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7,000 <br />6,,1X1a <br />5 0)0 000 <br />4..000..000 <br />3..000.000 <br />OOO,OdD <br />1,000,000 <br />Recreation Fund <br />20013 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 <br />Revenue Expend times - Furrd Balance <br />Minimum <br />i . Target <br />The Reserve Policy for the Recreation Fund states, <br />The minimum unrestricted fund balance of the Recreation Fund shall be maintained at or above 15% <br />of current operating expenditures. For purpose of this policy, operating expenditures are defined as all <br />expenditures, excluding interfund transfers and capital outlay. <br />In addition to maintaining an operating reserve, the Recreation Fund will also maintain a capital asset <br />renewal and replacement reserve. The purpose of this reserve is to accumulate funds for the timely <br />renewal and replacement of Recreation Center and Memory Square Pool assets. The methodology <br />for calculating this reserve will be approved by the Finance Committee. <br />The projected Recreation Fund balance at the end of 2024 is $3.8 million. This meets both the minimum <br />operating reserve plus the renewal and replacement reserve. <br />Capital Projects Fund <br />Incorporating the revised revenue projections, operating expenditure projections, interfund transfer <br />projections, and C-I-P projections outlined in the preceding discussion, the following graph summarizes <br />a history and projection of revenue, expenditures, and fund balances for the Capital Projects Fund. <br />12 <br />