HomeMy WebLinkAbout4.11 Financial Review 4th Qtr or
19 82 STAFF REPORT CITY CLERK
` CITY COUNCIL File #330-50
DATE: September 15, 2015
TO: Honorable Mayor and City Councilmembers
FROM: Christopher L. Foss, City Manager "
SUBJECT: Fiscal Year 2014-15 4th Quarter Financial Review
Prepared by Colleen Tribby, Administrative Services Director
EXECUTIVE SUMMARY:
The City Council will receive a financial report on the fourth quarter of Fiscal Year 2014-15 and
consider amendments to the Fiscal Year 2014-15 Budget as well as the Fiscal Year's reserve
designations.
FINANCIAL IMPACT:
City Council approval of budget changes and reserve designations in FY 2014-15 will not
change amounts spent or received, but will allow Staff to close the FY 2014-15 books.
Total General Fund reserves are projected at $97,458,461 as of June 30, 2015, with
$21,318,590 in the unassigned (cash flow) reserve to cover 4.0 months of the current operating
budget. All reserves are in compliance with the City's Fund Balance and Reserves Policy.
RECOMMENDATION:
Staff recommends that the City Council receive the report on the preliminary FY 2014-15
financial results and adopt the Resolution Approving a Fourth Quarter Budget Amendment to
the City of Dublin's Fiscal Year 2014-15 Budget and Approving Reserve Designations as of
June 30, 2015.
Reviewed By
Assistant City Manager
DESCRIPTION:
This report transmits the preliminary financial results of the FY 2014-15 year-end, focusing on
the General Fund, and includes any budget amendments needed to close the books. At this
time, the numbers are essentially final, and though adjustments may happen as the audit is
finalized, Staff does not expect substantial changes from the numbers in this report. The
Comprehensive Annual Financial Report (CAFR), which will be presented to the City Council in
December 2015, will contain the final audited results.
Page 1 of 7 ITEM NO. 4.11
General Fund Overview
General Fund revenues came in at $75,851,229 ($4,591,220 over budget) in FY 2014-15, while
expenditures totaled $56,577,252 ($3,525,826 under budget). Transfers from the General Fund
to Capital Improvement Project Funds totaled $1,393,277. The resulting impact on total General
Fund Reserves was an increase of$17,880,699, as shown in Table 1.
Table 1: Total Reserves
13-14 14-15
Actual Actual
Total Reserves, beginning of year $77,317,137 $79,577,762
Total Revenues 67,918,346 75,851,229
Total Expenditures (55,289,261) (56,577,252)
Total CIP Expenditures (10,368,460) (1,393,277)
Total Reserves, end of year $79,577,762 $97,458,461
Change $17,880,699
In June 2015 the City Council designated $9,685,454 of the estimated year end surplus to
specific reserves. These designations, as well as reserve allocations for budget carryovers and
for set asides required by accounting rules and/or City policy, have been incorporated into the
FY 2014-15 Reserve Balances (Attachment 4). At this time Staff is also recommending the
creation of new General Fund reserve to prefund City cost of complying with the Municipal
Regional Permit requirements, which impose increased regulations governing storm drain trash
reduction. In addition, Staff is recommending an increase to the annual set aside for Fire
Services Other Post-Employment Benefits (OPEB, or retiree health), and an increase to the
Service Continuity Reserve (to cover the lag in development expenses when related revenue
slows). All reserve changes are discussed in the General Fund Reserve Balances section of this
report.
The following is a discussion of the major factors in budgetary variances (+/- $200,000) that
occurred in FY 2014-15. The General Fund Summary (Attachment 2) presents this data by
major category.
Revenue
Other Taxes: $1,138,162 higher than budget. Property Transfer Tax came in $389,427 higher,
linked to increased home sales and assessed valuations; high hotel occupancy and room rates
brought Transient Occupancy Tax revenue in $369,409 over budget; Garbage franchise fee
revenue came in $273,500 above budget due to expanded services and a rate increase; and
Cable Franchise Fee revenue came in $134,515 above projections due to expanded services.
Development Permits: $781,432 higher than budget. Development Permits includes all permits
associated with new development (primarily building permits), as well as tenant improvements
on current structures. The increase is related to development activity that had been originally
anticipated to occur over the course of the next few fiscal years. It is important to note that these
revenues are not long-term in nature, and that long-term forecasts incorporate a significant
reduction in such development related income. Due to the acceleration of development over the
Page 2 of 7
past two fiscal years, as part of the FY 2015-16 budget, Staff projected development revenue at
approximately 62% of FY 2014-15 actual revenue received, with a yearly 11% decrease over
the next 8 years. Because there is a lag between the receipt of revenue and the expense of
related funds to provide the services, the City continues to maintain a Service Continuity
Reserve to ensure that there are future funds to cover expenditures when development activity
slows. To keep in line with annual increases related to personnel and contracted services, staff
is recommending an additional 15% be added to the Reserve for a total of$2,771,500.
Development Services: $516,108 higher than budget. Development Services represents all fees
associated with new development as well as tenant improvements on current structures. As with
Development Permits the increase is related to the continued development activity. The majority
of the increased revenue is related to Zoning and Plan Checking services provided by the City.
Intergovernmental: $289,680 higher than budget. The increase is due to a variety of one-time
SB90 mandate reimbursement payments made by the State to local agencies to reimburse
costs owed to the City dating back to FY 2001-02 for performing a variety of State-mandated
services.
Charges for Services: $1,379,025 higher than budget. The City received $681,809 in revenue
above the budgeted amount in reimbursement for services provided by Alameda County Fire
Services at the Santa Rita Jail. When the County responds to emergency medical calls at the
Santa Rita Jail, the City is reimbursed the cost associated with the calls. Additionally, Parks
Services revenue for the sports programs, family programs and recreational activities
outperformed budget estimates, exceeding budgeted amounts by a net $385,000.
Expenditures
Salaries and Wages: $544,133 lower than budget. The decrease was a result of unused
contingency funds, combined with unfilled vacancies throughout the course of the fiscal year.
Benefits: $497,669 lower than budget. In correlation with the underspending in Salaries and
Wages, the vacancies in FY 2014-15 also resulted in spending less than budgeted funds in
Benefits.
Services and Supplies: $877,262 lower than budget. This was the result of$659,000 in one-time
savings in insurance premiums for Dublin Police Services. Additionally, the City realized savings
in budgeted liability insurance premiums due to fewer claims against the City.
Utilities: $311,366 lower than budget. This was due to the overall City effort to minimize water
usage and in compliance with the State mandatory watering restrictions
Contracted Services: $758,418 lower than budget. This is primarily due to savings in budgeted
contracts for public safety. The FY 2014-15 Fire Services contract included a cost of living
adjustment and an amount for health that were both ultimately lower. Additionally, the City
realized savings in both Community Development and Economic Development program
contracts.
Capital Outlay. $380,020 lower than budget. This variance is due to funds being budgeted for
multiple small-scale projects or office equipment purchases in the Non-Building Improvements
category that were not spent in FY 2014-15.
Page 3 of 7
Transfers Out for Capital Improvement Projects
The General Fund contributed $1,393,277 towards capital project expenditures in FY 2014-15.
The largest of these transfers included $883,578 for the Maintenance Yard (which is now
complete), $133,090 for the Kolb Park and Emerald Glen Park Tennis Court Resurfacing and
$122,339 for Civic Center Modifications.
Of the total transferred out for capital projects, $1,051,723 was covered by specific Committed
Reserves, with the remainder coming from the unassigned reserves. Attachment 3 to this report
presents a list of projects using General Fund dollars, and indicates which ones were covered
by Committed Reserves.
General Fund Reserve Balances
After transfers out to CIP projects, total reserves increased $17,880,699 in FY 2014-15. It is
important to look not only at how total reserves changes over the year, but how the addition or
use of reserves gets shifted and allocated across the reserve categories, as allowed by the
Funds Balance and Reserves Policy.
Total Change to Reserves
Table 2 summarizes how the $17,880,699 in new reserves is allocated among reserve
categories. Some of the reserve shifts occur for accounting purposes or are dictated by the
Fund Balance and Reserves Policy, while the other shifts are based on City Council approval
and/or Staff recommendation. The following is a discussion of how the total reserve change is
allocated as of June 30, 2015. Attachment 4 provides the detail of these allocations.
Page 4 of 7
Table 2: Use of Reserves
Accounting Adjustments Change Note
Advance to Fire Impact Fee (431,301) Annual payment that reduces this reserve
Advance to PERS Side Fund (363,030) Annual payment that reduces this reserve
Open Space Funding (45,975) To close the project
Public Safety Complex 7,022 To close the project
Joint City/Schools (189,858) To adjust the reserve for project expenses
Accrued Leave (25,997) To book value of unused leave
Carryovers (Op & CIP) (569,736) Adjusted to equal actual year-end carryovers
Unrealized Gains (142,498) Adjustment for investment fair market value
Cash Flow Reserve 7,794,695 To equate to 4 months of FY 15-16 operating budget
CIP spending (Committed Reserves) (1,051,723) Decreased for actual project expenses
S u btota 1 $4,981,599
Council Approved Adjustments Change Note
Fire Services OPEB 397,854 Annual contribution to Fire retiree health
Increase advance to PFF 2,500,000 To reach $6 million advance to Public Facility Fee Funds
Cemetery Expansion 2,887,600 For future planned CIP expenses
Fallon Sports Park 2,000,000 For future planned CIP expenses
Storm Drain Capture 400,000 For future planned CIP expenses
Contribution to ISF 1,500,000 For future planned ISF expenses
S u btota 1 $9,685,454
Staff Recommended Adjustments Change Note
Fire Services OPEB 602,146 Additional amount to reach unfunded liability
Service Continuity 361,500 To account for cost increases of development services
Municipal Regional Permit 2,250,000 For cost of complying with new storm drain regulations
S u btota 1 $3,213,646
Total Reserve Change 17,880,699
Reserve Allocations for Accounting and Policy Purposes
1. Non-Spendable and/or Restricted Reserves — these include adjustments to account for
prepaid expenditures, and for the annual pay down of advances from the General Fund to
the Fire Impact Fees Fund and the CalPERS Side Fund. The net of these changes is a
decrease by $794,331 in Non-Spendable Reserves at the end of the year. The Restricted
Reserve for Heritage Park Maintenance remains unchanged.
2. Committed Reserves — these reserves are established for specific project purposes and are
added to, shifted, or spent down under approval of the City Council, and thus are not
typically adjusted by accounting rules or by policy. However, the subcategory of Non-Streets
CIP Reserve is called out in the Fund Balance and Reserves Policy, which requires that 50%
of remaining resources (after all reserve requirements are met) are shifted there. In FY 2014-
15, there are no remaining resources to allocate to the Non-Streets CIP Reserve.
Page 5 of 7
The Fire Services OPEB (Retiree Health) Reserve is also adjusted by policy, which typically
adds roughly $400,000 to the reserve each year. For FY 2014-15 however, Staff is
recommending increasing the allocation to $1,000,000, in anticipation of the next actuarial
study of the City's share of Fire Services OPEB. Staff is working with City Attorney to finalize
the arrangement to use this reserve to fully fund the City's share of retiree health before the
calendar year end.
3. Assigned and/or Unassigned Reserves — these include adjustments to account for specific
required valuations or balances as of June 30. For example, the City is required to book the
value of Compensated Absences (accrued employee leave balance), as well as the Fair
Market Value of Investments, even though the leave balances will likely not be paid out all at
once, and the investments will not likely be sold all at once.
Assigned Reserves also includes carryovers to the next fiscal year, which occur when there
is an open purchase order at the end of the year, and/or where there is remaining program
budget that will be carried over for the same purpose for which it was originally budgeted. At
the FY 2014-15 year end, $866,562 in the operating budget and $1,133,753 in General Fund
capital project budgets (other than those funded with Committed Reserves) will be carried
over to FY 2015-16; thus reserves are needed at year end to account for this.
Further allocations defined by policy include the change to the Catastrophic Reserve to
adjust to 15% of the total book value of building assets (as reported in the most recent
CAFR), and the change to the Fiscally Responsible Reserve to allow for employee merit
increases in the next fiscal year, where sufficient budget exists. The policy also allocates the
other 50% of remaining resources (after all reserve requirements are met) to the Pension
and OPEB Reserve, though none will be added in FY 2014-15.
Finally, the Unassigned Cash Flow Reserve is adjusted annually to between two and four
months of the next year's operating budget. In FY 2014-15, the City will set aside 4.0 months
of the FY 2015-16 budget in this reserve.
Reserve Allocations by City Council Approval and Staff Recommendation
1. Committed / Assigned Reserves - In June 2014, the City Council authorized setting aside
the following specific reserves:
a. $397,854 for the City's share of the Alameda County Fire Service's OPEB (Retiree
Health) costs;
b. $2,500,000 for the General Fund Advance to the Public Facility Fee Funds, to
cover cash flow needs for projects while the fees are being collected. The advance
was not made during FY 2014-15, therefore the reserve is still held in the
Committed category, versus the Non-Spendable category;
c. $2,887,600 for the Cemetery Expansion project to cover future project expenses;
d. $2,000,000 for the Fallon Sports Park project (90% of which came from a
developer contribution);
e. $400,000 for the Storm Drain Trash Capture project;
f. $1,500,000 contribution towards Internal Service Funds, specifically related to IT
improvements that may be identified in the IT Master Plan, which will be
undertaken in the current fiscal year.
Page 6 of 7
In addition, Staff is recommending several changes to Committed / Assigned Reserves at
this time:
g. $602,146 for the Fire Service OPEB, in addition to the $397,854 already
authorized by the City Council, for a total reserve change of $1,000,000 for FY
2014-15;
h. $361,500 for the Service Continuity Reserve (15% of the current balance) to keep
in line with yearly cost increases;
i. $2,250,000 to create a new reserve titled Municipal Regional Permit in order to
fund the estimated cost of new infrastructure and improvements to comply with the
California Regional Water Quality Control Board's mandated requirements from
the forthcoming Municipal Regional Permit (MRP), which is now in administrative
draft form. The current MRP requires affected agencies to reduce trash loads from
storm drain systems by 40% by 2014, and to establish targets to achieve a 70%
reduction by 2017, and 100% (or "no adverse impact" on receiving waters from
trash) by 2022. The new MRP (referred to as MRP 2.0) contains a number of
additional requirements, including: 1) a new emphasis on planning for and
implementing green infrastructure; 2) new guidelines for inspections of stormwater
systems; 3) new compliance milestones (80% trash reduction by 2019, in addition
to the milestones already in place); and 4) new tracking and reporting
requirements.
As the affected agencies continue to negotiate with the Water Quality Board and
more information becomes available, Staff will provide a comprehensive report to
the City Council on the full impacts to the City, including operational, programmatic
and staffing impacts, of MRP 2.0.
Other Funds
There were no significant variances or events to report in other funds for FY 2014-15. Included
in the FY 2014-15 Budget Change Form (Exhibit A of Attachment 1) is list of items needing City
Council approval in order to close the books. The majority of these adjustments are minor in
scope, and all authorize the use of funds that are available.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS: 1. Resolution Approving a Fourth Quarter Budget Amendment to the
City of Dublin's Fiscal Year 2014-15 Budget and Approving Reserve
Designations as of June 30, 2015, and Exhibit A: Budget Change
Form
2. General Fund Summary
3. General Fund CIP Projects
4. General Fund Reserves
Page 7 of 7
RESOLUTION NO. xx - 15
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING A FOURTH QUARTER BUDGET AMENDMENT TO THE CITY OF DUBLIN'S
FISCAL YEAR 2014-15 BUDGET AND APPROVING RESERVE DESIGNATIONS AS OF
JUNE 30, 2015
WHEREAS, the City of Dublin adopts the budget with the intent of providing a planned
policy program for City services; and
WHEREAS, the City Council approved Resolution 53-14 adopting the Adopted Budget
and Financial Plan for Fiscal Year 2014-15 on May 20, 2014; and
WHEREAS, amendments for revenues and expenditures impacting the various funds
should be approved, consistent with the changes in estimated revenues, operating
requirements, and previous City Council actions, and consistent with the information provided
with the 4th Quarter Financial Review of Fiscal Year 2014-15 received by the City Council on
September 15, 2015; and
WHEREAS, the 4th quarter budget items shown in Exhibit A to this Resolution need City
Council approval; and
WHEREAS, the following 4th quarter General Fund reserve designations need City
Council approval, and will be added to FY 2014-15 reserve balances already approved by the
City Council on June 16, 2015:
1. $602,146 for the Fire Service OPEB, totaling $1,000,000 for FY 2014-15;
2. $361,500 for the Service Continuity Reserve (15% of the current balance) to keep
in line with yearly cost increases; and
3. $2,250,000 for the Municipal Regional Permit.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby amend the Adopted Budget and Financial Plan for Fiscal Year 2014-15 to account for
the items listed in this resolution, and does hereby confirm the designation of reserves as listed
in this resolution.
PASSED, APPROVED AND ADOPTED this 15th day of September, 2015, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
ATTACHMENT 1
City Clerk
ATTACHMENT 1
EXHIBIT A
CITY OF DUBLIN
FISCAL YEAR 2014-15
BUDGET CHANGE FORM
Budget Change Reference#:
City Council's Approval Required
From Un-Appropriated Reserves X Budget Transfer Between Funds
From Designated Reserves Other
DECREASE'BUDGET AMOUNT INCREASE BUDGET AMOUNT
Account Amount Account Amount
EMS Special Revenue Fund -Fire Operations Support-
Contract Services
2109.2402.64001 $274
Garbage Service Fund -Waste Management-Contract
Services
2303.5101.64001 $53,309
Street Light Dist 1983-1 Fund -Street Lighting -Electric
2701.2802.63202 $40,000
Street Light District East Dublin 1999-1 Fund -Street Lighting
-Electric
2705.2802.63202 $17,896
CERBT Trust Fund -Non-dept-Insurance
5171.1901.52301 $4,391
REASON FOR BUDGET CHANGE
1. Increase professional services budget for Supplemental Paramedic Assessments
2. Increase waste management garbage collection services budget due to additional residential units
3. Align electric budget for Street Light Districts with actual cost
4. Increase pay-go retiree health budget to account for additional retirees
As Presented at the City Council Meeting 9/15/2015
G:\Quarterly Reports\FY 14-15\Q3 14-15\14-15 Q4 Budget Adjustments 14-15 Q4 Budget Adjustments
FISCAL YEAR 2014-15
BUDGET CHANGE FORM
Budget Change Reference#:
City Council's Approval Required
Posted By: Date:
G:\Quarterly Reports\FY 14-15\Q3 14-15\14-15 Q4 Budget Adjustments 14-15 Q4 Budget Adjustments
GENERAL FUND SUMMARY
FY 2014-15 4th QUARTER FINANCIAL REVIEW
Difference Difference
Actual Adopted Amended Actual FY 14-15 Actual Vs. FY 13-14 Actual Vs.
13-14 14-15 14-15 14-15 FY 14-15 Amended FY 14-15 Actual
Revenues
Property Taxes 25,286,308 25,898,281 29,290,511 29,437,951 147,440 100.5% 4,151,643 116.4%
Sales Tax 17,820,966 17,686,696 18,361,216 18,300,315 (60,901) 99.7% 479,350 102.7%
Other Taxes 5,427,627 4,813,800 5,053,800 6,191,962 1,138,162 122.5% 764,335 114.1%
Development Permits 5,787,413 3,718,045 5,078,620 5,860,052 781,432 115.4% 72,639 101.3%
Development Services 4,708,218 3,217,478 4,265,398 4,781,506 516,108 112.1% 73,288 101.6%
Other Licenses&Permits 186,571 170,987 170,987 195,203 24,216 114.2% 8,631 104.6%
Fines&Penalties 111,714 138,260 138,260 124,529 (13,731) 90.1% 12,815 111.5%
Interest 788,413 368,581 368,581 550,264 181,683 149.3% (238,149) 69.8%
Rentals&Leases 708,090 1,016,037 1,016,037 1,001,581 (14,456) 98.6% 293,492 141.4%
Intergovernmental 191,574 193,620 193,620 483,300 289,680 249.6% 291,726 252.3%
Charges for Services 4,490,579 3,898,274 4,148,451 5,527,476 1,379,025 133.2% 1,036,896 123.1%
Other Revenue 302,015 388,654 398,354 432,191 33,837 108.5% 130,176 143.1%
Community Benefit Payment 2,108,858 2,426,174 2,776,174 2,964,899 188,725 106.8% 856,041 140.6%
Subtotal Revenues $ 67,918,346 $ 63,934,887 $ 71,260,009 $ 75,851,229 $ 4,591,220 106.4% $ 7,932,883 111.7%
Carryover Prior Year
Operating Revenues 1,493,299
Total Revenues $ 67,918,346 $ 63,934,887 $ 72,753,308 $ 75,851,229 $ 3,097,921 $ 7,932,883
Expenditures
Salaries&Wages 9,443,209 9,708,952 10,009,952 9,465,819 (544,133) 94.6% 22,610 100.2%
Benefits 4,530,267 4,892,712 4,892,712 4,395,043 (497,669) 89.8% (135,224) 97.0%
Services&Supplies 2,133,125 2,453,706 2,462,206 1,584,944 (877,262) 64.4% (548,181) 74.3%
Internal Service Fund Charges 1,721,525 1,778,101 1,778,101 1,763,226 (14,875) 99.2% 41,701 102.4%
Utilities 1,784,982 2,035,482 2,035,482 1,724,116 (311,366) 84.7% (60,866) 96.6%
Contracted Services 35,099,787 36,897,837 38,158,945 37,400,528 (758,418) 98.0% 2,300,741 106.6%
Capital Outlay 212,240 511,710 554,334 174,314 (380,020) 31.4% (37,926) 82.1%
Contigency&Contributions 364,127 919,282 211,346 69,264 (142,082) 32.8% (294,863) 19.0%
Subtotal Expenditures $ 55,289,261 $ 59,197,782 $ 60,103,078 $ 56,577,252 $ (3,525,826) 94.1% $ 1,287,991 102.3%
Carryover Prior Year
Operating Expenditures 1,493,299
Total Expenditures $ 55,289,261 $ 59,197,782 $ 61,596,377 $ 56,577,252 $ (5,019,125) $ 1,287,991
OPERATING BUDGET IMPACT
SURPLUS/(DEFICIT) $ 12,629,085 $ 4,737,105 $ 11,156,931 $ 19,273,976 $ 8,117,046 $ 6,644,892
EM j
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TON ,1,4 591,20 „15,62b 07
CAPITAL IMPROVEMENTS SUMMARY
FY 2014-15 4th QUARTER FINANCIAL REVIEW
Actual Adopted Amended Actual
13-14 14-15 14-15 14-15
CIP/ One-Time Expenditures
Maintenance Yard * $ (4,894,349) $ (1,133,601) $ (883,578)
Public Safety Complex * $ (3,186,592) $ (37,312) $ (7,022)
Parkland Acquisition * $ (1,954,025) $ -
PD Wing Renovation * $ (2,000,000) $ (31,857)
Emerald Glen Aquatics Complex * $ (102,350) $ -
Civic Center Modifications * $ (132,498) $ (155,457) $ (122,339)
Joint City/School Projects
Cemetary Expansion * $ (816,960) $ (816,960) $ (6,928)
Fire Services OPEB *
Amador Plaza Rd Bicycle & Ped Impr * $ (450,042) $ -
Contribution to ISF *
Fallon Sports Park - Phase 1
Storm Drain Trash Capture * $ (583) $ (178,436) $ -
San Ramon Rd Landscape $ (239,065) $ (239,065) $ (405)
Tree Planting $ (777)
Sidewalk Safety $ (21,574) $ (86,972) $ (207,524) $ (67,784)
Electronic Agenda $ (64,945) $ (244,005) $ (27,902)
Tel System
Energy Upgrade $ (102) $ (5,593) $ -
Network Syst Upgrade $ (12,539) $ (313,793) $ (89,789)
Tennis Court Resurfacing $ (10,000) $ (151,801) $ (133,090)
GIS $ (19,000) $ (87,656) $ -
ADA Transition $ (21,177) $ (43,577) $ (22,400)
Storm Drain Condition $ (100,476) $ (160,042) $ (207,010) $ (184)
2111,* Funded with General Fund Committed Reserves
General Fund Reserves
FY 2014-15 Designations
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
FY 2013-14 FY 2014-15 FY 2014-15 FY 2014-15 FY 2014-15
Reserve Balances YEAR END INCREASE DECREASE CHANGE YEAR END
Non-Spendable $ 2,270,022 $ 3,006 $ (797,337) $ (794,331) $ 1,475,691 i
Prepaid Expenses 27,080 - 27,080
Cemetery Endowment 60,000 - 60,000
Advance to Fire Impact Fee 901,907 3,006 (434,307) (431,301) 470,606
Advance to PERS Side Fund 1,281,035 - (363,030) (363,030) 918,005
Restricted $ 500,000 $ - $ - $ - $ 500,000
Heritage Park Maintenance 500,000 - - 500,000
Committed $ 30,992,256 $ 8,674,764 ; $ (1,135,841) $ 7,538,923 $ 38,531,179'
Economic Stability 6,000,000 - - 6,000,000
Downtown Public Impr 1,000,000 - 1,000,000
Open Space Funding 45,975 (45,975) (45,975) -
Affordable Housing 1,000,000 - 1,000,000
Emergency Communications 741,000 - - 741,000
Fire Svcs OPEB 8,196,000 1,000,000 1,000,000 9,196,000
Innovations&New Opport 1,372,785 - - 1,372,785
Jt City/School Projects 235,873 (119,858) (70,000) (189,858) 46,015
One-Time Initiative 1,341,408 1,341,408
Specific Committed Reserves
Emerald Glen Aquatic Complex 3,000,000 3,000,000
Maintenance Facility 1,133,601 - (883,578) (883,578) 250,023
Cemetery Expansion 2,391,538 2,887,600 (6,928) 2,880,672 5,272,210
Fallon Sports Park - 21000,000 2,000,000 2,000,000
Civic Ctr Expansion 259,076 - (122,339) (122,339) 136,737
Public Safety Complex - 7,022 (7,022) - -
Storm Drain Capture - 400,000 400,000 400,000
Shannon Center Parking Lot 775,000 - - 775,000
Utility Undergrounding - - - -
Advance to Public Facility Fee 3,500,000 2,500,000 2,500,000 6,000,000
Assigned $ 32,391,354 $ 6,118,814 ; $ (2,634,905) $ 3,483,910 $ 35,875,264
Accrued Leave 979,248 - (25,997) (25,997) 953,251
Operating Carryovers 1,486,299 873,562 (1,493,299) (619,737) 866,562
CIP Carryovers 1 1,083,752 1,133,753 (1,083,752) 50,001 1,133,753
Non-Streets CIP Commitments 3,132,016 - - 3,132,016
Catastophic Loss 10,608,186 - - 10,608,186
Service Continuity 2,410,000 361,500 361,500 2,771,500
Pension&OPEB 9,866,853 - - 9,866,853
Fiscally Responsible Adj 325,000 - - 325,000
Municipal Regional Permit - 2,250,000 2,250,000 2,250,000
Specific Assigned Reserves -
Civic Ctr Renovation-Police 2,000,000 (31,857) (31,857) 1,968,143
Contribution to ISF 500,000 1,500,000 1,500,000 2,000,000
Unassigned $ 13,424,130 $ 4,568,082 $ 3,084,115 $ 7,652,197 $ 21,076,327i'
Unassigned-Unrealized Gains 99,765 (142,498) (142,498) (242,263)
Unassigned(Available)* 13,324,365 - 21,318,590
TOTAL RESERVES $ 79,577,762 $ 19,364,667 $ (1,483,967) $ 17,880,699 $ 97,458,461
*Equal to 4.0 months of the FY 2015-16 Operating Budget