2017-06-07 Item 08K Updated Page 2, 6-6-17 which includes all previous FY 2016-17 General Fund budget amendments approved by the
City Council since the adoption of the FY 2016-17 budget through March 31, 2017. This balance
does not include the proposed amendments under consideration, or those approved after March
31, 2017. Approval of the third quarter operating budget amendments and fund transfer
amendments will increase the General Fund available fund balance by $793,552.
Table 1 below summarizes beginning fund balances as of March 31, 2017 (as reflected in
Schedule A — Revised Budget Summary Third Quarter FY 2016-17 in Attachment 5), current
budget amounts, proposed revisions, adjusted budget amounts and ending fund balances for
the General Fund and all other funds following adoption of the proposed amendments.
Table 1
FY 2016-17Third Quarter Budget Summary
All Funds General Fund
Current Third Qtr Adjusted Third Qtr Adjusted
Budget Revisions Budget Current Budget Revisions Budget
Beginning Fund Dalance $ 66,373,778 $ 66,373,778 $ 32,884,545 $ 32,884,545
Revenue 94,769,697 217,500 94,987,197 68,323,111 157,500 68,480,611
Expenditures (109,869,253) 758,307 (109,110,946) (60,259,601) (84,000) (60,343,601)
Operating Transfers-In 4,023,949 902,307 4,926,256 1,443,343 720,052 2,163,395
Operating Transfers-Out (4,023,949) (902,307) (4,926,256) (20,887,854) 0 (20,887,854)
Debt Service Transfers-In 4,250,552 0 4,250,552
Debt Service Transfers-Out (4,250,552) 0 (4,250,552)
,Ending Pro acted Fund Balance $ 51,274,222 $ 975,807 $ 52,250,029 $ 21,503,544 $ 793,552 $ 22,297,096
BACKGROUND:
On June 22, 2016, the City Council adopted Resolution 2016-64, approving the revised FY
2016-17 Operating Budget and Capital Improvement Program (CIP) with appropriations. On
August 24, 2016, the City Council adopted Resolution 2016-82 approving continuing
appropriations to FY 2016-17 for unspent FY 2015-16 appropriations totaling $1,201,403. Of
this amount, General Fund expenditure appropriations were $328,157.
On October 19, 2016, the City Council received the Report on the Financial Results for Fiscal
Year 2015-16 and adopted the ending FY 2015-16 fund balances as beginning fund balances
for FY 2016-17. Beginning fund balance in the General Fund for FY 2016-17 was $32,884,544,
with $18,594,757 unrestricted and available for appropriation. The unrestricted General Fund
balance was projected to be drawn down $9,786,742 by the FY 2016-17 original appropriation
for planned capital projects, leaving $8,808,015 available for City Council appropriation at the
beginning of FY 2016-17.
On November 16, 2016, the City Council received the FY 2016-17 First Quarter Budget Status
Report and adopted Resolution 2016-104 amending the FY 2016-17 Operating Budget,
resulting in an available fund balance of $7,315,813.
On March 9, 2017, the City Council received the FY 2016-17 Mid-Year Budget Status Report
and adopted Resolution 2017-18 amending the FY 2016-17 Operating Budget, resulting in an
available General Fund balance of $7,695,905.
Through March 31, 2017, the City Council has approved additional off-cycle amendments to the
FY 2016-17 General Fund budget that have resulted in a net decrease in available fund balance
to $7,208,805. These previously approved budget amendments are listed in Attachment 4.
Adopting the proposed third quarter budget and transfer amendments of $793,552 will result in
an available General Fund balance of $8,002,357.
2017-06-07 Item 8K (Updated Page 2, 06-06-17) 1 of 1