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-33- <br />operating fund. Non-capitalized capital fund expenses were not reported separately in the <br />City’s CAFRs prior to 2013. Beginning in 2013, these amounts are now reported in the City’s <br />CAFR. <br /> <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 /> <br />8.C. - Page 58