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Reserve will have a balance of $141,000, which will be addressed <br />through next year's CIP budget process. <br /> <br />Furthermore, staff is recommending that a Reserve for Carryovers be <br />established in the amount of $1,724,798. The intent is to set <br />aside for future use certain one-time revenues received this year <br />as well as money saved from certain delayed expenditures. These <br />funds would then be designated for future use as follows: <br /> <br />$840,000 PERS credits - one-time use <br />determined through 1992-93 budget process. <br /> <br />to be <br /> <br />$150,000 budgeted but unused in 1991-92 CIP for new <br />radio system - to be used for same purpose next <br />year and will thereby reduce funds necessary next <br />year. <br /> <br />$216,302 budgeted but not needed in 1991-92 CIP for <br />Senior Center lease payments - to be used for same <br />purpose next year and will thereby reduce funds <br />necessary next year. <br /> <br />$122,277 funding correction to Miscellaneous CIP <br />from General Fund in 1991-92 - use to be determined <br />through 1992-93 budget process. <br /> <br />$213,229 estimated surplus from 1991-92 operations <br />- use to be determined through 1992-93 budget <br />process. <br /> <br />$182,990 reimbursement from Railroad Project - use <br />to be determined through 1992-93 budget process. <br /> <br />Staff is recommending the establishment of this Reserve for <br />Carryovers because of the lingering uncertainty of the recession, <br />and in anticipation of another tight budget year. At this time, <br />there are still mixed signals as to whether any economic recovery <br />is underway. In any event, if the recession ends tomorrow, because <br />of the timing lag of revenues such as property taxes, it will be at <br />least one more fiscal year before the City's revenues will keep <br />pace with its expenditures (i.e. not before 1993-94). <br /> <br />In all likelihood, a good portion of the $840,000 PERS credit will <br />be needed for one-time expenditures previously obligated. The <br />$150,000 and the $216,302, as indicated, will be needed to make <br />next year's lease purchase obligations. The remaining $518,496 <br />will be needed to meet existing lease purchase obligations or other <br />already committed but unfunded projects such as the Harvest Park <br />Gym ($2 million unfunded), or potentially Downtown infrastructure <br />improvements. <br /> <br />SR92:125 <br /> <br />7 <br /> <br /> <br />