2019-2020 Biennial Operating & Capital Budget

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The City's Reserve Policy for the General Fund states, The minimum unrestricted fund balance of the General Fund shall be maintained at or above 15% of current operating expenditures. For purpose of this policy, operating expenditures are defined as all expenditures less any interfund transfers to other funds, regardless of whether the transfers are considered recurring or non -recurring. While the minimum unrestricted fund balance is set at 15% of current operating expenditures, the targeted unrestricted fund balance will be at or above 20% of current operating expenditures. The projected General Fund balance at the end of 2024 is $6.4 million. This equates to approximately 31 % of operating expenditures and is well above the targeted fund balance as defined in the Reserve Policy. Open Space & Parks Fund Incorporating the revenue assumptions, the operating expenditure targets, interfund transfer projections, and the Capital Improvements Plan into the long-term financial planning model results in the following graph, which summarizes a history and six -year projection of revenue, expenditures, and fund balances for the Open Space & Parks Fund. 9,000..000 8,000..000 7,000.000 5,000..000 5,000..000 4,000,000 3,000..000 2,000,000 L000,oao Open Space & Parks Fund 1' If 7 111011 -1 2008 2009 2010 2011 2012 2013 2014 2015 2015 2017 2018 2019 2020 2021 2022 2023 2024 Revenue —Expenditures Fund Balance Minimum Staff has proposed various amendments to the City's Financial Policies. These amendments will be brought forward to City Council at a later date for formal adoption. Staff's proposed new reserve policy for the Open Space & Parks Fund states, 16