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6.1.F. - Page 92 , <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2012 <br /> NOTE 1O—NET ASSETS AND FUND BALANCES�CONTINUED� <br /> In circumstances when an expenditure is made for a purpose for which amounts are available in multiple <br /> fund balance classifications, fund balance is generally depleted in the order of restricted, committed, <br /> assigned, and unassigned. <br /> C. Deficit Fund Equity/Net Assets <br /> The Successor Agency private purpose trust fund had negative net assets of $22,992,311 due to long- <br /> term debt outstanding for bonds used to finance various downtown improvements. <br /> NOTE 11—FUNDS WITH EXPENDITURES EXCEEDING APPROPRIATIONS <br /> The budgetary expenditures exceeded appropriations in the General Fund due to expenditures <br /> associated with the former Redevelopment Agency which were not budgeted in the General Fund, but <br /> were expended in the General Fund due to the February 1, 2012 dissolution of the Redevelopment <br /> Agency. Additionally, Public Safety expenditures exceeded appropriations due to the retirement of <br /> public safety employees and the associated payout of accumulated leave hours which were not <br /> budgeted, in addition to unplanned public safety overtime which exceeded budget due to the <br /> requirement to backfill the vacancies created by the retirements and disability leave. <br /> Expenditures of the Parks, Recreation and Community Services Department also exceeded <br /> appropriations due primarily to unbudgeted program expenditures related to the after school program. <br /> Capital outlay expenditures exceeded appropriations due to the purchase of unbudgeted equipment <br /> items. Sufficient revenues were available to fund these expenditures. <br /> The budgetary expenditures exceeded appropriations in the Low and Moderate Income Housing Asset <br /> Fund as this new fund was created mid-fiscal year through State legislation as part of the dissolution <br /> process of the Redevelopment Agency, and therefore, expenditures related to this fund were not <br /> anticipated at the time the budget was adopted. Sufficient revenues were available to fund these <br /> expenditures. <br /> 64 <br />