City Council Agenda and Packet 2017 09 26 SP

Home Browse Search

SUBJECT: 2018 RECOMMENDED BUDGET AND 2018-2021 LONG-TERM PLAN DATE: SEPTEMBER 26, 2017 PAGE 13 OF 24 Some notes regarding the preceding schedule: The General Fund reserves are expected to increase by $1.5 million, assuming a $707,000 turnback. The projected ending fund balance of $8.2 million equals 41% of net expenditures, well above the targeted level of 20%. The Open Space & Parks Fund reserves are projected to decline by $1.2 million, even with the $500,000 transfer from the General Fund. The projected ending fund balance of $493,000 is above the minimum fund balance, but below the targeted fund balance, which is discussed later in the document. The Capital Project Fund reserves are projected to decline during 2018, but should remain around $2 million. The Recreation Center Construction Fund is projected to spend down all the bond proceeds by the end of 2018. The Library Debt Service Fund is projected to completely defease the 2004 General Obligation Library Bonds during 2018. The Consolidated Utility Fund (Water, Wastewater, and Storm Water Funds) reserves are projected to increase by $2.0 million to $18.9 million at the end of 2018. Ending reserves for all the individual utility funds are projected to remain in compliance with the City's Reserve Policy. The Golf Course Fund is projected to increase its reserves by approximately $107,000 during 2018. Although staff has made basic forecasts of revenue, expenditures, and reserves for all funds, staff has performed a more detailed review, and has made more detailed forecasts, for the major operating and capital funds, defined as: General Fund; Open Space & Parks Fund; Capital Projects Fund; Utility Funds; and Golf Course Fund CITY COUNCIL COMMUNICATION 14