AgdaPkt 2009-12-14 - Laserfiche WebLink

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ATTACHMENT 1 General Fund Expenditure Comparison �FY 2�07/08 to FY 20�8/09) FY 2007/O8 FY 2008/09 Actual Expenditures Actual Expenditures & Change - $ - Change - % - & Encumbrances Encumbrances $76,324,420 $81,289,243 $4,964,823 6.5% Total general fund expenditures, including outstanding encumbrances, for FY 2008/09 were $81.2 million. This was $4.9 million, or 6.5% over the amount expended and encumbered in FY 2007/08, and $1.5 million, or 1.8% below the adopted budget. Employee costs continue to represent the highest single source of expenditures accounting for 76°/Q of all general fund expenditures in FY 2008109. Transfers Each year funds are transferred out of the general fund to support the traffic safety fund. ln FY 2008/09 $1.1 million was transferred to the traffic safety fund. Also, an amount equal to the utifity users' tax and communication users' tax revenue less the Public Financing Authority bond payment is transferred to the capital outlay fund. This transfer amounted to $8 million in FY 24�8/09. A $1.1 mil(ion transfer was made to the parking fund to help support an operating deficit as the new downtown parking operations have not become seif-sufficient. Fund Balance When the general fund budget was adopted on July 21, 20�8 it was anticipated that $2.0 million of the $23.9 million in general fund reserves {unreserved -- designated for subsequent years expenditures) as of July 1, 2008 would be consumed in FY 2a08/09. Due to the unexpected and severe decline in the economy, and the attendant affect on genera[ fund revenues, about$5.1 million of reserves were used to finance genera! fund operations in FY 2008/09 leaving a balance of $18.8 million in reserves as of June 3�, 2009. In FY 1999/00, the Council adopted a Finance Committee recommendation to maintain this amount befinreen 15% and 20% of estimated revenues. Applying this formula (using FY 2009/10 budgeted revenues and expenditures) leaves projected fund balance as of June 30, 201� at approximately 20%. In view of the rapidly deteriorating economy, staff recommends that these funds be retained in the general fund to be used to provide time to the City to financially reposition itse(f. Special Revenue Funds Hightights 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 $12.7 million in FY 2008/09 compared to $14.9 million in FY 2007/08. This represents a 16% increase arising primarily from the completion of the Downtown Retail Cinema project, which is privately owned.