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SUBJECT: 2020 RECOMMENDED BUDGET <br />DATE: SEPTEMBER 24, 2019 <br />PAGE4OF9 <br />The minimum unrestricted fund balance of the General Fund shall be maintained at or <br />above 15% of current operating expenditures. For purpose of this policy, operating <br />expenditures are defined as all expenditures less any interfund transfers to other funds, <br />regardless of whether the transfers are considered recurring or non -recurring. <br />While the minimum unrestricted fund balance is set at 15% of current operating <br />expenditures, the targeted unrestricted fund balance will be at or above 20% of current <br />operating expenditures. <br />The projected General Fund balance at the end of 2024 is $8.3 million. This equates to <br />40% of operating expenditures and well above the targeted fund balance as defined in <br />the Reserve Policy. <br />9,000.000 <br />B4O00,000 <br />7,000,000 <br />6,000,000 <br />5,000,000 <br />4A00A00 <br />8,000,000 <br />Z.000,000 <br />.000A00 <br />Open Space & Parks Fund <br />Y y <br />� ttill II <br />w <br />"T"F <br />200E 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 <br />Revenue — Expenditures Fund balance —Minimum <br />The Reserve Policy for the Open Space & Parks Fund, as proposed, states, <br />The minimum fund balance of the Open Space and Parks Fund shall be maintained at or <br />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 />CITY COUNCIL COMMUNICATION <br />14 <br />