City Council Minutes 2018 10 23 BUDGET

Home Browse Search

City Council Meeting Minutes October 23, 2018 Page 2. of 8 City Manager Balser noted Finance Director Watson would go over the changes since the last budget meeting She noted the reserves included in the General Fund and Capital Fund with these changes are the most aggressive they have been There is some work to do there in terms of leaving the General Fund without a lot of reserves for potential open space acquisition as the Open Space and Parks Fund will not have those reserves. Staff is looking for direction since there are many ways to address this. Director Watson said the changes are as follows: • Reclassified Operational Items within the Capital Projects Fund to the General Fund • Updated the Golf Course Fund Budget Based on Recommendations from Golf Course Staff • Updated the Revenue, Operating Expenditure, and C-I-P Budgets for the Utility Funds Based on Recommendations from Public Works Staff and the Updated Utility Rate Model • Adjusted Amounts for 2019 and 2020 Pavement Management Program ($4,640,000 for 2019 and $4,840,000 for 2020). • Added New Middle Mile Fiber Project to the Capital Projects Fund ($2 million in 2019-2022) • Increased the Transportation Master Plan Project by $4 Million between 2019 and 2022 (Total Project Cost = $8 Million) • Updated 2018 Revenue and Operational Expenditures Estimates for Impacts of Hail Storm These adjustments are just for the City's cost to process the roofing permits and the revenue generated from those permits. • Changed Methodology for Funding the Operational Deficit and the Renewal/Replacement Reserve for Capital Assets in Recreation Fund • Increased Recreation Fund Revenue Budget Based on New Projections from Recreation Staff Added Additional $20,000 to the 2019 and 2020 Open Space & Parks Fund Budget for Additional Forestry Work. Updated General Fund Support Transfers. He reviewed the General Fund Operating Support Transfers to the Open Space and Parks Fund, Cemetery Fund, Recreation Fund and Golf Course Fund General Fund Capital Transfers include one-time transfers from the General Fund to the Capital Projects Fund • 2019 = $1 Million • 2020 = $1 5 Million • 2022 = $1 Million Director Watson reviewed the projections in the funds. General Fund balance is still above the target in 2024 but is a lot smaller Open Space & Parks Fund approaches the minimum fund balance level in 2024 Recreation Fund balance nearly covers the