Laserfiche WebLink
SUBJECT: 2020 RECOMMENDED BUDGET <br />DATE: SEPTEMBER 24, 2019 <br />PAGE 5 OF 9 <br />The projected Open Space & Parks Fund balance at the end of 2024 is $1.5 million. This <br />equates to 44% of operating expenditures and is well above the minimum fund balance <br />as defined in the Reserve Policy. <br />1..000.000 <br />6,000,000 <br />5,00O 000 <br />4,000,000 <br />3,OOQ000 <br />2,000,000 <br />1,000,000 <br />Recreation Fund <br />I I I <br />2005 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 <br />Revenue Expenditures Fund Barance Minimum +Target <br />The Reserve Policy for the Recreation Fund, as proposed, states, <br />The minimum unrestricted fund balance of the Recreation 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, excluding interfund transfers and capital <br />outlay. <br />In addition to maintaining an operating reserve, the Recreation Fund will also maintain a <br />capital asset renewal and replacement reserve. The purpose of this reserve is to <br />accumulate funds for the timely renewal and replacement of Recreation Center and <br />Memory Square Pool assets. The methodology for calculating this reserve will be <br />approved by the Finance Committee on an annual basis. <br />The projected Recreation Fund balance at the end of 2024 is $3.7 million. This meets <br />both the minimum operating reserve plus the renewal and replacement reserve. <br />Note that the 2020 Recommended Budget proposes that the renewal and replacement <br />reserve be maintained within the Recreation Fund. <br />CITY COUNCIL COMMUNICATION <br />15 <br />