2020 Supplemental Budget Report - Laserfiche WebLink

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FUND FINANCIAL FORECASTS Staff has incorporated the revised revenue projections, operating expenditure projections, C-I-P projections, and interfund transfer projections outlined in the preceding discussion, along with some other minor adjustments and corrections, to create new financial forecasts for the major operating and capital funds. The forecasts contain projected revenue, expenditures, and ending reserves through 2024. General Fund Incorporating the revised revenue projections, operating expenditure projections, interfund transfer projections, and C-I-P projections outlined in the preceding discussion, the following graph summarizes a history and projection of revenue, expenditures, and fund balances for the General Fund. 30..000.000 25,OOD,ODO 20,000,01M' 15,1300,13 0 10..0)0.130D 5,1100,009 General Fund ECG 21-3139 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 R�verF�xe Expenditures Fund Balance ;—.Target Minimum 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 $8.9 million. This equates to 43% of operating expenditures and well above the targeted fund balance as defined in the Reserve Policy. 10