FIVE YEAR FORECAST GENERAL FUND_ y
FY 2018-2019 FY 2019-2020 FY 2020-2021 FY 2021-2022 FY 2022-2023 FY 2023-2024 FY 2024-2025 FY 2025-2026 FY 2026-2027 OPTION 1: Transfer to CIP Fund and Reduce Pension Policy Transfer in FY 2023-2024 by $1.0 Million GENERAL FUND Actual Actual Actual Actual Projection Forecast Forecast Forecast Forecast BEGINNING FUND BALANCE 24,614,168 25,378,484 25,167,211 30,693,696 38,150,421 30,658,474 29,355,043 27,617,045 25,946,540 Revenues
Core Revenues 75,101,678 72,069,886 72,971,392 86,782,277 88,258,333 91,992,047 94,720,441 97,591,305 100,556,541 Non-core Revenues (One-time & Grants)¹ 2,469,974 1,130,958 90,117,898 2,952,594 251,313 - - - - Total Revenues & Other Inflows (A) $77,571,653 $73,200,844 $163,089,289 $89,734,871 $88,509,646 $91,992,047 $94,720,441 $97,591,305 $100,556,541 - - - - - - - -
Expenditures
Core Expenditures2
71,705,496 72,681,676 71,016,720 78,307,655 86,945,190 89,355,348 91,978,625 94,379,226 97,261,451 Non-core Expenditures (One-time & Capital)3
2,521,419 276,909 85,592,473 152,076 310,448 - - - - Total Expenditures & Other Outflows (B) 74,226,915 72,958,584 156,609,193 78,459,731 87,255,638 89,355,348 91,978,625 94,379,226 97,261,451 Annual Structural (Core) Surplus/(Deficit) 3,396,182 (611,790) 1,954,671 8,474,622 1,313,143 2,636,698 2,741,816 3,212,079 3,295,090 Annual Surplus/(Deficit) Before Transfers 3,344,738 242,260 6,480,097 11,275,140 1,254,008 2,636,698 2,741,816 3,212,079 3,295,090 Fund Equity Transfers Total4
(C) (2,580,422) (453,533) (953,611) (3,818,416) (8,745,954) (3,940,129) (4,479,814) (4,882,584) (5,656,847) Street Lighting & Landscape Fund O (144,634) (169,012) (325,242) (99,760) (256,970) (259,488) (265,814) (272,328) (279,036) Prop A Fund (15,480) - - - - - - - -
CIP Fund (Pension Liability Policy) O - - - (492,596) (1,596,585) (994,920) (1,194,471) (1,298,757) (1,391,131) CIP Fund (One-time) (560,100) - - (175,000) (4,000,000) - - - - CIP Fund (Scout House Transfer) - - - - (691,548) (1,000,000) - - - Stormwater Fund O (1,273,783) (298,337) (1,317,480) (2,183,688) (1,445,082) (1,571,364) (1,601,267) (1,732,059) (2,263,788) Parking Fund - - 71,020 - - - - - -
County Parking Lots Fund O 263,873 263,816 489,165 532,628 382,271 378,023 373,444 368,696 363,803 Information Technology Fund O (600,299) - - - - - - - - Refuse Fund (Closeout) O - - 378,926 - - - - - - Fire Station 2 Construction Fund - - - (1,400,000) - - - - - PARS Trust Fund (Pension Liability Policy) O (250,000) (250,000) (250,000) - (1,138,040) (492,380) (1,791,707) (1,948,136) (2,086,696) Annual
Incr./(Decr.) in Fund Balance (=A-B+C) 764,316 (211,273) 5,526,486 7,456,724 (7,491,946) (1,303,431) (1,737,998) (1,670,505) (2,361,757) ENDING FUND BALANCE $25,378,484 $25,167,211 $30,693,696 $38,150,421 $30,658,474 $29,355,043 $27,617,045 $25,946,540 $23,584,783 Financial Policy Designation 14,937,974$ 15,004,887$ 14,624,838$ 15,539,658$ 17,451,128$ 17,871,070$ 18,395,725$ 18,875,845$ 19,452,290$ Reserve for Economic Uncertainty 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ Unreserved Fund Balance 6,440,510$ 6,162,324$ 12,068,858$ 18,610,763$ 9,207,346$ 7,483,973$ 5,221,320$ 3,070,695$ 132,493$ gy y 1 Includes loan repayment from prior Assistant City Manager in FY 2018-2019, Pension Obligation Bond proceeds in FY 2020-2021, and American Rescue Plan Act (ARPA) Funds in FY 2020-2021 and 2021-2022. 2 FY 2020-2021 includes repayment of CalPERS Unfunded Actuarial Liabilities (UAL) after issuance of Pension Obligation Bonds. 3 FY 2018-2019 includes one-time expenditures for Public Safety and Public Works radios ($1,189,793), Permitting Software Solution ($380,240) and $1.0 million payment to MBUSD (first budgeted in FY 2017-18). 5 Unreserved Fund Balance includes Reserve for Encumbrances and ARPA funds received in FY 2020-2021 and 2021-2022. 4 Fund Equity Transfers include reallocation of savings resulting from Pension Obligation Bonds. In FY 2023, the approved allocation is 80% to the CIP Fund and 20% to the Pension Stabilization Trust Fund. In subsequent years, the allocation returns to the baseline of 40% to the CIP Fund and 60% to the Pension Stabilization Trust Fund .
FIVE YEAR FORECAST GENERAL FUND_ y
FY 2018-2019 FY 2019-2020 FY 2020-2021 FY 2021-2022 FY 2022-2023 FY 2023-2024 FY 2024-2025 FY 2025-2026 FY 2026-2027 OPTION 2: Transfer $2.9 Million from CIP Fund and add $290,000 Transfer to CIP Fund for Annual Debt Service GENERAL FUND Actual Actual Actual Actual Projection Forecast Forecast Forecast Forecast BEGINNING FUND BALANCE 24,614,168 25,378,484 25,167,211 30,693,696 38,150,421 34,250,022 32,656,591 30,628,593 28,668,088 Revenues
Core Revenues 75,101,678 72,069,886 72,971,392 86,782,277 88,258,333 91,992,047 94,720,441 97,591,305 100,556,541 Non-core Revenues (One-time & Grants)¹ 2,469,974 1,130,958 90,117,898 2,952,594 251,313 - -
-
-
T
otal Revenues & Other Inflows (A) $77,571,653 $73,200,844 $163,089,289 $89,734,871 $88,509,646 $91,992,047 $94,720,441 $97,591,305 $100,556,541 -
-
-
-
-
-
-
-
Expendi
tures
Core Expenditures2
71,705,496 72,681,676 71,016,720 78,307,655 86,945,190 89,355,348 91,978,625 94,379,226 97,261,451 Non-core Expenditures (One-time & Capital)3
2,521,419 276,909 85,592,473 152,076 310,448 - - - - T
otal Expenditures & Other Outflows (B) 74,226,915
72,958,584 156,609,193 78,459,731 87,255,638 89,355,348 91,978,625 94,379,226 97,261,451 Annual Structural (Core) Surplus/(Deficit) 3,396,182 (611,790) 1,954,671 8,474,622 1,313,143 2,636,698 2,741,816 3,212,079 3,295,090 Annual Surplus/(Deficit) Before Transfers 3,344,738 242,260 6,480,097 11,275,140 1,254,008 2,636,698 2,741,816 3,212,079 3,295,090 Fund Equity Transfers Total4
(C) (2,580,422) (453,533) (953,611) (3,818,416) (5,154,406) (4,230,129) (4,769,814) (5,172,584) (5,946,847) Street Lighting & Landscape Fund O (144,634) (169,012) (325,242) (99,760) (256,970) (259,488) (265,814) (272,328) (279,036) Prop A Fund (15,480) -
-
-
-
-
-
-
-
C
IP Fund (Pension Liability Policy) O - - - (492,596) (1,596,585) (994,920) (1,194,471) (1,298,757) (1,391,131) CIP Fund (One-time) (560,100) -
-
(175,000) (4,000,000) -
-
-
-
C
IP Fund (Scout House Transfer) -
-
-
- 2,
900,000 (290,000) (290,000) (290,000) (290,000) Stormwater Fund O (1,273,783) (298,337) (1,317,480) (2,183,688) (1,445,082) (1,571,364) (1,601,267) (1,732,059) (2,263,788) Parking Fund -
-
71,020
-
-
-
-
-
-
C
ounty Parking Lots Fund O 263,873 263,816 489,165 532,628 382,271 378,023 373,444 368,696 363,803 Information Technology Fund O (600,299) - - - - - - - - R
efuse Fund (Closeout) O - - 378,926 - - - - - - F
ire Station 2 Construction Fund -
-
-
(1,400,000) -
-
-
-
-
PAR
S Trust Fund (Pension Liability Policy) O (250,000) (250,000) (250,000) - (1,138,040) (1,492,380) (1,791,707) (1,948,136) (2,086,696) A
nnual Incr./(Decr.) in Fund Balance (=A-B+C) 764,316 (211,273) 5,526,486 7,456,724 (3,900,398) (1,593,431) (2,027,998) (1,960,505) (2,651,757) ENDING FUND BALANCE $25,378,484 $25,167,211 $30,693,696 $38,150,421 $34,250,022 $32,656,591 $30,628,593 $28,668,088 $26,016,331 Financial Policy Designation 14,937,974$ 15,004,887$ 14,624,838$ 15,539,658$ 17,451,128$ 17,871,070$ 18,395,725$ 18,875,845$ 19,452,290$ Reserve for Economic Uncertainty 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ 4,000,000$ Unreserved Fund Balance 6,440,510$ 6,162,324$ 12,068,858$ 18,610,763$ 12,798,894$ 10,785,521$ 8,232,868$ 5,792,243$ 2,564,041$ gy y 1 Includes loan repayment from prior Assistant City Manager in FY 2018-2019, Pension Obligation Bond proceeds in FY 2020-2021, and American Rescue Plan Act (ARPA) Funds in FY 2020-2021 and 2021-2022. 2 FY 2020-2021 includes repayment of CalPERS Unfunded Actuarial Liabilities (UAL) after issuance of Pension Obligation Bonds. 3 FY 2018-2019 includes one-time expenditures for Public Safety and Public Works radios ($1,189,793), Permitting Software Solution ($380,240) and $1.0 million payment to MBUSD (first budgeted in FY 2017-18). 5 Unreserved Fund Balance includes Reserve for Encumbrances and ARPA funds received in FY 2020-2021 and 2021-2022. 4 Fund Equity Transfers include reallocation of savings resulting from Pension Obligation Bonds. In FY 2023, the approved allocation is 80% to the CIP Fund and 20% to the Pension Stabilization Trust Fund. In subsequent years, the allocation returns to the baseline of 40% to the CIP Fund and 60% to the Pension Stabilization Trust Fund .