AgdaPkt 2011-01-10 - Laserfiche WebLink

Browse Search

ATTACF�tAt6�" 1 Page 4 Public Financing Authority Bonds, with the remaining balance transferred to the Capital Outlay Fund for the City's general capital improvement program. In FY 2009/10 there were no exemptions granted for communication users' tax. Expenditures Budgeted Actual Expenditures & Ex enditures Encumbrances Variance -$- Variance -%- $79,757,707 $78,197,070 $1,560,637 2.0% �, I General Fund Expenditure Comparison (FY 2008/09 to FY 2009/10) , FY 2008/09 FY 2009/10 Actuaf Expenditures Actual Expenditures & Change -$- Change %- & Encumbrances Encumbrances $81,289,243 $78,197,070 $3,092,173 3.8% Total general fund expenditures, including outstanding encumbrances, for FY 2009/10 were $78.2 million. This was $3.1 million, or 3.8% less than the amount expended and encumbered in FY 2008/09, and $1.6 million, or 2.0% below the adopted budget. Employee costs continue to represent the highest single source of expenditures accounting for 77% of all general fund expenditures in FY 2009/10. Transfers Each year funds are transferred out of the general fund to support the traffic safety fund. In FY 2009/10 $1.25 million was transferred to the traffic safety fund. Also, an amount equal to the utility 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 $7.4 million in FY 2009/10. A$0.979 million transfer was made to the parking fund to help support an operating deficit as the downtown parking operations are not self-sufficient. Fund Balance When the general fund budget was adopted on July 13, 2009, and subsequently amended on November 9, 2009, it was anticipated that $2.2 million of the $18.8 million in general fund reserves (unreserved — designated for subsequent years expenditures) as of July 1, 2009 would be consumed in FY 2009/10. Due to the favorable expenditure variance resulting from the freezing of vacant positions and other cost-saving measures implemented by departments, about $1.2 million of reserves were used to finance general fund operations in FY 2009/10 leaving a balance of $17.6 million in reserves as of June 30, 2010. In FY 1999/00, the Council adopted a Finance Committee recommendation to maintain this amount between 15% and 20% of estimated �evenues. Applying this formula (using FY 2010/11 budgeted revenues and expenditures) leaves projected fund balance as of June 30, 2011 at approximately 21 %. In view of the slow pace of the economic recovery and the estimated deficits of future years, staff recommends thaf these funds be