8D Consent 2013 1021 - Laserfiche WebLink

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File Number: 13-502 funded by a fund designation set up in 2010-11. §Overall departmental savings totals $1.3 million. General Fund Year-End Summary The 2012-13 year-end forecast for the General Fund has improved over the Adopted Budget , largely due to an increase in projected revenues. Revised projections for 2012-13 reflect an operating increase in fund balance of $3.2 million and a decrease in the RDA - Plaza Project Loan designation of $2.1 million due to the dissolution of the Redevelopment Agency and the rejection of the loan repayment from the Department of Finance. Overall, staff projects a net fund balance in the General Fund of about $15.1 million, an improvement of $293,000 over Adopted Budget projections. Please refer to Table 3 on the attached document. All Other Funds In addition to the City’s General Fund , City operations are supported by a number of other funds. Projected savings and budget modifications are all reflected in the estimated ending fund balances. Please refer to Table 4 in the attached document. §The Parking Fund decreased $51,000 due to the construction of the Parking Garage which opened in November 2012. Staff continues to monitor revenues and expenditures in the Parking Fund. §The Gas Tax - Operations Fund decreased $489,000 due to the reduction of Gas Tax revenues and increasing construction costs. §The Self Insurance Fund decreased $732,000 due to the ICFG settlement payment of $2.3 million. CONCLUSION This report provides an update on the 2012-13 budget performance and unaudited results for the General Fund and the City’s other operating funds . Better than expected sales tax, property tax and other revenue were the primary drivers in producing a positive budget balance. Staff will present recommendations for designating portions of fund balance with the first quarter report, expected next month. PREPARED BY: David Baum, Finance Director, Finance Page 3 City of San Leandro Printed on 10/15/2013