My WebLink
|
Help
|
About
|
Sign Out
Home
10B Action 2011 1107
CityHall
>
City Clerk
>
City Council
>
Agenda Packets
>
2011
>
Packet 2011 1107
>
10B Action 2011 1107
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/14/2011 4:45:54 PM
Creation date
11/1/2011 5:04:49 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
11/7/2011
Retention
PERM
Document Relationships
_CC Agenda 2011 1107
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2011\Packet 2011 1107
Reso 2011-189
(Reference)
Path:
\City Clerk\City Council\Resolutions\2011
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
8
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
File Number: 11 -327 <br />30, 2011. Staff recommends a transfer of $2,000,000 from the General Funds fund balance <br />to the Economic Uncertainty reserve. This transfer will bring the Major Emergency reserve <br />and the <br />Economic Uncertainty reserve total to $11,096,500, about 15% of the General Fund <br />operating expenditures. This transfer moves the percentage significantly closer to the City <br />Council's goal of 20 %. <br />The Self Insurance Fund provides the City insurance protection against public liability cases <br />and worker's compensation claims related to injuries to City employees. The Fund's balance <br />sheet records the liability for Claims and Judgments for outstanding cases and claims. As of <br />June 30, 2011, the total liability amounted to $7,931,100. In addition, as noted on the <br />reserve worksheet, the Self Insurance Fund fund balance was recorded at $308,000. <br />The preliminary year -end close for the Self Insurance Fund reflected a fund balance deficit <br />of ($1,192,000). The deficit occurred as a result of significantly higher Fund expenditures in <br />2010 -11. One unanticipated cost was that case reserves for liability and workers' <br />compensation increased by $2,361,400. The City Manager authorized a transfer of <br />$1,500,000 from the General Fund fund balance to the Self Insurance Fund allowing the <br />year -end financial statements to be prepared without a fund balance deficit. <br />Staff recommends that the City Council confirm this transfer and direct that this transfer be <br />included in the budget amendment resolution to be presented to the City Council. It should <br />be noted that $3,000,000 has been transferred from the Self Insurance Fund to the General <br />Fund since 2007 -08 as a budget strategy to balance the General Fund. <br />Current City Council Policy <br />The City Council initially established a philosophy for financial reserve funds over twenty <br />years ago. In 1989 -90, the City Council adopted a series of financial values that were <br />utilized to develop the budget. The Financial Goals Statement identifies and formalizes the <br />financial principles by which the organization is guided. <br />Previous City Council Action <br />The City Council reviewed the 2010 -11 Budget Review and Budget Amendment at its <br />meeting on September 9, 2011. The report confirmed that the 2010 -11 year -end forecast for <br />the General Fund reflected a significant improvement over the adopted budget, largely due <br />to an increase in projected revenues. <br />City Council Committee Review and Action <br />The Finance Committee reviewed and recommended this action at its meeting on October <br />21, 2011. <br />Attachment <br />Attachment 1, Fund Reserves Worksheet. <br />CONCLUSION <br />Staff recommends that the City Council approve the resolution authorizing transfers from the <br />City of San Leandro Page 3 Printed on 11/1/2011 <br />
The URL can be used to link to this page
Your browser does not support the video tag.