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Current policy meets GFOA standards
<br />Operating Reserve created
<br />Economic Uncertainty Reserve created
<br />1w Assigned Accounts Reserve created
<br />w Fiscal and Budget Policy
<br />Operating Reserve Account
<br />w Policy goal is 15%
<br />w Council has gone above and beyond, reaching 20%
<br />w GFOA's recommendation is at least 2 months operating expenses, which
<br />is approximately 17%
<br />w City Staff will bring this before the City Council
<br />1w KAMG agrees with this position
<br />Economic Uncertainty Reserve Account
<br />% of estimated revenues
<br />m Currently funded at 1.6% Discussion about changes to the policy
<br />w Established to maintain between 1 % and 10%
<br />w Used to offset weak economic conditions
<br />w KAMG recommends trying to achieve a 5% reserve balance
<br />Analysis of Fund Balance — General Fund
<br />w Six year analysis of fund balance (General Fund)
<br />w Focus is on the accumulation of reserves, year over year
<br />w Key is understanding there are multiple reserve "buckets"
<br />w Excellent growth in reserves
<br />w Stable since 2014
<br />General Fund — 6 Year History
<br />Budgeting Methods Used
<br />w Attrition Savings used for 2016-17 budget process
<br />w % of department's projected budget was removed and reallocated back to
<br />another, or same department, for other projects or programs
<br />w Most, if not all, of the reallocated funds were vacant personnel positions
<br />w Attrition Savings is a budgeting practice that is used and can be effective
<br />w Important to clearly identify number of personnel positions funded in the
<br />budget adoption
<br />CITY COUNCIL MINUTES 17 JUNE 6, 2017
<br />10A-17
<br />2010.11 2011-12
<br />1 2012-13 2013 14
<br />2014.15
<br />2015.1
<br />Operating Reserve Account
<br />Economic Uncertainty Account 4—
<br />Assigned Account
<br />AssignedAccount` _
<br />Unallocated Account
<br />Prepaid Rems _
<br />Restricted/Committed
<br />$6,673,290 $19,335,569
<br />$26,842,243 $40,638,513
<br />$3 845 592! $3,845,592
<br />$5424,045',__$5,403,946
<br />__ $913,595
<br />$3,266,819' $3,357_,08.9
<br />$41,512,985
<br />$3,845,5921
<br />1
<br />_$16,618,376'
<br />-�
<br />$532,895$2,151,297
<br />__$3,434,420;
<br />$954,954
<br />$42,397,974
<br />$3,845,592
<br />---
<br />—
<br />_$27,077,619
<br />_
<br />$1,454,962
<br />1_$2,986,3971 $4,660,7621
<br />_
<br />$1,314, 33 1
<br />$10,974,0181 $23,996,3311
<br />$39,378,699;
<br />$54,058,740!
<br />$66,899,2221
<br />$76,927,4441
<br />_
<br />t
<br />Target Gaal for_Rese_mes
<br />Operating Reserve Account (20%)_1
<br />$40,400,00011 $41,000,000': $38,800,000 $40,538,518
<br />$41,512,985 $42,397,974
<br />Budgeting Methods Used
<br />w Attrition Savings used for 2016-17 budget process
<br />w % of department's projected budget was removed and reallocated back to
<br />another, or same department, for other projects or programs
<br />w Most, if not all, of the reallocated funds were vacant personnel positions
<br />w Attrition Savings is a budgeting practice that is used and can be effective
<br />w Important to clearly identify number of personnel positions funded in the
<br />budget adoption
<br />CITY COUNCIL MINUTES 17 JUNE 6, 2017
<br />10A-17
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