Reso 2015-034 - Laserfiche WebLink

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expenditures of $80.6 million (including Transfers Out). The unassigned fund balance of $18.8 million has been designated for the following purposes: $ 5.0 million for major emergencies $8.2 million for economic uncertainty $5.6 million for liquidity At the end of fiscal year 2013-14 the General Fund ending balance increased by $4.3 million compared to prior fiscal year. General fund revenues increased by $4.95 million primarily due to the increase of $883,000 (5%) in property tax plus an increase of $ (10.6%) in sales tax. These increases are good measurements of the economic improvement in the City. The expenditures show an increase of $1.3 million from prior fiscal year. However, the increase in expenditures for fiscal year 2013-14 compared to prior fiscal year demonstrates growth in building the community and the ability to attract new businesses and increase in housing opportunities which eventually improves the city's financials. Affordable Housing Asset Fund - The Affordable Housing Asset Fund was established from the low/moderate housing activities from the former Redevelopment Agency's Low/Moderate Housing Fund. At the end of 2013-14, the restricted fund balance increased by 106.9% to $909,494. Non -major Governmental Funds - The City's non -major funds are presented in the basic financial statements in the aggregate. At June 30, 2014, non -major funds had a total fund balance of $13.5 million of which all are legally restricted for specific purposes by external funding. More information about these aggregate non -major funds can be found in the combining statements immediately following the required supplementary information. 14