AgdaPkt 2014-01-13 Interview, Closed and Regular

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City of Redwood City 7.1.G. - Page 96 Notes to the Basic Financial Statements For the year ended June 30, 2013 NOTE 10 - NET POSITION AND FUND BALANCES (CONTINUED) fund balance of the General Fund, The City Council has established a minimum balance representing a level not less than 15 %, nor more than 20% of estimated General Fund revenues. In circumstances when an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is generally depleted in the order of restricted, committed, assigned, and unassigned. C. Deficit Fund Equity /Net Position The Successor Agency private purpose trust fund had negative net position of $21,050,915 due to long- term debt outstanding for bonds used to finance various downtown improvements. The self- insurance internal service fund had negative net position of $1,417,309 due to higher worker's compensation claims than budgeted and actuarial liability adjustments. NOTE 11 - FUNDS WITH EXPENDITURES EXCEEDING APPROPRIATIONS The budgetary expenditures exceeded appropriations in the General Fund due to expenditures associated with reimbursable costs for planning and subdivision engineering which were offset by increased revenues. Additionally, Public Safety expenditures exceeded appropriations due to the retirement of public safety employees and the associated payout of accumulated leave hours which were not budgeted, in addition to unplanned public safety overtime which exceeded budget due to the requirement to backfill the vacancies created by the retirements and disability leave. Expenditure of the Parks, Recreation and Community Services Department also exceeded appropriations due primarily to unbudgeted program expenditures for which there were sufficient revenues available. The budgetary expenditures exceeded appropriations in the Transportation Grants Fund due to increased and unbudgeted expenditures related to the Measure M Vehicle License Fee program which were supported by an unbudgeted increase in program revenues. The budgetary expenditures exceeded appropriations in the Transportation Fund due to increased commuter program expenditures. Sufficient revenues were available to fund these expenditures. The budgetary expenditures exceeded appropriation in the Low and Moderate Income Housing Asset Fund due to loans which had achieved certain milestones resulting in an unbudgeted write off. Sufficient revenues were available to fund these expenditures. The budgetary expenditures exceeded appropriations in the Public Financing Authority 2013 Refunding Lease Fund due to unbudgeted costs associated with entering into a new lease to refund bonds. Sufficient revenues were available to fund these expenditures. 68