AgdaPkt 2006-01-09 - Laserfiche WebLink

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Attachment I Transfers Each year funds are transferred out of the general fund to support the traffic safety fund. For FY 2004/05, $841,846 was transferred to the traffic safety fund. Also, an amount equal to the utility users' tax revenue less the Public Finance Authority bond payment is transferred to the capital outlay fund. This transfer amounted to $5.7 million in FY 2004/05. In FY 2004/05, Council approved a one-time reduction in the police department's budget in the amount of $200,000 and transferred that amount to the CIP budget to fund a portion of the Police Activities League building. Fund Balance Expenditures and other uses exceeded the revenues and other sources by $275,111. The net effect of the revenues, expenditures, transfers, and changes in other fund balance reserves has been an increase of $1,023,216 in the unreserved fund balance (available for any Council designated expenditure) bringing the balance to $17.9 million. In FY 1999/00, the Council adopted a Finance Committee recommendation to maintain this amount between 15% and 20% of estimated revenues. Applying this formula (using FY 2005/06 estimated revenues) leaves approximately $4.7 million in excess fund balance. With the slow recovery from the downturn in the local economy staff recommends that these funds be retained in the general fund to be used to sustain the organization until our revenues fully recover. Special Revenue Funds Hiohliohts Special revenue funds are used to account for revenue received from specific taxes or other dedicated revenue sources (other than for major capital projects) restricted by law or administrative action to expenditures for specified purposes. Property tax increment revenues received by the Redevelopment Agency totaled $8.3 million in FY 2004/05 compared to $8 million in FY 2004/05, which represents a 3.27% increase. The transportation fund receives revenue from the San Mateo County Transportation Authority based on the voter approved (Measure A) countywide one-half of one percent sales and use tax levied for transportation-related programs and projects. In FY 2004/05, the City received $1,121,857 in "Measure A" revenue compared to $1,051,894 in FY 2003/04. This represents a 6.65% increase. Gas tax revenues (received from the state through gasoline taxes paid by motorists) remained level at $1.474 million in FY 2004/05. These funds may only be used for roadway maintenance and construction purposes as defined in sections 2105,2106, and 2107 of the State Streets and Highway Codes. 3 ..,...-........... ~...._--'._".'._""."U'"