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6. Six Redevelopment Agency Funds <br />7. Four Capital Project funds <br />C. Budgetary Basis of Accounting <br />Budgets are adopted annually by the City Council by minute action and are <br />prepared for each fund in accordance with its basis of accounting (generally <br />modified accrual). The City Manager is responsible for preparing the budget and <br />for its implementation after adoption. All unencumbered appropriations lapse at <br />year end. The City Council and the City Manager has the authority to amend the <br />budget during the year. <br />The City maintains budgetary controls to ensure compliance with legal provisions <br />embodied in the appropriated budget approved by the City Council. The level of <br />budgetary control is established by function and activity within each fund. <br />U. Nederal, State and Local Assistance <br />The City receives financial assistance in the form of state and federal programs <br />which vary from year to year. Accordingly, compliance with the Single Audit <br />Act of 1984 and implementing regulations issued by the United States Office of <br />Management and Budget (OMB) Circular A-133 will be required. <br />C. Pension Plan <br />"I'hc City is a member of the California Public Employees Retirement System <br />(PERS), an agent multiple-employer public employee retirement system that acts <br />as a common investment and administrative agent for cities and school disU~icts in <br />California. <br />P. Long-term Debt <br />The City's long-term debt consists of vested amounts due to employees pursuant <br />to the City's comprehensive annual leave program, long-term capital lease <br />obligations relating to purchase of equipment and buildings, Certificates of <br />Participation and revenues bonds. The Redevelopment Agency has outstanding <br />tax allocation refunding bonds, revenue bonds and long-teen loans. The <br />enterprise funds have outstanding Certiticate of Participations, revenue bonds and <br />notes payables. <br />G. Risl< Management <br />fhc City is a member of the Big Independent Cities Excess Pool (BICEP), a <br />public entity risk pool and is also a charter member of the Public Entity Property <br />Insurance Program (PEPIP). <br />12 <br />