2021-2022 Biennial Operating & Capital Budget

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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 &,000,c x 5,000..000 4 000,oaa .3,aan,aan 2,000..000 1,000..000 1# i 1' Open Space & Parks Fund 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 — Revenue — Expenditures Fund Balance —Minimum The City's Reserve Policy for the Open Space & Parks Fund states, 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 Open Space & Parks Fund requires a recurring annual transfer from the General Fund to fund its operating deficit. This annual transfer will be calculated by taking the amount of funding provided by the General Fund for Parks in 2007 ($626,900) and inflating that amount on an annual basis by the regional Consumer Price Index for All Urban Consumers. The 2007 funding level for Parks is the starting point for the calculation, since that was the last year that Parks was funded within the General Fund. 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 decline through 2026. At the end of 2026, the fund balance is projected at $956,000. This equates to approximately 27% of operating expenditures and is still above the minimum fund balance as defined in the current Policy. 13