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<br />NOTE 10 - NET ASSETS AND FUND BALANCES ( CONTINUED) <br /> <br />Debt Service - Funds which legally may only be used for debt service are reserved within the <br />appropriate fund. <br /> <br />Advances to Other Funds - Long-term amounts to be repaid by other funds are reserved. <br /> <br />General Reserve - Under Section 61 of the City Charter, a general reserve of $250,000 is to be <br />maintained in the general fund titled for emergency cash flow needs. <br /> <br />Designations: <br /> <br />Subsequent Year's Expenditures - In accordance with Article XIII B of the California Constitution, <br />any unspent funds at the year-end should either be returned to the taxpayers or designated for <br />expenditures in the subsequent year. It is the Council's desire to appropriate this money in the <br />following year. <br /> <br />Street Projects - The City maintains a reserve for unexpended appropriations for capital outlay <br />projects within the general fund. Since these projects are funded by transfers from the general fund, <br />the City desires to ensure that sufficient resources will be available to transfer to the special gas tax <br />fund when capital outlay expenditures are incurred. <br /> <br />Capital Projects - The City maintains reserves for unexpended appropriations for capital outlay <br />projects within the fund in which these projects have been appropriated. <br /> <br />Sandpiper Park - Funds received from the sale of land to the Belmont/Redwood Shores School <br />District are held in reserve and will be expended over a IS-year period to supplement funding for the <br />maintenance of Sandpiper Park. <br /> <br />Library Bequest - Funds received by the library to be used for specific library-related programs. <br /> <br />PAL/Redevelopment Agency Loan Guarantee - Public Financing Authority refunding bond proceeds <br />designated for construction loans to the Police Athletic League (PAL) and the Redevelopment <br />Agency. <br /> <br />Unrealized Gain - This description represents the income recorded to mark the City's investments to <br />fair value. As the City intends to hold all investments to maturity, the unrealized gain will not <br />materialize, and therefore, it is reflected as designated fund balance. <br /> <br />Fund balances unreserved/designated at June 30, 2004 are as follow: <br /> <br />Unreserved and designated for: <br />Subsequent years' expenditures <br />Capital projects <br />Street projects <br />Sandpiper Park <br />Library bequest <br />PAL/Redevelopment Agency loan guarantee <br />Unrealized gain <br /> <br />Total unreserved and designated fund balance <br /> <br />Schedule of Designated Fund Balances <br />Capital <br />Outlay <br />Fund <br />$ <br /> <br />General <br />Fund <br />$ <br />16,948,410 <br />11,342,959 <br />3,926,546 <br />2,069,749 <br />51,031 <br /> <br />12,785,140 <br /> <br />Redevelopment Other <br />Agency Governmenta] <br />Fund Funds <br />$ $ <br />4,307,493 <br />15,658,484 <br /> <br />12,265,786 <br /> <br />4,400,134 <br /> <br />34,338,695 <br /> <br />17,185,274 <br /> <br />12,265,786 <br /> <br />118,031 <br />20,084,008 <br /> <br />49 <br />