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HomeMy WebLinkAbout2015-11-18 e-packetSPECIAL MEETING OF THE yo��x BUDGET SUBCOMMITTEE OF THE o CITY OF SOUTH SAN FRANCISCO c'9LIFOR��� P.O. Box 711 (City Hall, 400 Grand Avenue) South San Francisco, California 94083 Meeting will be held at: CITY HALL CONFERENCE ROOM 400 GRAND AVENUE, SOUTH SAN FRANCISCO, CA WEDNESDAY, NOVEMBER 18, 2015 11:00 A.M. NOTICE IS HEREBY GIVEN, pursuant to Section 54956 of the Government Code of the State of California, the Budget Subcommittee of the City of South San Francisco will hold a Special Meeting on Wednesday, the 18th day of November, at 11:00 A.M., at City Hall, City Manager Conference Room, 400 Grand Avenue, South San Francisco, California 94080. Purpose of the meeting: 1. Call to Order. 2. Roll Call. 3. Public Comments. 4. Motion to approve the Minutes of the meeting of May 15, 2015. 5. 2014 -15 Year End Financial Results and Budget Closing Proposal. (Richard Lee, Finance Director). Kri i ity erk MINUTES 0 oo�x save SPECIAL THEE TING OF ti BUDGET SUBCOMMITTEE J On C'�LIFOR OF THE CITY OF SOUTH SAN FRANCISCO P.O. Box 711 (City Hall, 400 Grand Avenue) South San Francisco, California 94083 Meeting will be held at: CI'T'Y HALL CONFERENCE ROOM 400 GRAND AVENUE SOT irrH SAN FRANCISCO, CA FRIDAY, MAY 15, 2015 10:00 A.M. Call to Order. TIME: 10:02 a.m. 2. Roll Call. PRESENT: Mayor Garbarino and Vice Mayor Addiego ABSENT: None. Public Comments. None. 4. Motion to approve the Minutes of the meeting of May 6, 2015. Minutes approved. 5. Investment Policy Review (Frank Risso, City Treasurer). Representatives from Chandler Asset Management began their presentation detailing proposed changes to the Treasurer's Investment Policy for Fiscal Year 2015 -2016. Portfolio review recommendations from the Asset Management Group included monthly reviews to optimize investing in securities that have a very short time frame and the ability to have approval to make these investments quickly without advisement from the City Treasurer. Staff clarified the recommendation did not change the policy in this regard, but simply changed the communication style. Discourse ensued concerning commercial paper, supranational securities, diversification, asset backed securities, corporate securities, and appropriate percentages ascribed for each. Staff also added that the new policy would integrate corporate investments and updates to the glossary. Mayor Garbarino and Vice Mayor Addiego asked a series of clarifying questions and emphasized the goal of providing safe, liquid, positive returns for the City with more diversification. 6. Adjournment. Being no further business, the meeting was adjourned at 11:26 A.M. Submitted by: �.ity Clerk Approved by: Rich Garbanno, Mayor City of South San Francisco BUDGET SUBCOMMITTEE MEETING MAY 15, 2015 MINUTES PAGE MINUTES SPECIAL MEETING OF THE y BUDGET SUBCOMMITTEE J C9LIFORZ�AO OF THE CITY OF SOUTH SAN FRANCISCO P.O. Box 711 (City Hall, 400 Grand Avenue) South San Francisco, California 94083 None. Meeting will be held at: CTI`Y HALL CONFERENCE ROOM 400 GRAND AVENUE SOUTH SAN FRANCISCO, CA WEDNESDAY, NOVEMBER 18, 2015 11:00 A.M. Call to Order. TIME: 11:01 A.M. Roll Call. PRESENT: Mayor Garbarino and Vice Mayor Addiego. 3. Public Comments. 4. Motion to approve the Minutes of the meeting of May 15, 2015. Minutes approved. 5. 2014 -15 Year End Financial Results and Budget Closing Proposal. (Richard Lee, Finance Director). Finance Director Richard Lee provided background information with an economic snapshot of labor and real estate data for the subcommittee members to take into consideration while reviewing General Fund revenue sources and expenditures. Subcommittee members expressed approval and requested to see the total assessed valuation. No further direction was given. 6. Adjournment. Being no further business Mayor Garbarino adjourned the meeting at 11:24 A.M. by: ndra Tupper, Ieljur City Clerk r�/ //J cilmen °South San Fr i co Cityty of outh San Francisco Staff Report Subject: 2014-15 Year-End Financial Results and Budget Closing Page 2 of 6 2) Former Redevelopment Agency (RDA) Property Tax Allocation +$338,000 Ongoing property taxes from the RDA dissolution were $338,000 more than the amended budget. The increase in revenue reflects further paying down of the former RDA obligations, which increases the share of property taxes for taxing agencies. This number will continue to increase as RDA obligations continue to wind down. 3) Sales & Use Tax +$316,000 Sales and Use Tax totaled $11.2 million in FY 2014-15, which was $317,000 more than the adopted budget. Growth reflects robust activity in the retail business, business to business and food products sectors. Staff meets with the City’s Sales Tax consultant, MuniServices, on a quarterly basis to actively monitor economic trends to more accurately predict future revenues. 4) Transient Occupancy Tax +$1,513,000 | Commercial Parking Tax +$403,000 Transient Occupancy Tax (TOT) revenues reached $12.9 million in FY 2014-15, which was $1.5 million more than the amended budget, and surpassed the record set in the previous year. Commercial Parking Tax revenues, which move in parallel trends with TOT revenues, were nearly $403,000 above the amended budget. South San Francisco’s proximity to San Francisco International Airport (SFO) is a primary driver for the positive variances above. In 2014, SFO had over 47 million passengers, breaking the record set in the previous year. Every year since 2007, SFO has increased its passenger traffic by an average of 4.4%. 5) Building & Fire Permits+$1,048,000 | Business License $274,000 General Fund permit revenue totaled $4.8 million in FY 2014-15, which was $1.0 million more than the amended budget. Revenues from business license were $274,000 above budget. The positive variances are primarily due to the continued growth of new developments, particularly East of 101. Permit revenues are somewhat unpredictable, as they are susceptible to economic fluctuation. 6) Fines +$133,000 Revenue from fines totaled $1.2 million in FY 2014-15, $133,000 over what was in the amended budget. The majority of revenue in this category comes from traffic and court fines. 7) Franchise Fees +496,000 In FY 2014-15, revenues from Franchise Fees totaled $3.7 million, which was $496,000, or 15.3% more than the amended budget, and were fueled by increases in AT&T gross receipts. Other Funds In addition to the fiscal year-end review process for the General Fund, staff also reviews the assets, liabilities, revenues and expenditures of other funds which are used to account for the resources needed to provide various services to the community. The City Housing Fund was created when the Redevelopment Agency was closed by the State and the City Council chose to continue managing affordable housing projects. In FY 2014-15, this fund received $2.5 million in revenues, which was $1.9 million more than the amended budget. The positive variance was due to $1.1 million in loan repayments from Mid-Peninsula Housing for the 636 El Camino Real property and $922,000 in housing bond proceeds from the Staff Report Subject: 2014-15 Year-End Financial Results and Budget Closing Page 3 of 6 Successor Agency for the Brookwood downtown development. The fund had $1.1 million in expenditures, $182,000 over budget due to expenditures from the Brookwood development, although it was a net-zero impact to the fund, as the project is funded by housing bond proceeds. As of the fiscal year ended June 30, 2015, there was $2.1 million in fund balance, $433,000 restricted for the Brookwood development, and the remaining $1.7 million restricted to affordable housing projects. Any unencumbered funds in excess of $1.0 million as of December 31, 2016 will be returned to the state in accordance with Senate Bill 341. The Affordable Housing Trust Fund is separate from the City Housing Fund, and is not part of the Successor Agency. This Fund does not budget for any revenue or expenditures, as primary revenues are from developer contributions. Staff asks that the City Council amend the budget in recognition of $31,000 in revenues received from developer contributions and interest earnings. The cash balance at of the end of FY 2014-15 was $1.6 million, which is restricted to fund low-income housing. The Sewer Enterprise Fund provides for operation and maintenance of the Water Quality Control Plant (WQCP) and provides funding for reinvestment in critical sewer collection infrastructure and ongoing WQCP operations and improvements. Revenues were $26.2 million, or $2.0 million less than the budget, due to less than expected CIP reimbursement revenues. Expenditures totaled $24.9 million, $5.4 million, or 17.9% under budget due to less than expected CIP spending, which also contributed to the lower revenues above. The Sewer Fund was able to fund its capital and operating reserves at year end according to its reserve policy needs. The cash balance of $16.4 million as of the fiscal year ended June 30, 2015, was needed to meet operational and capital improvement needs during the current three-year rate plan, which goes through Fiscal Year 2016-17. These reserve balances are consistent with the funds that will be needed, along with a State Water Resources Control Board Loan, in order to fund the next phase of Water Quality Control Plant capital costs, and was factored into the current rate setting process. The Sewer Capacity Charges Fund does not budget for revenues, due to unpredictable frequency and magnitude. Staff asks that the City Council amend the budget in recognition of the $210,000 in sewer capacity charges received in Fiscal Year 2014-15. The FY 2014-15 ending fund balance of $543,000 is restricted to fund sewer capital improvements. The Parking District Fund received $832,000 in revenue from the collection of parking fees from City owned parking meters and parking lots. This reflected an increase of $122,000 or 17% from the amended budget, primarily due to a boost in parking meter usage. Expenditures in FY 2014-15 were $617,000 under budget. Fund balance for the fiscal year ended June 30, 2015 was $1.6 million, of which $522,000 is reserved for the parking meter upgrade project in FY 2015- 16. The Storm Water Fund is used to account for resources needed to fund storm drain and storm infrastructure operations and maintenance and capital replacement, as well as comply with various federal and state regulations regarding storm water runoff. Revenues totaled $1.8 million, which were $5,000 over budget. Revenues included $410,000 from a levy on property owners, $670,000 from the Gas Tax Fund and a $750,000 from the General Fund. Expenditures totaled $1.2 million, $672,000 less than the amended budget. This is primarily due salary Staff Report Subject: 2014-15 Year-End Financial Results and Budget Closing Page 4 of 6 savings from ongoing drought conditions that resulted in the redeployment of Public Works staff to other maintenance areas. Reserves as of the fiscal year ended June 30, 2015, totaled $1.2 million, and are restricted to fund future storm water infrastructure improvements. Service fee revenues remain capped in this fund without a ballot measure to increase assessed fees. Every two years, the City has an actuarial valuation prepared for its worker’s compensation program. The updated actuarial valuation noted a significant uptick in liability due to an increase in the number of worker’s compensation claims. In order to ensure that the City maintains an adequate reserve in the Self Insurance Fund to account for the worker’s compensation liability, staff recommends that the City Council amend the budget to move $1.0 million from the City’s Equipment Replacement Fund to the Self Insurance fund as part of this year end budget closing Resolution. At the end of the fiscal year ended June 30, 2015, the Equipment Replacement Fund will have a cash balance of $3.4 million after the $1.0 million transfer, which is adequate to meet the City’s future equipment replacement needs. The Common Greens Fund consists of four Common Greens Maintenance Districts within the City. Revenues totaled $1.6 million, which were $230,000 more than the amended budget, due to unexpected revenues, such as supplemental secured property tax. Expenditures totaled $1.3 million, or $245,000 under budget as a result of salary savings. Fund balance as of the fiscal year ended June 30, 2015, was $1.8 million, which may be used for future capital or enhanced maintenance needs in the Common Green areas. The revenue for these Districts come from a share of the 1% property taxes throughout South San Francisco that would otherwise go to the General Fund. This is a somewhat unusual situation in California, and reflects the fact that the Common Greens were in place at the time Proposition 13 froze the relative property tax shares in place in 1978. Impact Fee Funds account for developer fees paid for projects within designated areas. The City’s practice is to not budget for these revenues due to their one-time nature, and due to the fact that funds received will be budgeted in future years for capital improvements. Staff asks that the Council amend the budget in recognition of impact fees received in FY 2014-15, including $472,000 for East of 101 Sewer Impact Fees, $1.5 million for East of 101 Traffic Impact Fees, $228,000 for the Public Safety Impact Fee, $497,000 for the Child Care Impact Fee, and $354,000 for the Oyster Point Interchange Impact Fee. Including these revenues, balances are as follows as of the fiscal year ended June 30, 2015: The East of 101 Sewer Impact Fees Fund negative balance as of the fiscal year ended June 30, 2015, is consistent with prior fiscal years, as this fund paid for infrastructure expenses up front. Revenue is recognized as deposit balances are used to issue permits, and the fund balance will continue to shift with future permit activity. Fund Ending Balance East of 101 Sewer Impact Fees (212,996) East of 101 Traffic Impact Fees 3,352,713 Public Safety Impact Fees 301,143 Child Care Impact Fees 2,466,749 Oyster Point Interchange Impact Fee 1,825 Staff Report Subject: 2014-15 Year-End Financial Results and Budget Closing Page 5 of 6 At the end of each fiscal year, revenues from Oyster Point Interchange Impact Fees are transferred to the RDA Successor Agency fund to repay a loan for the Oyster Point Flyover Hookramps project, thus the low balance at the end of FY 2014-15. FISCAL IMPACT Reserves In FY 2014-15, total General Fund revenues were $87,255,719, while total General Fund expenditures were $80,357,600, which generated a surplus of $6,898,119. With the City Council’s approval, the City’s General Reserves ending balances as of the fiscal year ended June 30, 2015, are as follows: In accordance with the City’s Reserves Policy, General Fund reserves were fully funded at $17.0 million. Staff recommends that $6.1 million in available funds be transferred to the Infrastructure Reserve, which would provide an available balance of $11.4 million, after accounting for the $5.9 million committed for the Caltrain Station Project. While the City’s General Reserves are fully funded, the Infrastructure Reserve will only address a fraction of the City’s infrastructure needs. Staff will present recommendations for use of the Infrastructure Reserves funds to the City Council in a future study session. CONCLUSION Taking the actions in the attached budget amendment resolution will allow staff to close the books on fiscal year 2014-15. Surplus from FY 2014-15 6,898,119$ Description General Fund ReservesInfrastructure ReserveCaltrain ReserveTotal General Reserves FY 2013-14 Ending Balance 15,668,424$ 11,161,000$ 26,829,424$ Plus Unspent Purchase Orders & CIP 639,975 Commitment of Caltrain Funds (5,900,000) 5,900,000 Surplus needed to fully fund reserves 752,119 Subtotal, before adding remaining surplus 17,060,518$ 5,261,000$ 5,900,000$ 28,221,518$ Remaining surplus 6,146,000 Add remaining surplus to Infrastructure Reserve 6,146,000 FY 2014-15 Ending Balance 17,060,518$ 11,407,000$ 5,900,000$ 34,367,518$ Page 1 RESOLUTION NO.______ CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING VARIOUS BUDGET ACTIONS THAT ALLOWS STAFF TO CLOSE THE BOOKS FOR FISCAL YEAR 2014-15 WHEREAS, staff recommends approving various budget actions as described in Attachment I, attached hereto , and incorporated into this Resolution by reference; and WHEREAS, such approval will result in General Fund Reserves of $17.06 million and an Infrastructure Reserve of $11.41 million as of June 30, 2015. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco hereby approves the various budget actions as described in Attachment I, attached hereto, and incorporated into this Resolution by reference. BE IT FURTHER RESOLVED that the Director of Finance is hereby authorized to make any budget changes consistent with what is presented herein as recommended by the City of South San Francisco’s external auditors for Fiscal Year 2014-15 in order to close the books for Fiscal Year 2014- 15. * * * * * * I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 18th day of November, 2015 by the following vote: AYES: NOES: ABSTAIN: ABSENT: ATTEST: City Clerk 2352644.1 Page 2 YEAR END FY 2014‐15ATTACHMENT 1 SUMMARY OF ALL BUDGET AMENDMENT CHANGES FUND TYPE DESCRIPTION INCREASE/(DECREASE)  AMOUNT GENERAL FUND TRANSFER OUT EXCESS GENERAL FUND RESERVE TRANSFERRED TO  INFRASTRUCTURE RESERVE(6,134,920) INFRASTRUCTURE RESERVETRANSFER IN TRANSFER OF EXCESS GENERAL FUND RESERVE TO  INFRASTRUCTURE RESERVE 6,134,920  CITY HOUSING FUNDINCREASE BROOKWOOD DEVELOPMENT EXPENDITURES (FUNDED  BY HOUSING BOND PROCEEDS)562,979  AFFORDABLE HOUSING  FUND INCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 31,291  E. 101 SEWER IMPACT FEE INCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 472,461  E. 101 TRAFFIC IMPACT FEEINCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 1,462,604  PUBLIC SAFETY IMPACT FEEINCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 228,138  CHILD CARE IMPACT FEEINCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 496,507  OYSTERPOINT  INTERCHANGE IMPACT FEEINCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 353,592  SEWER CAPACITY CHARGESINCREASEINCREASE BUDGET TO RECOGNIZE REVENUE 210,189  EQUIPMENT REPLACEMENTTRANSFER OUT TRANSFER OUT TO SELF INSURANCE FUND 1,000,000  SELF INSURANCE FUNDTRANSFER INTRANSFER IN FROM EQUIPMENT REPLACEMENT FUND1,000,000  FY 2014‐15 YEAR END GENERAL FUND OPERATING SUMMARY DRAFT Change from 2014‐15 Amended AmendedActual Favorable / % Revenues2014‐152014‐15(Unfavorable)Change Property Taxes 15,580,006    15,808,502      228,496                    1.5% Former RDA Property Tax 4,500,000      4,837,627         337,627                    7.5% ERAF Refund from County 2,433,700      2,433,729         29                              0.0% Sales Tax 10,869,488    11,185,992      316,504                    2.9% Triple Flip 4,114,522      4,098,020         (16,502)                     (0.4%) Transient Occupancy Tax 11,434,772    12,947,474      1,512,702                 13.2% Business License 1,083,000      1,357,031         274,031                    25.3% Commercial Parking Tax 2,746,400      3,149,134         402,734                    14.7% Franchise Fees 3,248,000      3,743,656         495,656                    15.3% Building and Fire Permits 3,746,854      4,795,159         1,048,305                 28.0% Motor Veh. License & In‐Lieu 5,385,045      5,551,651         166,606                    3.1% Rev. from Other Agencies 2,170,535      1,986,116         (184,419)                   (8.5%) Charges for Services 7,181,337      7,330,000         148,663                    2.1% Administrative Charges 1,365,265      1,365,265         ‐                             0.0% Fines 1,088,500      1,221,413         132,913                    12.2% Interest & Rent 2,931,500      2,865,351         (66,149)                     (2.3%) Transfers In & Other 2,920,605      2,579,597         (341,007)                   (11.7%) Add Prior Year Committed  Reserves 4,623,197      N/AN/A Total Revenues87,422,726    87,255,719      4,456,190                5.1% AmendedActual (Favorable) / % Expenditures2014‐152015‐16UnfavorableChange City Council221,157          221,157            ‐                                  0.0% City Clerk426,411          426,410            (1)                               (0.0%) City Treasurer102,577          102,577            ‐                                  0.0% City Attorney861,748          861,748            ‐                                  0.0% City Manager1,241,375      1,223,158         (18,218)                     (1.5%) Finance2,009,383      1,982,912         (26,471)                     (1.3%) Non‐Departmental1,138,949      1,075,053         (63,896)                     (5.6%) Human Resources1,318,101      1,266,565         (51,536)                     (3.9%) Economic & Community Dev4,798,606      4,246,016         (552,589)                   (11.5%) Fire21,247,988    21,247,987      ‐                                  0.0% Police23,671,827    23,512,557      (159,269)                   (0.7%) Public Works5,069,990      4,564,493         (505,497)                   (10.0%) Library4,302,686      4,247,645         (55,041)                     (1.3%) Parks & Recreation11,851,926    11,826,409      (25,516)                     (0.2%) Transfers Out6,022,944      3,552,910         (2,470,033)               (41.0%) Total Expenditures84,285,668    80,357,600      (3,928,067)               (5.2%) Net Operating Budget Impact3,137,058      6,898,119        8,384,257                 Change from 2014‐15 Amended CITY HOUSING FUND Revenues  Amended 2014‐15   Actual FY  2014‐15  Change from Amended FY 2014‐15 %  Change Housing Rental Revenue 157,518       265,610        108,092          68.6% Investment Income and Loan Interest37,000          66,328          29,328            79.3% Equity Sharing 15,000          ‐                 (15,000)           (100.0%) Miscellaneous 1,000            500                (500)                 (50.0%)  Brookwood escrow Account 996,696        996,696                         ‐ Loan Repayments*490,000       1,247,290     757,290          154.5% Total Revenues 700,518       2,576,424     1,875,906       267.8% Expenditures   Housing Operating Expenses 329,391       170,840        (158,551)         ‐48.1%   636 El Camino Retail Work 549,444       326,703        (222,741)         ‐40.5%   Brookwood Development ‐                562,979        562,979                          ‐ Total Expenditures 878,835       1,060,522     181,687          20.7% Surplus/(Deficit)(178,317)      1,515,902      Ending Fund Balance (86,303)        2,142,687      Escrow Account with Fiscal Agent ‐                433,717         Available Fund Balance (86,303)        1,708,971      *Note ‐ Includes large Loan repayments from Mid‐Peninsula Housing AFFORDABLE HOUSING TRUST FUND Revenues  Amended 2014‐15  Actual  2014‐15 Change from Amended 2014‐15 %  Change Developer Contributions ‐              15,500             15,500                          ‐ Interest and Other Revenues ‐              15,791             15,791                          ‐ Total Revenues ‐              31,291            31,291                          ‐ Expenditures Total Expenditures ‐              ‐                   ‐                                ‐ Surplus/(Deficit)‐              31,291             31,291                          ‐ Fund Balance*1,615,649  1,646,941        * Does not include $1,900,000 in property held for redevelopment SEWER FUND Revenues  Amended 2014‐15   Actual FY  2014‐15  Change from Amended FY 2014‐15 %  Change SSF Service Charge Revenue 20,263,855  19,758,128    (505,727)        (2.5%) Other Agency Share of O&M Expenses 4,561,067     4,296,052      (265,015)        (5.8%) Other Agency CIP Reimbursement 1,767,022     815,863          (951,159)        (53.8%) Other Agency Loan Pymt Reimb 1,245,492     1,048,022      (197,470)        (15.9%) Grants & CIP Contributions from Others 29,620          ‐                   (29,620)           (100.0%) Interest/Other Income 245,000        228,385          (16,615)           (6.8%) Transfers In 63,008          16,191            (46,817)           (74.3%) Total Revenues 28,175,063  26,162,641    (2,012,423)     (7.1%) Expenditures Operating Expenses 16,704,117  16,370,632    (333,485)        (2.0%) Debt Service 5,711,442     5,633,310      (78,132)           (1.4%) CIP Budgeted Expenditures 7,882,863     2,880,290      (5,002,573)     (63.5%) Transfers Out 1,585             ‐                   (1,585)             (100.0%) Total Expenses 30,300,007  24,884,232    (5,415,776)     (17.9%) Surplus/(Deficit)(2,124,944)   1,278,409      3,403,353      (160.2%)   Preliminary cash balance 16,666,692       Adj between Net Income and Cash Bal.(265,858)         Ending Fund Balance 13,263,339  16,400,834     Capital Reserves [1]3,829,000     3,829,000      ‐                       0.0% Operating Reserves [2]4,118,823     3,868,007      (250,816)        (6.1%) Active CIP Projects ‐                     5,002,573      5,002,573      97.1% Accrued Vacation/Sick Leave 201,790        201,790          ‐                       0.0% All Other Reserves 124,761        124,761          ‐                       0.0% The Sewer Fund consists of the Water Quality Control Plant Division, the Sewer Maintenance Division, and capital project expenses. [1] The Capital Reserve is based on the State loan requirements and is 0.5% of the each loan amount from construction; thereafter the reserve must be maintained until the State loans are retired.  After the State l the Capital Reserve will be based on the lesser of: 1) 10% of total principal due on debt, 2) 125% of the ave service, or 3) The maximum annual debt service. [2]  The Operating Reserve is calculated based on at least 90 days of annualized operations and maintenan SEWER CAPACITY CHARGES Revenues  Amended 2014‐15  Actual  2014‐15 Change from Amended 2014‐15 %  Change Sewer Capacity Charges ‐                210,189          210,189                        ‐ Interest Revenue ‐                3,783               3,783                            ‐ Total Revenues ‐                213,972          213,972                        ‐ Expenditures Interdepartmental Charges2,500           2,500               ‐                  0.0% Transfers Out to Sewer Fund ‐                ‐                   ‐                                 ‐ Total Expenditures 2,500           2,500               ‐                                ‐ Surplus/(Deficit)(2,500)          211,472          213,972                        ‐ Fund Balance 328,911       542,883           PARKING FUND Revenues  Amended 2014‐15  Actual  2014‐15 Change from Amended 2014‐15 %  Change Charges for Services:     Parking Permit Fees 95,000       98,795             3,795             4.0%     Parking Meter Fees 555,000     664,249          109,249         19.7%     Miller Ave Parking Garage50,000       56,007             6,007             12.0%     Interest/Other Income10,000       12,652             2,652             26.5% Total Revenues 710,000     831,703          121,703         17.1% Expenditures Payroll 328,995     281,180          (47,816)          (14.5%) Supplies & Services 668,280     98,668             (569,612)       (85.2%) Depreciation259,087           Interdepartmental Charges103,726     103,726          ‐                  0.0% Total Expenditures 1,101,002  742,660          (617,428)       (56.1%) Surplus/(Deficit)(391,002)    89,043             (495,725)       126.8% Fund Balance 1,293,327  1,640,870        STORM WATER FUND Revenues  Amended FY 2014‐15   Actual FY  2014‐15  Change from Amended FY 2014‐15 %  Change Administrative Fines 5,000 2,100 (2,900) -58.0% Service Charges 405,000 405,537 537 0.1% Transfer In from Gas Tax/Measure M 670,000 670,000 - 0.0% Transfer In from General Fund 750,000 750,000 - 0.0% Interest and Other - 7,392 7,392 - Total Revenues 1,830,000  1,835,029   5,029             0.3% Expenditures Operating Expenses 1,511,255 1,072,243 (439,012) -29.0% Capital Improvements 401,418 168,311 (233,107) -58.1% Total Expenditures 1,912,673  1,240,554   (672,119)       ‐35.1% Surplus/(Deficit)(82,673) 594,475 Adj between Net Income and Cash Bal.43,319 Fund Balance 442,303     1,162,770    SELF INSURANCE FUND Revenues  Amended 2014‐15  Actual  2014‐15 Change from Amended 2014‐15 %  Change Charges for Services ‐                (3,029)              (3,029)                           ‐ Use of Money & Property 75,000         87,826             12,826           17.1% Other Revenue 3,385,285    4,299,920       914,635         27.0% Transfers In ‐                1,000,000       1,000,000                    ‐ Total Revenues 3,460,285    5,384,717       1,924,432                    ‐ Expenditures Payroll 650,000       1,201,541       551,541         84.9% Supplies & Services 2,685,000    3,883,453       1,198,453     44.6% Interdepartmental Charges ‐                213,187          213,187                        ‐ Total Expenditures 3,335,000    5,298,181       1,963,181     58.9% Surplus/(Deficit)125,285       86,536             (38,749)          (30.9%) Fund Balance 861,323       821,645           EQUIPMENT REPLACEMENT FUND Revenues  Amended 2014‐15  Actual  2014‐15 Change from Amended 2014‐15 %  Change Use of Money & Property 95,000         102,916           7,916              8.3% Lease Financing 631,419       631,419           ‐                  0.0% Charges to Other Departments 1,046,213   1,046,213       ‐                  0.0% Donations ‐                ‐                    ‐                                 ‐ Total Revenues 1,772,632   1,780,548       7,916              0.4% Expenditures Supplies & Services ‐                (418,641)         (418,641)                       ‐ Capital Outlay 1,329,415   718,028           (611,387)        (46.0%) Debt Service on Leases 631,419       607,749           (23,670)          (3.7%) Special Program Expenditure 440,000       23,670             (416,330)        (94.6%) Subtotal 2,400,834  930,806          (1,470,028)   (61.2%) Transfers Out to GF for MMP 13,000         13,000             ‐                                 ‐ Transfers Out to CIP ‐                8,708               8,708                             ‐ Transfers Out to Self‐Insurance ‐                1,000,000       1,000,000                     ‐ Total Expenditures 2,413,834   1,952,514       (461,320)        (19.1%) Surplus/(Deficit)(641,202)     (171,966)         469,236         (73.2%) Difference between income statement and cash flow (143,046)          Cash Balance 3,098,320   3,424,511        COMMON GREENS FUNDS Revenues  Amended 2014‐15   Actual 2014‐15  Change from  Adopted FY  2014‐15% Change Property Taxes West Park 3 658,957          751,777                92,820               14.1% Property Taxes Stonegate Ridge 224,239          260,377                36,138               16.1% Property Taxes Willow Gardens 45,920             80,766                  34,846               75.9% Property Taxes West Park 1  2 411,618          477,868                66,250               16.1% Total Revenues 1,340,734       1,570,788            230,054             17.2% Expenditures West Park 3 936,823          828,607                (108,215)            ‐11.6% Stonegate Ridge 172,991          133,652                (39,340)              ‐22.7% Willow Gardens 55,057             40,965                  (14,091)              ‐25.6% West Park 1&2 419,539          335,762                (83,777)              ‐20.0% Total Maintenance Expenditures1,584,410       1,338,987            (245,423)            ‐15.5% CIP Expenditures 90,000             13,574                  50,000               55.6% Total Expenditures 1,674,410       1,352,561            (195,423)            40.1% Surplus/(Deficit)(333,676)         218,227                 Fund Balance 1,249,784       1,800,416             E. OF 101 SEWER IMPACT FEES FUND Revenues  Amended 2014‐15   Actual  FY 2014‐15  Change from Amended 2014‐15 %  Change    USE OF MONEY & PROPERTY 12,837$ 0.0%     East of 101 Sewer Impact Fees 459,624              459,624         0.0% Total Revenues ‐                472,461              472,461          Expenditures Indepartmental Charges 2,500            2,500                  (0)                    (0.0%) Transfer to General Fund ‐                  0.0% Transfer to Sewer Enterprise Fund63,008         16,191                (46,817)          (74.3%) Total Expenditures 65,508         18,691                (46,817)          (71.5%) Surplus/(Deficit)(65,508)        453,770               Fund Balance (685,325)      (212,996)             E. OF 101 TRAFFIC IMPACT FEES Revenues  Amended 2014‐15   Actual  FY 2014‐15  Change from Amended 2014‐15 %  Change  East of 101 Traffic Impact Fees 1,411,851           1,411,851      ‐ USE OF MONEY & PROPERTY 50,753                50,753            ‐ Total Revenues ‐                1,462,604          1,462,604      ‐ Expenditures Interdepartmental Charges ‐                2,500                  2,500              ‐ Transfer to Capital Improvement4,819,889    2,311,180           (2,508,709)     (52.0%) Total Expenditures 4,819,889    2,313,680          (2,506,209)    (52.0%) Surplus/(Deficit)(4,819,889)  (851,076)                   Change in Committed Reserves 2,210,639            Fund Balance (2,826,739)  3,352,713           PUBLIC SAFETY IMPACT FEE Revenues  Amended 2014‐15   Actual  FY 2014‐15  Change from Amended 2014‐15 %  Change Public Safety Impact Fee 226,746              226,746         ‐ USE OF MONEY & PROPERTY 1,392                  1,392              ‐ Total Revenues ‐                228,138              228,138          Expenditures Interdepartmental Charges ‐                  ‐ Transfer to Capital Improvement ‐                  ‐ Total Expenditures ‐                ‐                      ‐                  ‐ Surplus/(Deficit)‐                 228,138               Fund Balance 73,005          301,143               CHILD CARE IMPACT FEE Revenues  Amended 2014‐15   Actual  FY 2014‐15  Change from Amended 2014‐15 %  Change Child Care Impact Fees 477,806              477,806         ‐ USE OF MONEY & PROPERTY 18,701                18,701            ‐ Total Revenues ‐                496,507              496,507         ‐ Expenditures Interdepartmental Charges 2,500            2,500                  (0)                    ‐ Transfer to City Programs Transfer to Capital Infrastructure Total Expenditures 2,500            2,500                  (0)                    ‐ Surplus/(Deficit)(2,500)           494,007               Fund Balance 1,970,242    2,466,749           OYSTER POINT INTERCHANGE IMPACT FEE FUND Revenues  Amended 2014‐15   Actual  FY 2014‐15  Change from Amended 2014‐15 %  Change Oyster Point Interchange Impact Fees 352,410              352,410         ‐ USE OF MONEY & PROPERTY 1,182                  1,182              ‐ Total Revenues ‐                353,592              353,592         ‐ Expenditures Supplies and Services 52,561          ‐ Debt Service Principal 352,674        352,674              ‐                  ‐ Total Expenditures 405,235        352,674              ‐                  ‐ Surplus/(Deficit)(405,235)      918                       Fund Balance (404,328)      1,825