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Consider the Fiscal Year 2020-21 Draft Budget and the 7-Year Capital Improvement Program <br />June 16, 2020 <br />Page 3 <br />General Fund Overview <br />The General Fund is the primary operating fund of the City, and accounts for unrestricted revenue. <br />A summary of the proposed General Fund budget and a calculation of the City Council's reserve <br />policy follows. <br />Beginning Balance <br />Revenue <br />Expenditures <br />Transfers Out for: <br />Debt Service <br />Cannabis Public Benefit Fund <br />SARTC Subsidy <br />Civic Center Authority <br />Ending Fund Balance <br />Operating Reserve (16.67% of Revenue) <br />Economic Uncertainty Reserve (minimum 1 %) <br />General Fund Balance Excess/(Shortfall) <br />General Fund <br />Proposed Budget <br />$ 70,822,050 <br />307,392,970 <br />(307,565,470) <br />(9,336,460) <br />(6,766,700) <br />(1,100,000) <br />(1,179,400) <br />$ 52,266,990 <br />51,242,408 <br />1,000,000 <br />24,581 <br />In addition to the General Fund Reserve thresholds included in the summary above, the City <br />Council's Budget and Financial Policies (adopted June 6, 2017) defines a balanced budget as <br />"ongoing recurring operating revenues matching ongoing recurring operating expenditures <br />including debt service." A summary of proposed FY20-21 recurring and non -recurring General <br />Fund revenue and expenditures follows, which indicates the recurring budget is not in balance. <br />Recurring One -Time <br />Revenue $ 307,392,970 $ <br />Expenditures $ (303,640,690) $ (3,924,780) <br />Transfers Out $ (17,282,560) $ (1,100,000) <br />After the City has received actual Sales Tax data at the end of September for the quarter ended <br />June 30, staff will provide an update to the City Council no later than October, which may include <br />recommendations for budget adjustments. <br />Santa Ana Charter Section 607 requires the City Council to adopt a budget to "provide for the <br />support of public recreation programs at least the equivalent of six cents (6) on each one hundred <br />dollars ($100) of the assessed value of taxable property in the City on the legal assessment date <br />for the previous fiscal year." The net taxable value of property in the City for FY19-20 was <br />75A-1-3 <br />