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Finance Highlights 2011 0218
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Finance Highlights 2011 0218
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3/17/2011 5:29:48 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
2/18/2011
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_CC Agenda 2011 0321
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\City Clerk\City Council\Agenda Packets\2011\Packet 2011 0321
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FY 2010 -11 Mid -year review and budget adjustments February 18. 201 1 <br /> Cost increases <br /> • Mid -year budget adjustments are reflected in the Adjusted Budget total $652,799 (further <br /> detailed in Attachment 2) and include: <br /> o $380,000 transfer from the Community impact Fee designation (use of $1.6 million <br /> dedicated to streets from the Kaiser Permanente payment) to repay the Port of Oakland <br /> for the Doolittle Drive Entryway loan: <br /> o $147,782 to provide funding for four (4) positions from January 1, 2011 — June 30, <br /> 2011 that were not budgeted pending the outcome of Measure Z (two other positions <br /> are reinstated in the Information Technology Internal Services Fund): <br /> o $33,543 allocation to fund the Senior Community Center April — June, 2011: and <br /> o $31,000 toward funding the School District's Crossing Guard Program. <br /> General Fund Year -end Summary <br /> The year -end forecast for FY 2010 -11 General Fund has improved over the Adopted Budget — <br /> largely due to an increase in projected revenues. The City maintains an operating deficit for the <br /> fiscal year. but revised projections lower this by about $700.000 to an operating deficit of $2.37 <br /> million. Overall, staff projects a net fund balance in the General Fund of about $3.1 million, an <br /> improvement of $1.78 million over the Adopted Budget projections. These projections are <br /> consistent with our first quarter projections discussed with the Finance Committee and City <br /> Council in December 2010 and January 2011. <br /> General Fund Summary FY 2011 FY 2011 <br /> (dollars in thousands) Adopted Projected Change <br /> Beginning Fund Balance 3,854 4,618 <br /> Projected Operating Revenue (1) 66.531 67,960 <br /> Projected Operating Expenses (69,610) (70,333) <br /> Subtotal Operating Revenues- Expenditures (8urplual(Deilcit)): (3,079) (2,373) 706 <br /> Net Transfers & Resources (2) 521 826 <br /> Ending Fund Balance (3) 1,296 3,071 1,775 <br /> Explanatory Footnotes <br /> (1) FY 2011 Adopted includes $300k in annual Community Impact funds as revenue <br /> (2) FY 2011 Adopted includes $389k in loan repayments to GF, $500k transfer from the <br /> Insurance Fund, -$368k transfer out for Gas Tax Fund and Refuse Contract <br /> FY 2011 Projected includes $394k in loan repayments to GF, $500k transfer from the <br /> Insurance Fund, -$368k transfer out for Gas Tax Fund and Refuse Contract, <br /> $300k use of Community Impact Funds (general) <br /> (3) Does not include $5M for Economic Uncertainty reserve funding <br /> Does not include remaining Community Impact reserve funds <br /> Sum mary of Comm unity lm pact Reserve (Kaiser Permanente oai-nentofS3 1M) <br /> $1 5M dedicated to annual GF use at $300k per year for 5 years (year 1 = FY 2011) <br /> $1 6M dedicated to Street improvements, $380k appropriated at mid -year <br /> Projected year -end balance . $1 2M general allocation, $122Mstreets allocation <br /> 5 <br />
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