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6.G. - Page 4 of 187 <br />Transfers in from: $ Amount Reason <br />Redwood Shores Maintenance Fund $ 391,242 Reimburse GF for maintenance costs <br />Capital Outlay Fund $ 318,358 Interest income transferred back <br />Internal Services Fund $ 2,491 Interest income transferred back <br />Total $ 712,091 <br />Transfers out to: <br />$ Amount <br />Reason <br />Internal Services Fund <br />$ <br />384,500 <br />Purchase of equipment <br />Self Insurance Fund <br />$ <br />2,968,190 <br />Maintain reserve in workers' <br />compensation fund <br />Traffic Safety Fund <br />$ <br />1,531,057 <br />Reimburse operating costs <br />Docktown Fund <br />$ <br />6,210,465 <br />Reimburse operating costs <br />Capital Outlay Fund <br />$ <br />8,837,177 <br />UUT revenues to fund capital projects <br />Affordable Housing <br />$ <br />129,814 <br />AB1717 UUT revenues for affordable <br />housing <br />Water Fund <br />$ <br />180,383 <br />Reimburse operating costs <br />Redwood Shores Landscape Maintenance Fund <br />$ <br />37,404 <br />Reimburse operating costs <br />Total $ 20, 278, 990 <br />Fund Balance <br />As of June 30, 2018, there was $25.0 million in unassigned fund balance. This is a decrease in unassigned <br />fund balance of $4.4 million from June 30, 2017. Pursuant to the City Council Reserve Policy, the required <br />General Fund reserve balance is 15 percent of estimated General Fund revenues in the following fiscal <br />year. As a result, $21.4 million of the unassigned fund balance is the required General Fund Reserve <br />amount, leaving a remaining operating fund balance of $3.6 million. <br />The Capital Outlay Fund, Special Revenue Funds, Debt Service Fund, and Capital Project Funds are also <br />included in the CAFR and are highlighted in the Management's Discussion and Analysis section of the <br />CAFR. <br />Self -Insurance Fund Highlights <br />The Self -Insurance Internal Service Fund (general liability and workers' compensation) had a positive <br />change in net position of $1.4 million, after a transfer in of $2.9 million from the General Fund. The City <br />maintains funding at a confidence level of 80 percent as recommended by Bickmore, the City's risk pool <br />administrator. The Self -Insurance Fund ended up with a net position of $2.2 million as of June 30, 2018. <br />New Accounting Standards <br />The Governmental Accounting Standards Board (GASB) issued four new accounting standards in FY 2017- <br />18. Only GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other <br />than Pensions, had an impact on the CAFR. <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />183 <br />