PRECA 11-12-1980 - Laserfiche WebLink

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........... . _-~ r .y ~. ~. TO s FROMi SUBJECTt Attachment A CIP City Manager Director of Finance , ~~ Projected expendable Reserves in General, Liquor, F.R*S., Utility, Closed Bond & M.S.A. Funds. Following are projections of reserves withiq the above listed funds which would be available for the funding of the Capital improvements and ~c~u ipment program. FUND ______._ 12 .31/80 1981 Additions 12112L81 General $ 350,000 -0- $ 35p 000 Liquor 350,000 175,_000 , 525,000 Rev. Sharing 175, 000 95, 000 000 270 Utility 50,000 (25,000) , 25 400 Closed Bona 170,000 Q5~Q00 , 255,000 M.S.A • (26„000) 175, 000 149 000 1,069,000 505,000. 1,574,000 The projection for the General Fund is based on the analysis of monthly cash flows and the 7/12 levy formula. 1981 General Fund Tax Levy $1,032,000 1, 032, 000 7/12 = 602, 000 Projected cash 12/31/80. 950, 000 Expendable reserve 348,004 No additional General Fund expendable reserves are projected for 1981. Should the state. delay state aid payments xn 1981, short term flow problems could develop if the ent~.re reserve were expended. ' The projection for the Liquor Fund reflects s reduction since the last projection due to ax'ehitectural design expenses for the new store. The 1981 General Fund transfer has been Subtracted form the 1981 projection. Federal Revenue Sharing has been projected at the same level as 1980 but as of this date Congress has not extended the authorization. Water and Sewer reserves are projected to be $50,000 at year end and to be reduced by $25,000 in 1981. Additional reserves totaling $170,000 are an hand to guarantee our revenue bond committmentsj this amounts to 1/2 the annual debt service committment and is the minimum amount we can hold in reserve per the bond resolution, Our auditor demanded and received an attorney's opinion regarding this subject in 1979.