10A Action 2011 0222 - Laserfiche WebLink

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FY 2010 -11 Mid -year review and budget adjustments February 22, 2011 • Furlough savings for January — June 2011 are not reflected in the Adopted Budget since new labor contracts were not in place at that time. The related FY 2010 -11 savings equates to 1.15% or about $310,000 and is included in the net projections. Cost increases • Mid -year budget adjustments are reflected in the Adjusted Budget total $652,799 (further detailed in Attachment 2) and include: o $380,000 transfer from the Community Impact Fee designation (use of $1.6 million dedicated to streets from the Kaiser Permanents payment) to repay the Port of Oakland for the Doolittle Drive Entryway loan: o $147,782 to provide funding for four (4) positions from January 1, 2011 — June 30, 2011 that were not budgeted pending the outcome of Measure Z (two other positions are reinstated in the Information Technology Internal Services Fund); o $33,543 allocation to fund the Senior Community Center April — June, 2011; and o $31,000 toward funding the School District's Crossing Guard Program. General Fund Year-end Summary The year -end forecast for FY 2010 -11 General Fund has improved over the Adopted Budget — largely due to an increase in projected revenues. The City maintains an operating deficit for the fiscal year, but revised projections lower this by about $700.000 to an operating deficit of $2.37 million. Overall, staff projects a net fund balance in the General Fund of about $3.1 million, an improvement of $1.78 million over the Adopted Budget projections. These projections are consistent with our first quarter projections discussed with the Finance Committee and City Council in December 2010 and January 2011. General Fund Summary FY 2011 FY 2011 (dollars in Thousands) Adopted Projected Change Beginning Fund Balance 3,854 4,618 Projected Operating Revenue (1) 66,531 67,960 Projected Operating Expenses (69,610) (70,333) Subtotal Operating Revenues - Expenditures (Surplust(Deficit)): (3,079) (2,373) 706 Net Transfers & Resources (2) 521 826 Ending Fund Balance (3) 1,296 3,071 1,775 Explanatory Footnotes (1) FY2011 Adopted includes $300k in annual Community Impact funds as revenue (2) FY 2011 Adopted includes $389k in loan repayments to GF, $500k transfer from the Insurance Fund, -$368k transfer out for Gas Tax Fund and Refuse Contract FY 2011 Projected includes: $394k in loan repayments to GF, $500k transfer from the Insurance Fund, -$368k transfer out for Gas Tax Fund and Refuse Contract, $300k use of Community Impact Funds (general) (3) Does not include $5M for Economic Uncertainty reserve funding Does not include remaining Community Impact reserve funds Summary of Community Impact Reserve (Kaiser Permanente payment of $3.1M) $1.5M dedicated to annual GF use at $300k per year for 5 years (year 1 = FY 2011) $1.6M dedicated to Street improvements; $380k appropriated at mid -year. Projected year -end balance: $1.2M general allocation; $1.22M streets allocation 5