Laserfiche WebLink
Proposed Budget Amendments to Reduce <br />Program Funding Gaps (cont.) <br />•Limited financial resources are only able to reduce insufficient funding in <br />certain program areas <br />11 <br />Transfers to Amount <br />Rainy Day Fund $2,000,000 <br />General Liability Fund $1,500,000 <br />Facility Renovation Fund $1,400,000 <br />IT Repair & Replacement Fund $1,000,000 <br />Storm Drain Fund $800,000 <br />Workers' Compensation Fund $500,000 <br />Park Median Replacement Fund $500,000 <br />Traffic Signal Repair & Replacement Fund $200,000 <br />Make one-time contribution to offset reduced annual <br />contribution in the FY 2023/24 Adopted Budget <br />Provide one-time contribution to replenish and build <br />the reserve for critical technology-related repairs and <br />purchases <br />Provide one-time contribution to address the negative <br />fund balance issue <br />Make one-time contribution to build the reserve for <br />parks related repair and replacement projects <br />Rationale <br />Set aside funds for capital and deferred maintenance <br />projects <br />Make one-time contribution to the general liability fund <br />to replenish the fund balance which was depleted due <br />to increasing insurance liability and claim-related costs <br />Make one-time contribution to build up the reserve for <br />city facility-related repairs and replacement projects <br />Provide one-time contribution to restore fund balance <br />in the Storm Drain program while alternatives are <br />being explored to resolve the ongoing operating deficit <br />issue <br />Review of General Fund Reserves <br />•Policy: <br />•Reserve target: 20% <br />•Reserve range: 16.7% to 25% <br />12 <br />21% of FY25 operating expenditures <br />$19.5M in pension reserve <br />Ending Fund Recommended Ending <br />Balances at Budget Fund <br />6/30/2024 Adjustments Balance <br />Unrestricted General Fund Reserve 40,337,357 (7,900,000) $32,437,357 <br />COVID Response & Recovery Reserve 319,150 - 319,150 <br />Mobile Outreach Vehicle Reserve 280,000 - 280,000 <br />Strategic Plan Implementation Reserve 379,428 - 379,428 <br />Emergency Reserve 500,000 - 500,000 <br />Restricted General Fund Reserve* 19,989,289 - 19,989,289 <br />$61,805,224 ($7,900,000) $53,905,224 <br />General Fund <br />Fund Balance <br />Total General Fund Reserves <br />*Restricted Reserve includes the General Fund's share of PARS Section 115 Trust ($19,474,282) and non-spendable <br />balances ($515,007), which represent advances to other funds and notes receivable. <br />Page 254 of 658