CC Min 1996-06-22 Budget - Laserfiche WebLink

Browse Search

Finance Director Ponty stated among his responsibilities were overseeing the City's budget, accounting and financial records, investing the City's funds and overseeing the risk management program. Director Ponty provided an overview of the General Fund revenues and expenditures for Fiscal Years 1996/97 and 1997/98 and showed overhead transparencies. GENERAL FUND COMPARISONS FY 1996/97 FY 1997/98 Beginning Balance 0 0 Total Revenues 40,042,725 40,655,509 Net Transfers -2,608,020 -1,466,467 Total Expenditures -37,419,514 -39,424,371 Ending Balance 15,191 -235,329 Finance Director Ponty advised that the Utilities Users fees are included in the Capital Improvement Program according to Council's direction for use of those funds. Director Ponty said transfers out of the General Fund include $1 million in the C.I.P. and $1.6 to $1.7 million into the traffic safety and gas tax operation funds. Director Ponty explained that the projected small 1.5% increase in revenues in 1997/98 reflects the lower interest income due to the use of available cash balances for capital projects and a decline in construction related revenues, building permits, subdivision fees, etc. as the City reaches build out in the Redwood Shores neighborhood. Director Ponty said the proposed budget included the staff recommendation of drawing down the one-time $2.9 million ITom the Belmont School District at $300,000 per year over a I 5-year period, and Council adoption of an NPDES program in 1997/98 to reimburse the General Fund. Director Ponty said the projected $235,000 deficit represents less than .6. or .7 of 1 % of the projected General Fund revenues. City Manager Everett said that he and Director Ponty believe the revenue projections for 1996/97 will be within I % and 1.5% and 1997/98 within 2% and 2.5% of actual revenues, well within the 5% target used in revenue projections. Director Ponty described the Special Revenue funds. They are funds with legal restrictions on their uses, such as the Traffic Safety Fund and Gas Tax. Total revenues, net transfers and total expenditures balance out. Director Ponty described the Capital Improvement Funds. The Utility Users Fund will receive $4.2 million in revenues in 1996/97 and 4.3 million in 1997/98, about 40% to 50% of the revenues coming from PG&E utility bills. About $2.4 million a year is used to pay for the bonds issued to finance construction ofthe Main Library, Fire Station and Police Facility. The -- - -- - -- -- -- - - - -- -- - -- -- - -- -- - -- -- - -- - -- - - - - -- --- --- --- - -- - _m-- -- - -- - - -- - -- - ----- - --- - -- - ----- --- - -- -- - -- -- - -- - -- -- - -- _m - -- -- - - - -- -- - _m-- SPECIAL COUNCIL BUDGET STUDY SESSION JUNE 22, 1996 MINUTES PAGE 2 MINUTE BOOK NO. 54 Page No. 307