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ATTACHMENT1 6.1. B. - Page 5 Public Financing Authority bonds, with the remaining balance transferred to the capital outlay fund for the City's general capital improvement program. In FY 2010/11 there were no exemptions granted for communication users' tax. Expenditures Budgeted Actual Expenditures & Expenditures Encumbrances Variance -$- Variance -%- � $77,031,429 $78,837,554 ($1,806,125) (2.3%) � General Fund Expenditure Comparison (FY 2009/10 to FY 2010/11) FY 2009/10 FY 2010/11 Actual Expenditures Actual Expenditures & Change -$- Change -%- & Encumbrances Encumbrances $78,197, 070 $78, 837, 554 $640, 484 . 8% Total general fund expenditures, including outstanding encumbrances, for FY 2010/11 were $78.8 million. This was $.6 million or .8% more than the amount expended and encumbered in FY 2009/10, and $1.8 million, or 2.3% above the adopted budget. Employee costs continue to represent the highest single source of expenditures accounting for 76% of all general fund expenditures in FY 2010/11. Transfers Each year funds are transferred out of the general fund to support the traffic safety fund. In FY 2010/11 $.959 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 $8.5 million in FY 2010/11. A$0.783 million transfer was made to the parking fund to help support an operating deficit as the downtown parking operations are not financially self sustaining. Fund Balance When the general fund budget was adopted on July 12, 2010, it was anticipated that $.3 million of the $18.4 million in general fund reserves (unassigned fund balance) as of July 1, 2010 would be consumed in FY 2010/11. Due to the unfavorable expenditure variance resulting from unbudgeted payouts for deleted positions and public safety overtime expenditures exceeding budget, offset by favorable revenue variances from increased sales and other taxes, about $.7 million of reserves were used to finance general fund operations in FY 2010/11 leaving a balance of $17.7 million in unassigned fund balance as of June 30, 2011. 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 2011/12 budgeted revenues) leaves projected fund balance as of June 30, 2012 at approximately 22%. In view of the slow pace of the economic recovery and the