RES 92065 - Laserfiche WebLink

these are fees which have been collected sooner than staff projected, and therefore, will be needed to do planned 1992-93 Park CIP projects. These revenues and their impact on the Park CIP will be reviewed when the CIP is prepared this spring. Miscellaneous Capital Improvement ~udqet Staff is recommending that revenue projections be increased by $172,000 based on development fees that have already been collected. Staff is recommending that expenditure appropriations be reduced by.$366,000 for lease purchase payments that will not be made until next year for the radio system and the Senior Center; and that the offsetting transfers from the General Fund be reduced. Staff recommends that the funds be placed in the Reserve for Carryovers for the purpose of making next year's lease purchase payments. Other miscellaneous budget corrections are shown which. reflect a further decrease in expenditures of $12,000. Due to revenues being received sooner than projected, the projected ending fund balance is $185,577 compared to the originally adopted ending balance of $4,779. These revenues and their impact on the ~iscellaneous CIP will be reviewed when the 1992-93 CIP is prepared this spring. Overall, most operating and capital improvement funds are essentially on target with the very conservative projections that were made last summer when the budget was originally adopted. However, ongoing General Fund revenues are about $500,000under the original projections. Staff has balanced this reduction by leaving some positions unfilled, delaying the purchase of most capital outlay items, sharing resources between departments, and monitoring expenditures closely. In general, the City has faired well in the recession compared to other local agencies, mostly due to the diversity of its revenue sources. However, staff is reconending the establishment of a Reserve for Carryovers of $1.7 million in the General Fund because of the need to fulfill existing obligations, the lingering uncertainty of the recession, and the anticipation of another tight budget year in 1992-93. This $1.7 million Reserve for Carryovers comes from $1 lillion in one-time revenues, $500,000 iht educed or delayed transfers to the CIP, and $200,000 from the estimated 1991- 92 surplus. The General Fund will be able to maintain its 10% Contingency Reserve of $3.1 million, but there is only $141,000 left in the Capital Reserve. SR92:125 11