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8.A. - Page 58 <br /> It had been the City's policy to subtract discretionary non-capitalized capital fund <br /> expenses, along with depreciation and amortization, from its CAFR-reported maintenance and <br /> operating expenses when calculating the debt service coverage ratio of the water enterprise <br /> operating fund. Non-capitalized capital fund expenses were not reported separately in the <br /> City's CAFRs prior to 2013. Beginning in 2014, these amounts are now reported in the City's <br /> CAFR. <br /> Beginning with the fiscal year ended June 30, 2013, it is the City's policy not to subtract <br /> discretionary non-capitalized capital fund expenses from the total operating maintenance and <br /> operating expenses when calculating the debt service coverage ratio of the water enterprise <br /> operating fund. Additionally, for fiscal year ending June 30, 2015, and going forward the City <br /> will transfer the appropriations related to water conservation and its smart meter replacement <br /> program from the capital project fund into the operating fund. The expenses related to these <br /> programs will be reflected as maintenance and operation costs for budget and financial <br /> reporting purposes. <br /> -34- <br />