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SUBJECT: R&R RESERVE CALCULATION FOR RECREATION & SENIOR CENTER <br />DATE: JUNE 15, 2023 PAGE 2 OF 2 <br />The City Manager's Budget Message for the 2023 Budget contained the following: <br />"Incorporating the revenue assumptions, the operating expenditure targets, the proposed <br />interfund transfers, and the updated C-1-P projections outlined in the preceding <br />discussion, the following chart summarizes a history and projection of revenue, <br />expenditures, and fund balances for the Recreation Fund." <br />1 .n .r1 'Tl <br />The projected Recreation Fund balance at the end of 2024 is $1.8 million, well above the <br />15% of operating expenditures, but not covering all the renewal and replacement reserve. <br />Staff will be available at the meeting to summarize the renewal and replacement <br />calculations and to answer any questions. <br />CITY COUNCIL COMMUNICATION <br />8/75 <br />