Schedule of Projected Changes in Fund Balance for Fiscal Year 2023-24

Fund Balance is the difference between a fund's assets and liabilities. These savings roll forward from one fiscal year to the next. Per the City’s General Fund stabilization policy set by special ordinance 25919 in June 2011; fund balance is to be maintained at a level of 15-20% of our operating budget. Fund balance can be classified into five categories from most restrictive to no restrictions: (1) non-spendable, (2) restricted, (3) committed, (4) assigned or (5) unassigned. Restricted fund balance is money that is "earmarked " for a specific purpose. Examples may include grant obligations, debt service obligations, or approved capital improvement projects. These amounts are not available for appropriation and in some cases may be legally restricted by outside parties for use for specific purposes. Committed fund balance is money that is reserved or set aside for "rainy day" scenarios such as cash flow problems, unanticipated expenses, economic downturns or natural disasters. Unassigned fund balance is the amount available for appropriation throughout the year.

Public Parks:

Expenditures in these funds are budgeted to exceed revenues by approximately $1.8 million, causing a change in the fund balance equal to that amount. Budgeted expenditures of $1.8 million are for capital improvements to complete the $22 million Cooper Park renovations and other one-time expenditures.

Solid Waste:

Expenditures in this fund are projected to exceed revenues by approximately $3.65 million, causing a change in the fund balance equal to that amount. Budgeted expenditures of $3.6 million are for large capital equipment needs and other one-time expenditures.