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SUBJECT: 2018 RECOMMENDED BUDGET AND 2018-2021 LONG-TERM PLAN <br />DATE: SEPTEMBER 26, 2017 <br />PAGE 15 OF 24 <br />Open Space & Parks Fund Long -Term Forecast <br />Incorporating the revenue projections, the operating expenditure targets, the interfund <br />transfer projections, and the updated C -I -P projections outlined in the preceding <br />discussion, the following graph summarizes a history and projection of revenue, <br />expenditures, and fund balances for the Open Space & Parks Fund. <br />9,044.040 <br />8.044.006 <br />7,444.044 <br />6.004.060 <br />5,000,000 <br />4.064.000 <br />3,000,000 <br />2.000.000 <br />L44Q 444 <br />Open Space & Parks Fund <br />1! <br />1.0 <br />M <br />1 <br />2005 2006 2447 2068 2009 2010 2011 2012 2013 2014 2015 2015 2011 2018 2019 2020 2021 <br />Revenue --- Expenditures — Fund Ba/artMinimum <br />The City's Reserve Policy for the Open Space & Parks Fund states, <br />The minimum fund balance of the Open Space and Parks Fund shall be maintained at <br />or above 15% of current operating expenditures. For purpose of this policy, operating <br />expenditures include only open space and parks operations and exclude all interfund <br />transfers and capital outlay. <br />The targeted fund balance of the Open Space and Parks Fund will include the minimum <br />fund balance plus an amount sufficient to cover the City's share (considering other likely <br />joint partners) of the total projected cost of acquiring the three highest priority candidate <br />open space properties. As the highest priority properties are purchased, this amount <br />will be adjusted. <br />Applying the method of support from the General Fund and Capital Projects Fund <br />previously discussed, the Open Space & Parks Fund balance is projected at $519,000 <br />CITY COUNCIL COMMUNICATION <br />16 <br />