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C - 3 City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25 APPENDIX C • All budget transfers within a fund require the approval of the City Manager or designee. • Budget transfers required to hire additional permanent personnel require the City Council’s approval. • The City will have various expenditure controls in place to ensure the City does not over- expend its budget including (1) position requisition must be budgeted and approved by the City Manager, (2) Finance staff will review purchase and contract requests to ensure there are adequate funds and (3) mid-year budget reviews to forecast expenses and revenues through year-end to ensure the City ends the year with a balanced budget. • The City will fully fund accrued unused vacation annually. • The City will periodically update replacement and maintenance financing plans, and incorporate them into the Budget. E. FUND BALANCE • The budget year estimated fund balance includes prior year actual fund balance plus estimated revenues minus the expenditure budget. • Long-term liabilities including Pension, OPEB and debt (bonds and loans) are excluded from fund balance. • The Workers Compensation Fund balances include claims payable (estimated value of all claims the City has received that are still outstanding). F. CAPITAL IMPROVEMENT POLICIES • The City will construct all capital improvements in accordance with an adopted capital improvement program. • The City will develop a four-year plan for capital improvements to be updated at least bi- annually. Future capital revenues and expenditures will be projected annually for a four-year period based on changes in the community population, real estate development and/or replacement of the infrastructure. • The City will coordinate preparation of the Capital Improvement Budget with preparation of the Operating Budget. Future operating costs associated with new capital improvements will be projected and included in Operating Budget forecasts. • The City will identify the estimated costs and potential funding sources for each proposed capital project before it is submitted to Council for approval. • The City will attempt to determine the least costly financing method for all new projects. • The estimated cost of Capital replacement for enterprise funds such as water and sewer will be updated at least every two years to ensure that rates and charges are covering the full cost of operating these programs.