there were sufficient revenues available. Expenditure of the Parks, Recreation and Community Services department also exceeded appropriations due primarily to unbudgeted program expenditures for which there were sufficient revenues available. The budgetary expenditures exceeded appropriations in the Supplemental Law Enforcement Services fund due to increased and unbudgeted expenditures related to the program which were supported by available program revenues. The budgetary expenditures exceeded appropriation in the Low and Moderate Income Housing Asset fund due to loans which had achieved certain milestones resulting in an unbudgeted write off. Sufficient revenues were available to fund these expenditures. 68