Open Space Advisory Board Agenda and Packet 2017 09 13

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SUBJECT: DATE: OPEN SPACE & PARKS FUND OVERVIEW SEPTEMBER 13, 2017 PAGE 6 OF 11 Note that the Open Space & Parks Fund reserves are projected to decline by an additional $553,000. This decline includes a $1.2 million transfer -in from the General Fund, which keeps ending reserves in compliance with the City's Reserve Policy. Also, note that the wage and benefit amounts used in the preceding tables are the original budgeted amounts for 2017 and 2018. Based on the changes directed by Council at the August 8 budget retreat, staff will update the wage and benefit projections for the budget presentation scheduled for September 26, 2017. Total wage and benefit costs will increase over the amounts currently presented. As noted above, the 2018 transfer from the General Fund to the Open Space Parks Fund has been increased from the original budget of $500,000 to a new projection of $1.2 million based on the July 5 presentation by the former City Manager. Staff has reviewed and updated projections on all amounts expected to be transferred between funds for 2017 and 2018. The following two tables summarize those new inter -fund transfer projections. Inter -Fund Transfers Matrix 2017 Estimate Transfers Ou: General Fund Cemetery Perpetual Care Fund Impact Fee Fund Recreation Center Construction Total Transfers In OS&P Fund 198,830 Cemetery Fund 95,000 2.000 Capital Projects Fund 1,029,810r 414,500 d Total 95.000 2.000 1,228,610 414,500 198.830 97,000 1,444.310 1.740,140 Aili7i.'P1 recurring support for operaP.ioi7s and capital. b Annual recurring transfer of interest earned used to fund operations and capital. c A.nnuai transfer of impact. fee revenue for projects eligible for this t'rpe of funding. d urse. 7ei7r-fear,; bond proceeds forpreiiminanf expenditures- on Recreation Ce.oter CITY COUNCIL COMMUNICATION 14