2019-2020 Biennial Operating & Capital Budget

Home Browse Search

The minimum fund balance of the Open Space and Parks Fund shall be maintained at or above 15% of current operating expenditures. For purpose of this policy, operating expenditures include only open space and parks operations and exclude all interfund transfers and capital outlay. The City Council will annually consider interfund transfers of excess General Fund or Capital Project Fund balances to the Open Space & Parks Fund for property acquisition reserves. The Open Space & Parks Fund balance is projected to increase in both 2019 and 2020. However, fund balance declines each year thereafter. At the end of 2024, the fund balance is projected at $825,500. This equates to approximately 24% of operating expenditures and is still above the minimum fund balance as defined in the current and proposed Reserve Policy. Recreation 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 new Recreation Fund. 6 55.100,01130 4,400,000 3..000..000 .060 000 Recreation Fund 20013 2009 2010 2011 2012 2013 2014 2015 2016 2017 201E 2019 2020 2021 2022 2023 2024 — Revenue — Eipenttttres Fund Balance —Minimum The 2019 transfer from the General Fund ($1,735,360) is made up of two elements: 1. An operational support transfer of $1,059,100. This amount is calculated by taking the General Fund subsidy of the Recreation Center/Memory Square Pool in 2017 ($986,300) and inflating it by the regional Consumer Price Index. 17