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General Fund subsidy level is the starting point for the calculation, since that is the last year <br />that the Recreation Center and Memory Square Pool were funded within the General Fund. <br />In addition to the annual General Fund transfer towards the annual operating costs, minimum <br />fund balance requirements, and capital asset renewal and replacement reserves, this policy <br />also authorizes an annual transfer from the Capital Projects Fund to the Recreation Fund in <br />the amount of $125,000 for 2019 and each year thereafter inflated on an annual basis by the <br />regional Consumer Price Index for All Urban Consumers. This transfer is restricted for capital <br />outlay. <br />2.6 Golf Course Fund Reserves. The minimum working capital balance of the Golf Course Fund <br />shall be maintained at or above 15% of current operating expenditures. For purpose of this <br />policy, operating expenditures are defined as all expenditures, excluding interfund transfers <br />and capital outlay. <br />To assist the Golf Course Fund in meeting this reserve minimum, beginning with the 2021 <br />fiscal year, all Golf Course capital outlay will be funded through the Capital Projects Fund. <br />In the event reserves are used resulting in working capital balance below the 15% minimum, <br />a plan will be developed by the City Manager to replenish the reserves as quickly as <br />reasonably possible and will be presented as part of a long-term financial plan. Methods of <br />replenishing working capital may include the use of non -recurring revenue, year-end <br />surpluses, and, if legally permissible, excess resources from other funds. <br />19 <br />