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CC SR 20190604 02 - 2020 Five Year ModelRANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 06/04/2019 AGENDA REPORT AGENDA HEADING: Regular Business AGENDA DESCRIPTION: Consideration and possible action to review and file the draft 2020 Five-Year Financial Model (2020 Model) RECOMMENDED ACTION: (1) Receive and file the draft 2020 Five-Year Financial Model (2020 Model) FISCAL IMPACT: None Amount Budgeted: N/A Additional Appropriation: N/A Account Number(s): N/A ORIGINATED BY: Christopher Browning, Senior Administrative Analyst REVIEWED BY: Deborah Cullen, Director of Finance APPROVED BY: Doug Willmore, City Manager ATTACHED SUPPORTING DOCUMENTS: A. One Page Fund Summary (page A-1) B. Budget Assumptions (page B-1) C. Two Major Funds, General Fund and Capital (page C-1) D. Five Year Fund Balance (page D-1) BACKGROUND AND DISCUSSION: Overview The 2020 Draft Five-Year Financial Model (2020 Model) is a financial schedule prepared by the Finance Department (Exhibits A through D) as required by City Council policy. The 2020 Model includes all funds and its component unit, the Rancho Palos Verdes Improvement Authority. Compliance with Legislative Review Requirements Review of Utility Users Tax Municipal Code Section 3.30.190 requires that the City Manager submit s to the City Council an analysis of the revenues derived from the Utility User Tax (UUT) annually. Based on the needs of the City, the City Council shall determine if any modification to 1 the tax rate is appropriate, or if the UUT is necessary. The tax rate cannot be increased without a majority vote of the residents of the City during a municipal election. The current estimate of FY 2019-20 UUT revenue is approximately $1.9 million or approximately 6% of total General Fund revenue. Based upon the operating and capital needs of the City, Staff recommends that the current UUT rate of 3% continue for FY 2019-20. Review of Golf Tax Municipal Code Section 3.40.140 requires a legislative review of golf tax every four years, to be completed prior to the adoption of the budget prepared for the corresponding next fiscal year. The golf tax ordinance directs the City Council to determine, based on the needs of the City, if any modification to the tax rate is necessary or if the tax should be repealed. The current estimat e of FY 2019-20 golf tax revenue is $0.4 million. Based upon the operating needs of the City, Staff recommends that the current golf tax rate of 10% continues to be a necessary General Fund revenue source to provide current program service levels and CIP funding. Format of the 2020 Model The information contained in the draft 2020 Model is based in part on the preliminary budget presented to the City Council on May 21, 2019, and decisions made by the City Council during that budget deliberation. The draft 2020 Model reports the following financial information: ► FY16-17 and FY17-18 actuals and ending fund balances for all funds ► FY18-19 year-end estimated revenue, expenditures and encumbrances, and ending fund balances for all funds as of March 31, 2019 ► FY19-20 preliminary budget (Economic Assumptions described below) ► FY19-20 thru FY23-24 projected revenues, expenditures and fund balances for all funds This model is updated at the start of the budget season every fiscal year. Staff updates projections and assumptions based on actual performance as reviewed each quarter. The draft 2020 Model includes the segregation of funds as follows: ► General Fund – The General Fund balance is separated by the 50% reserve policy and the unrestricted balance. ► Funds restricted by action of the City Council – The balances of these funds are restricted by City Council action for a specific purpose. The funds were initiated with transfers from the General Fund. These funds may be transferred back to General Fund or used for other purposes (e.g. infrastructure projects) upon the action of the City Council. ► Funds restricted by law or external agencies – The balances of these funds are restricted by law or external agencies, such as the federal government, State of 2 California or Los Angeles County. These monies can only be used for the purpose outlined by the terms and conditions set by legislation and voter ballot measures. The 2020 Model includes several schedules organized as follows: Exhibit A One-Page Fund Summary Exhibit B Assumptions Applied Into the Model Exhibit C Summary of the City’s two major funds – General and Capital Exhibit D Five-Year Fund Balance projection by Fund General Fund The draft 2020 Model incorporates the assumptions for revenues and expenditures based on current data and information, industry experts and historical data . The model was used for planning and development of the FY 2019-20 Operating Budget and includes the FY 2019-20 proposed expenditure reductions. As shown below in Chart 1 and Table 1, the General Fund continues to have a structurally balanced budget, with operating revenues exceeding operating expenditures through FY23-24 net of transfers, resulting in a positive operating fund balance. This is based on the assumptions to be outlined in detail later in this report. Chart 1 ~ General Fund Operating Revenues and Expenditures Table 1 ~ General Fund Operating Revenues and Expenditures 3 The City’s operating fund balance is further reduced by transfers out to various other funds. The largest of such transfers is the transfer of TOT revenue from Terranea Resort, minus the increase in the public safety contract since the start of FY17-18, to the Capital Improvement Program (CIP). Table 3 details the other funds that receive a transfer of General Fund monies. The General Fund receives two transfers in annually that are projected to be $239,000 on average. However, as shown in Table 2, once all transfers are included in the model, the General Fund will show a slight deficit when comparing revenues to expenditures in FY 2023-24 if transfers out are continued based on current City Council policy. Table 2 ~ Annualized Excess Reserve/(Deficit) The table below summarizes the transfers out of the General Fund for each fiscal year. Table 3 ~ General Fund Transfers Out FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 22-24 Revenues 31,423,400$ 32,529,304$ 33,125,048$ 33,737,284$ 34,366,483$ Expenditures 26,592,900 27,665,121 28,868,103 29,902,543 31,350,821 Surplus/(Deficit) 4,830,500$ 4,864,183$ 4,256,945$ 3,834,741$ 3,015,662$ FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Operating Fund Balance 4,830,500$ 4,864,183$ 4,256,945$ 3,834,741$ 3,015,662$ Plus: Transfers In 275,000 230,000 230,000 230,000 230,000 Less: Transfers to CIP (3,976,900) (3,857,593) (3,741,865) (3,629,609) (3,520,721) Less: Transfers to Other Funds (140,000) (395,000) (380,000) (380,000) (390,000) Annual Excess Reserve/(Deficit)988,600$ 841,590$ 365,080$ 55,132$ (665,059)$ FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Transfer to CIP 3,976,900$ 3,857,593$ 3,741,865$ 3,629,609$ 3,520,721$ Sub-region 1 35,000 35,000 35,000 35,000 35,000 Abalone Cove Sewer District - 200,000 200,000 200,000 200,000 IA Portuguese Bend 55,000 110,000 95,000 95,000 100,000 IA Abalone Cove 50,000 50,000 50,000 50,000 55,000 Total Transfers to Other Funds 140,000 395,000 380,000 380,000 390,000 Total Transfers Out 4,116,900$ 4,252,593$ 4,121,865$ 4,009,609$ 3,910,721$ 4 Table 4 below shows the impact to the General Fund balance through FY 2023-24. As shown, each year the General Fund ends the year with an excess Unrestricted Fund Balance. Based on the growth in expenditures versus revenues, the excess fund balance will continue to diminish, but based on this model, funds will be available to bridge the forecasted gap in FY 2023-24. Table 4 ~ General Fund Balance 1972 Act Fund During budget adoption for FY17-18, the City Council decided to suspend the annual supplemental property tax levy and assessments of the Citywide Landscaping and Lighting Maintenance District (LLMD). All operating expenses that were paid by the 1972 Act Fund were transferred to General Fund and Measure M. The General Fund and Measure M will continue to support these operating expenses. FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Beginning Fund Balance 18,147,032$ 19,135,632$ 19,977,222$ 20,342,303$ 20,397,434$ Revenues 31,423,400 32,529,304 33,125,048 33,737,284 34,366,483 Expenditures (26,592,900) (27,665,121) (28,868,103) (29,902,543) (31,350,821) Transfers In 275,000 230,000 230,000 230,000 230,000 Transfers Out (4,116,900) (4,252,593) (4,121,865) (4,009,609) (3,910,721) Surplus / (Deficit)988,600 841,590 365,080 55,132 (665,059) Ending Fund Balance 19,135,632 19,977,222 20,342,303 20,397,434 19,732,375 50% Reserve Policy (13,296,450) (13,832,561) (14,434,051) (14,951,271) (15,675,411) Unrestricted Fund Balance 5,839,182$ 6,144,662$ 5,908,251$ 5,446,163$ 4,056,965$ FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 General Fund 1972 Act Subsidy 355,000 364,200 373,300 382,600 392,200 5 Water Quality/Flood Protection Fund The Water Quality/Flood Protection Fund will be closed on June 30, 2019. All future projects will be funded by the Capital Improvement Program Fund. For FY19-20 through FY23-24, the City Council approved the following projects: Special Revenue Funds Special Revenues are used to account for taxes and other revenues set aside for specific or restricted purposes. The City’s major special revenue funds are Gas Tax, Proposition A, Proposition C, Measure R, and Measure M and Quimby. Most of the funding for special revenues are designated for street maintenance, public right s-of-way maintenance, park upgrades, park maintenance and transit-related expenses. Staff ensures that the special revenue funds are utilized for any qualified project s before CIP reserves are appropriated. FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Storm Drain Lining Program - 50,000 450,000 Bayend Drive Catch Basin Inlets and Storm Sewer Lateral 42,000 170,000 Storm Drain Point Repair (Marguerite Drive & Via Colinita)700,000 Upper Point Vicente Stormwater Runoff Control Project (Helipad)- 30,000 170,000 Crest Road to Crestridge Canyon Storm Drain Project -- Design 140,000 Crest Road to Crestridge Canyon Storm Drain Project -- Construction - 1,285,000 Storm Drain Deficiency Improvement (PVDS at Peppertree Dr. and Hawthorne Blvd.) -- Construction 2,750,000 Storm Drain Deficiency Improvement (Various locations) -- Design - 200,000 Storm Drain Deficiency Improvement (Various locations) -- Construction - 1,800,000 Storm Drain Deficiency Improvement (Various locations) -- Design - 300,000 Storm Drain Deficiency Improvement (Various locations) -- Construction - 3,000,000 Total Storm Water Quality 3,632,000 1,705,000 2,250,000 330,000 3,170,000 6 Table 5 ~ Revenue for Special Funds 2020 2021 2022 2023 2024 202 GAS TAX 1,827,400$ 3,599,840$ 3,599,880$ 3,599,921$ 3,599,964$ 203 1972 ACT LANDSCAPE/LIGHT 300 307 313 320 327 215 PROPOSITION C 702,400 702,536 702,676 702,818 702,964 216 PROPOSITION A 849,400 849,620 849,845 850,075 850,309 220 MEASURE R 545,400 545,910 546,432 546,965 547,510 221 MEASURE M 592,100 592,107 592,113 592,120 592,127 334 QUIMBY PARK DEVELOPMENT 22,000 22,484 22,979 23,484 24,001 209 EL PRADO LIGHTING DIST 2,500 1,798 1,850 1,904 1,960 211 1911 ACT STREET LIGHTING 628,000 442,093 455,182 468,661 482,539 213 WASTE REDUCTION 211,700 221,801 221,905 232,010 232,118 214 AIR QUALITY MANAGEMENT 50,900 50,920 50,940 50,961 50,982 217 PUBLIC SAFETY GRANTS 131,000 131,022 131,044 131,067 131,091 222 HABITAT RESTORATION 12,400 12,673 12,952 13,237 13,528 223 SUBREGION ONE MAINTENANCE 43,100 8,278 8,460 8,646 8,837 224 MEASURE A MAINTENANCE 91,100 91,124 91,149 91,174 91,200 225 ABALONE COVE SEWER DIST 512,000 40,118 41,306 42,530 43,789 227 GINSBURG CULTURAL ART BLD 900 920 940 961 982 228 DONOR RESTRICTED CONTRIB 9,500 9,709 9,923 10,141 10,364 310 CDBG 139,300 139,300 139,300 139,300 139,300 331 FEDERAL GRANTS 453,800 453,822 453,844 453,867 453,891 332 STATE GRANTS 600,000 600,000 600,000 600,000 600,000 336 LOW 44,700 44,733 44,767 44,801 44,836 337 AFFORDABLE HOUSING PROJ 6,200 6,336 6,476 6,618 6,764 338 DEVELOP IMPACT MIT (EET)3,800 3,884 3,969 4,056 4,146 340 BICYCLE/PEDESTRIAN ACCESS 34,500 34,500 34,500 34,500 34,500 Total Special Revenue Funds 7,514,400$ 8,605,835$ 8,622,746$ 8,650,139$ 8,668,029$ FUND 7 Capital Improvements Project Fund The draft 2020 Model indicates that the CIP Reserve will maintain a Fund Balance between $18.1 million to $4.8 million as shown below in Chart 3. These amounts assume a General Fund transfer of $3.98 million in FY 18-19, which gradually decreases annually to $3.5 million in FY23-24. Chart 2 ~ CIP 5-Year Projection Table 6 ~ Annual General Fund Transfer to CIP Staff presented the draft five-year Capital Improvement Plan (CIP) as part of the FY19- 20 CIP Budget Workshop on April 10, 2019. At this meeting, there was approximately $40 million in CIP projects identified over the next five years. The City Council approved six of the 15 proposed new projects presented a t the Preliminary Budget meeting on May 21, 2019. The City will continue the practice of re-budgeting capital projects that have not been encumbered, meaning that they will not automatically be appropriated year over year. This enables the City Council to review and a ssess projects annually and determine if priorities or funding has changed. FY19-20 FY20-21 FY21-22 FY22-23 FY23-24 Fund Balance 18.1 13.4 7.8 7.7 4.8 Capital Fund Expenditures 10.1 8.8 9.6 4.1 6.7 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 MillionsCIP 5-Year Projection CIP Project Expenditures and Fund Balance Fund Balance Capital Fund Expenditures FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 22-24 GF Transfer 3,976,900$ 3,857,593$ 3,741,865$ 3,629,609$ 3,520,721$ 8 ASSUMPTIONS The 2020 Model is a forecasting tool that provides an estimate of the City’s financial health five years out. As a result, it requires estimates of revenues and expenditures based on data extracted from industry experts, historical trends, economic indicators and forecasts. Staff takes into account all the data gathered and filters the data through a very conservative lens to create the forecast. Future plans and decisions are managed against this model and therefore the assumptions directly affect City Council decisions. The following assumptions were used in preparation of the 2020 Model. Economic Assumptions (Grouped by Revenues then Expenditures) REVENUES 1. Property tax is not only one of the City’s most stable revenue sources, it is also the largest, making up about 44% of the General Fund revenues. Property tax is forecasted to grow at 3% for the next five years based on information from the City’s property tax consultant and historical trends. 2. Transient occupancy tax (TOT) accounts for approximately 18% of the City’s General Fund operating revenue. Per City Council policy, Terranea Resort TOT revenue is transferred to the Capital Improvement Program Fund (CIP) each year to the extent possible to fund infrastructure improvements and to maintain a minimum $3 million reserve in the fund. However, for FY17-18, the City Council directed Staff to reduce this transfer by the amount of the increase in the public safety contract. The City receives the majority of TOT revenue from Terranea, which opened in 2009. Due to slowing growth and concerns over employee relations issues at Terranea, Staff has decided to remain conservative and assume 0% growth in TOT revenue over the next five fiscal years. 3. Sales tax revenue is expected to grow at a rate of 2.1% over the next five years. This forecast is based upon information from the City’s consultant, HdL, and past revenue trends. Sales tax revenue is forecasted at show minimal growth due to the City’s limited economic development and minimal commercial entities. 4. Permit fees are based on Staff’s fully burdened hourly rate multiplied by the estimated time to provide the service, as the law requires that permit fees cannot exceed the City’s cost. These fees have not been adjusted since FY 2008-09 and currently Staff is finalizing a new cost allocation and fee study that was conducted during FY18-19 to identify the subsidy. Based on Council direction, Staff will update the forecast and budget if the fees are modified. 5. The City has benefited from continued double digit, year-over-year growth in revenue from interest earnings over the past several fiscal years. Our portfolio consists of conservative and diversified holdings with the state’s Local Agency Investment Fund (LAIF), treasuries and Certificates of Deposit (CDs). Due to an 9 overall improvement in the US economy and the maturity and reinvestment of assets that have matured, Staff is projecting a 2% return during FY19-20 and a 2.2% over the following four years. 6. Utility user tax (UUT) is sensitive to many factors, such as weather conditions, utility consumption and rate increases, which cannot be predicted over the long term with any accuracy. Staff has assumed that UUT will increase by 1.1% annually. Municipal Code Section 3.30.190 requires that the City Manager submit to the City Council an analysis of the revenues derived from the UUT annually for City Council to decide if the fee is necessary. Based upon the operating and capital needs of the City, Staff recommended that the current UUT rate of 3% continue in FY19-20 and Council approved this continuation on May 21, 2019. 7. Franchise tax revenue is generated from franchisees for the use of municipal rights-of-way. This revenue source is primarily received from Southern California Edison and Southern California Gas Company. The main drivers for this revenue are consumption and the price of natural gas. Staff uses historical data and industry projections for this revenue estimate. Staff is projecting franchise tax to grow slightly by 0.4% annually over the next five years. Chart 3 ~ General Fund FY 19-20 Revenue Distribution 10 EXPENDITURES 1. The Sheriff’s Department contract continues to increase year over year. Although contract costs came in lower than expected for FY 19-20, Staff has elected to use a conservative 5% annual rate of growth in contract costs over the next five years. Transfers of TOT revenue from Terranea to the CIP Fund will continue to be reduced by the amount of the annual increase in the public safety contract. 2. Salaries and benefits for City Staff make up approximately 40% of General Fund operating expenditures. Based on the terms of the current agreement, employees will receive an annual cost-of-living adjustment (COLA) that ranges from 1% to a maximum of 2.5% based on the CPI-U at the end of March each fiscal year. A COLA of 2.5% has been factored in to the model. Additionally, employees receive annual merit increases based on performance evaluation s. Staff has included a 2.25% increase for merit adjustments based on historical averages. The combined total annual increase of 4.75% is used to forecast salary and benefits costs through FY22-23. Any changes to employee compensation are subject to negotiation between the Rancho Palos Verdes Employees Association and the City. 3. The City’s employee pension plan includes three tiers of benefits based upon local pension reform and state pension reform. CalPERS sets the employer normal cost contribution rates for all participating employers. Based upon information provided by CalPERS, the estimated employer contribution rates for normal cost over the next five years are as follows: In addition to the normal cost contributions, the City is required to make a payment toward the unfunded liability for each of the three CalPERS tiers. Based on the last CalPERS Actuarial Valuation report dated August 2018, the City’s total unfunded liability is $10.6 million. The actual FY19-20 payment amount is set, however all future payment amounts are projections of estimated costs. Tier 1 Tier 2 Tier 3 FY 19-20 11.432% 8.081% 6.985% FY 20-21 12.200% 8.700% 7.500% FY 21-22 12.200% 8.700% 7.500% FY 22-23 12.200% 8.700% 7.500% FY 23-24 12.200% 8.700% 7.500% 11 Other assumptions specific to the 2020 Model Pursuant to State redevelopment dissolution law, on January 31, 2012, the Rancho Palos Verdes Redevelopment Agency (RDA) was dissolved. The City elected to serve as the Successor Agency to the former RDA. The City’s General Fund loaned money to the former RDA for landslide mitigation projects and administration. As of June 30, 2019, the outstanding loan balance (including accrued interest) was $10.6 million. Staff developed a County debt repayment plan that has been approved by the County and is awaiting Department of Finance approval. Built into the repayment plan is a condition by which the City will receive a portion of available property tax increment from the Successor Agency for repayment of the City’s consolidated loan. Upon approval of the repayment plan, the City expects to wind down the annual Recognized Obligation Payment Schedule (ROPS) process later in FY19-20 by submitting a “Last and Final” ROPS. Once a Last and Final ROPS is approved, the City’s consolidated loan will grow to approximately $12 million as the interest rate will rise from the current rate of 3% to 4%. In addition to the higher interest rate, the approval of a Last and Final ROPS will amend the formula the Successor Agency will use to repay its City debt. When applying this new formula, the FY18-19 repayment is expected to be $215,900, of which 20% must be deposited into the City’s low-moderate income housing fund. Separately, as part of administering the Successor Agency and supporting the activities of the Oversight Board representing various taxing entitie s, the City receives reimbursement of administrative costs (Staff time, a share of general liability insurance, etc.). The annual reimbursement is currently estimated to be $50,000. Beginning in FY18-19, individual oversight boards will be consolidated into County oversight boards. Staff has assumed that the administrative reimbursement will no longer be available beginning in FY18-19. The General Fund provides subsidies to a number of funds, as the restricted funding sources for those activities are insufficient to provide for the current level of maintenance. A. The Improvement Authority’s Portuguese Bend Fund will require an average annual General Fund subsidy of $91,000 if all assumptions and estimates remain unchanged. Interest earnings are the only revenue source, which is not sufficient to cover the ongoing maintenance demands in the Portuguese Bend portion of the landslide area. Tier 1 Tier 2 Tier 3 FY 19-20 739,621$ 3,107$ 2,239$ FY 20-21 830,000$ 5,900$ 4,300$ FY 21-22 939,000$ 9,000$ 6,600$ FY 22-23 1,029,000$ 12,000$ 8,800$ FY 23-24 1,081,000$ 14,000$ 10,000$ 12 B. The Improvement Authority’s Abalone Cove Fund will require an average annual General Fund subsidy of $51,000 for all five years, if all assumptions and estimates remain unchanged for this fund. For FY19-20, the General Fund is subsidizing this fund with $50,000 to maintain the $1 million balance as set forth by the Horan Agreement. The interest earnings on the $1 million non-spendable fund balance required by the Horan Agreement is not sufficient to pay for maintenance of dewatering wells in the Abalone Cove portion of the landslide area. The Horan Agreement is the 1987 settlement of a lawsuit related to the City’s active landslide. C. As part of its development agreement with the City, the developer of the Subregion 1 tract (now Oceanfront Estates) was required to dedicate open space to the City and provide a $750,000 endowment for future maintenance of that open space. The estimated fund balance and interest earnings from the non-spendable endowment is not expected to cover the current level of maintenance and maintain the $750,000 endowment amount. As a result, an average annual General Fund subsidy of $35,000 will be needed if all assumptions and estimates remain unchanged. D. The Abalone Cove Sewer Fund will require an annual General Fund subsidy of $200,000 for years two through five, if all assumptions and estimates remain unchanged. The property tax assessment for this fund is used to maintain the sewer system for the landslide area. Any shortage in tax collection is subsidized by the General Fund. Staff did not budget any transfers for FY19-20 because expenditures are projecting to come in lower than expected to close out FY18-19. Staff will continue to monitor this fund and will report back to the City Council if any action is needed. Capital Spending Assumptions Staff has included projects recommended in the draft 2020 Five-Year Capital Improvement Plan to the City Council that would repair and maintain the City’s infrastructure over the course of the 2020 Model. The City Council approves projects once a year during the annual budget process. 13 CITY OF RANCHO PALOS VERDES 2020 FIVE-YEAR FINANCIAL MODEL EXHIBIT A Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund 6/30/2018 Revenues Transfers In Expenditures Transfers Out 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 General Fund Balance 18,078,960 30,759,600 220,000 26,594,528 4,317,000 18,147,032 19,135,632 19,977,222 20,342,303 20,397,434 19,732,376 EXPENDITURES (EXCLUDING T/O)24,615,546 26,594,528 26,592,900 27,665,121 28,868,103 29,902,543 31,350,821 Restricted Amount (Policy Reserve)(12,307,773) (13,297,264) (13,296,450) (13,832,561) (14,434,051) (14,951,271) (15,675,411) GENERAL FUND Unrestricted Balance 5,771,187 30,759,600 220,000 26,594,528 4,317,000 4,849,769 5,839,182 6,144,662 5,908,251 5,446,163 4,056,965 Restricted by Council Action BEAUTIFICATION FUND 378,754 5,000 - 383,737 - 17 17 5,127 10,349 15,687 21,141 CIP 24,405,475 1,285,500 4,526,000 4,844,238 - 25,372,737 19,068,137 14,432,511 8,842,576 8,696,946 5,809,133 EQUIPMENT REPLACEMENT 3,172,479 626,300 - 700,000 - 3,098,779 2,460,679 2,053,158 1,706,228 1,469,902 1,384,194 Subtotal 27,956,708 1,916,800 4,526,000 5,927,975 - 28,471,533 21,528,833 16,490,796 10,559,153 10,182,535 7,214,468 Restricted by Law or External Agencies GAS TAX 69 1,784,125 - 902,845 - 881,349 121,949 1,656,732 3,413,679 4,892,094 6,591,263 1972 ACT 27,843 300 - - - 28,143 28,443 28,750 29,063 29,383 29,710 EL PRADO LIGHTING 29,987 2,500 - 500 - 31,987 33,687 34,664 35,673 36,715 37,791 CDBG 29,057 139,300 - 168,357 - - (11,300) 128,000 267,300 406,600 545,900 1911 ACT 2,121,173 628,000 - 1,107,782 - 1,641,391 1,921,391 2,006,436 2,095,644 2,189,181 2,287,219 WASTE REDUCTION 447,599 361,700 - 310,226 - 499,073 406,673 337,820 257,711 176,515 84,921 AIR QUALITY MANAGEMENT 90,186 50,900 - 50,000 - 91,086 91,986 91,606 89,963 87,027 82,764 PROPOSITION C 486,249 702,400 - 675,780 - 512,869 575,269 627,805 180,481 183,299 186,263 PROPOSITION A 1,929,246 849,400 - 628,242 - 2,150,404 1,798,704 1,877,695 1,937,646 1,978,079 1,998,506 PUBLIC SAFETY GRANTS 72,479 131,000 - - 130,000 73,479 29,479 60,501 91,545 122,613 153,704 MEASURE R 2,487,411 545,400 - 2,380,847 - 651,964 497,364 593,274 489,706 586,672 434,182 MEASURE M 4,756 592,100 - 519,035 - 77,821 133,921 176,092 204,521 218,864 218,771 HABITAT RESTORATION 1,079,064 12,400 - 149,503 - 941,961 774,861 603,367 427,547 247,293 62,493 SUBREGION 1 MAINTENANCE 794,182 8,100 41,500 35,818 - 807,964 804,264 764,525 723,769 681,967 639,095 MEASURE A 68,537 91,100 - - 90,000 69,637 60,737 61,861 63,010 64,184 65,384 ABALONE COVE SEWER DISTRICT 329,799 57,000 0.00 48,769 - 338,030 201,930 238,044 269,402 295,979 317,848 GINSBURG CULTURAL ARTS BUILDING 87,389 900 - 86,344 - 1,945 2,845 3,765 4,705 5,666 6,647 DONOR RESTRICTED CONTRIBUTIONS 883,492 17,000 - 188,995 - 711,497 695,997 680,056 663,687 646,880 629,621 FEDERAL GRANTS 1,044,190 42,810 - - 1,087,000 - 453,800 907,622 1,361,466 1,815,334 2,269,225 STATE GRANTS - 600,000 - 600,000 - - 600,000 1,200,000 1,800,000 2,400,000 3,000,000 QUIMBY 1,813,294 573,000 - 608,241 - 1,778,053 1,800,053 1,822,537 1,845,516 1,869,000 1,893,001 LOW-MOD INCOME HOUSING 152,420 44,700 - - - 197,120 241,820 286,553 331,320 376,121 420,957 AFFORDABLE HOUSING IN LIEU 822,876 6,200 - - - 829,076 835,276 841,612 848,088 854,706 861,470 ENVIRONMENTAL EXCISE TAX 463,144 116,800 - - - 579,944 273,744 9,568 13,537 17,593 21,739 BIKEWAYS - 34,500 - - - 34,500 69,000 103,500 138,000 172,500 207,000 WATER QUALITY/FLOOD PROTECTION 3,693,994 (3,693,994) - - - - - (50,000) (500,000) (500,000) (500,000) IMPROV AUTH - PORTUGUESE BEND 135,857 1,100 - 120,400 - 16,557 16,557 70,123 107,274 142,976 182,191 TBD FUND 99,380 - - - - 99,380 99,380 99,380 99,380 99,380 1,015,020 IMPROV AUTH - ABALONE COVE 1,058,142 3,400 38,000 75,700 - 1,023,842 1,023,842 1,022,461 1,019,720 1,015,584 1,015,020 GRAND TOTAL 66,287,483 36,378,541 4,825,500 41,179,887 5,624,000 60,687,637 54,246,137 52,752,367 49,210,809 51,692,175 51,704,548 FY18-19 Estimated Resources FY18-19 Estimated Appropriations A-1 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS WORKSHEET BALANCED > NO FORECAST ASSUMPTIONS FISCAL YEAR END > 2018A 2019E 2020B 2021F 2022F 2023F 2024F ECONOMIC MODEL INPUT FACTORS SOURCES NON-PERSONNEL EXPENDITURES CONSUMER PRICE INDEX (CPI)2.4%2.6%2.5%2.5%2.5% PERSONNEL EXPENDITURES CITY/EMPLOYEE MOU AND CPI 4.8%4.8%4.8%4.8%4.8% PERS NORMAL COSTS CITY/EMPLOYEE MOU AND CPI 666,182 628,736 687,774 752,356 823,002 PERS NORMAL COSTS >>> INPUT ANNUAL RATE OF CHANGE >>>-5.6%9.4%9.4%9.4% PERS UNFUNDED LIABILITY 744,967 840,200 954,600 1,049,800 1,105,000 PERS UNFUNDED LIABILITY >>> INPUT ANNUAL RATE OF CHANGE >>>12.8%13.6%10.0%5.3% HEALTH INSURANCE CPI 5.0%7.0%8.0%8.0%8.0% CONSUMER PRICE INDEX CONGRESSIONAL BUDGET OFFICE 2.4%2.6%2.5%2.5%2.5% SALES TAX MUNISERVICES LLC (SALES AND USE TAX CONSULTANT) AND HISTORICAL ACTUALS 2,529,000 2,582,109 2,636,333 2,691,696 2,748,222 SALES TAX >>> INPUT ANNUAL RATE OF CHANGE >>>2.1%2.1%2.1%2.1% PROPERTY TAX-NET GF ESTIMATE HDL LLC (PROPERTY TAX CONSULTANT) AND HISTORICAL ACTUALS 8,453,559 8,707,166 8,968,381 9,237,432 9,514,555 PROPERTY TAX-NET GF ESTIMATE >>> INPUT ANNUAL RATE OF CHANGE >>>3.0%3.0%3.0%3.0% PROPERTY TAX-IN LIEU OF VLF (VLFAA)HDL LLC (PROPERTY TAX CONSULTANT) AND HISTORICAL ACTUALS 5,098,619 5,251,578 5,409,125 5,571,399 5,738,541 PROPERTY TAX-IN LIEU OF VLF (VLFAA)>>> INPUT ANNUAL RATE OF CHANGE >>>3.0%3.0%3.0%3.0% TRANSIENT OCCUPANCY TAXES CITY ESTIMATE 5,541,300 5,541,300 5,541,300 5,541,300 5,541,300 TRANSIENT OCCUPANCY TAXES >>> INPUT ANNUAL RATE OF CHANGE >>>0.0%0.0%0.0%0.0% GAS TAX CITY ESTIMATE 1,772,400 1,772,400 1,772,400 1,772,400 1,772,400 GAS TAX >>> INPUT ANNUAL RATE OF CHANGE >>>0.0%0.0%0.0%0.0% SHERIFF CONTRACT SHERIFF'S DEPARTMENT 5.0%5.0%5.0%5.0%5.0% PERMIT REVENUES 0.0%0.0%0.0%0.0%0.0% INVESTMENT INTEREST LAIF, VINING SPARKS AND HISTORICAL ACTUALS 2.00%2.20%2.20%2.20%2.20% FRANCHISE TAX CPI, CONSUMPTION PATTERNS AND HISTORICAL ACTUALS 0.4%0.4%0.4%0.4%0.4% UTILITY USERS TAX CPI, CONSUMPTION PATTERNS AND HISTORICAL ACTUALS 1.1%1.1%1.1%1.1%1.1% B-1 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FORECAST SUMMARY < SELECT FUND 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F REVENUES (BY ACCOUNT TYPE) 01-PROPERTY TAX-SECURED & OTHER 11,902,647 12,537,463 12,996,700 13,495,500 9,350,472 9,630,986 9,919,916 10,217,513 02-PROPERTY TAX-TRANSFER TAX 443,174 490,796 480,000 480,000 332,572 342,549 352,826 363,410 03-PROPERTY TAX-IN LIEU OF VLF - - 0 0 5,251,578 5,409,125 5,571,399 5,738,541 04-SALES TAX 2,462,448 2,520,067 2,567,000 2,529,000 2,582,109 2,636,333 2,691,696 2,748,222 05-TRANSIENT OCCUPANCY TAX 5,600,866 5,615,045 5,588,200 5,541,300 5,541,300 5,541,300 5,541,300 5,541,300 06-UTILITY USERS TAX 1,775,433 1,837,689 1,921,600 1,942,300 1,963,277 1,984,480 2,005,913 2,027,576 07-BUSINESS LICENSE TAX 904,107 893,059 904,100 904,100 928,511 952,652 977,421 1,002,834 08-FRANCHISE TAX 1,984,878 2,128,727 2,024,900 2,044,400 2,051,555 2,058,736 2,065,941 2,073,172 09-OTHER TAXES 365,259 402,732 401,400 395,200 405,870 416,423 427,250 438,359 SUBTOTAL-LOCAL TAXES 25,438,812 26,425,579 26,883,900 27,331,800 28,407,244 28,972,584 29,553,661 30,150,927 11-INTERGOVT-FEDERAL - 64,483 - - - - - - 12-GAS TAX - - - - - - - - 12-INTERGOVT-STATE 19,282 17,121 - - - - - - 13-INTERGOVT-LOCAL - - - - - - - - SUBTOTAL-INTERGOVT REVENUE 19,282 81,604 - - - - - - 10-LICENSES & PERMITS 2,140,507 2,201,923 1,967,760 2,167,800 2,167,800 2,167,800 2,167,800 2,167,800 14-CHARGES FOR SERVICES-PW 3,856 348 700 700 719 738 757 776 15-CHARGES FOR SERVICES-RECREATION 275,701 298,163 244,000 244,000 250,588 257,103 263,788 270,646 16-FINES & FORFEITURES 152,659 143,753 97,000 97,000 99,619 102,209 104,867 107,593 17-INTEREST EARNINGS 107,867 206,893 331,800 383,600 392,039 400,664 409,479 418,487 18-LEASE & RENTAL INCOME 460,021 504,593 454,900 454,900 467,182 479,329 491,792 504,578 19-DONATIONS & DEVL FEES 31,834 67,440 19,000 19,000 19,513 20,020 20,541 21,075 20-CHARGES FOR SERVICES 155,800 89,700 139,700 139,700 139,700 139,700 139,700 139,700 21-MISCELLANEOUS REVENUES 473,327 432,608 620,840 584,900 584,900 584,900 584,900 584,900 23-OTHER SOURCES - - - - - - - - TOTAL REVENUES 29,259,666 30,452,603 30,759,600 31,423,400 32,529,304 33,125,048 33,737,284 34,366,483 % ANNUAL CHANGE 1.2%4.1%1.0%2.2%3.5%1.8%1.8%1.9% EXPENDITURES (BY ACCOUNT TYPE) 01-SALARY & WAGES 6,600,929 6,862,198 7,326,573 7,710,100 8,076,330 8,459,955 8,861,803 9,282,739 02-HEALTH INSURANCE 685,358 838,038 865,408 830,300 869,739 911,052 954,327 999,657 03-FICA/MEDICARE 107,801 115,321 115,814 128,300 134,394 140,778 147,465 154,470 04-PERS 515,120 546,456 611,258 656,800 621,450 679,805 743,638 813,466 05-DEFERRED COMP CITY MATCH 210,453 162,436 206,260 212,000 222,070 232,618 243,668 255,242 06-H.S.A.198,881 207,888 221,348 233,800 239,879 245,876 252,023 258,323 07-CALPERS UNFUNDED LIABILITIES 377,962 470,774 580,790 682,000 814,406 925,294 1,017,572 1,071,077 08-WORKERS' COMP - - - - - - - - 09-OTHER BENEFITS 161,588 162,014 178,502 197,100 206,462 216,269 226,542 237,303 SUBTOTAL-PERSONNEL COSTS 8,858,092 9,365,126 10,105,953 10,650,400 11,184,731 11,811,648 12,447,037 13,072,277 C-1 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F 101-GENERAL FUND 1-REVENUES 29,259,666 30,452,603 30,759,560 31,423,400 32,529,304 33,125,048 33,737,284 34,366,483 2-EXPENDITURES 23,304,965 24,615,561 26,594,501 26,592,900 27,665,121 28,868,103 29,902,543 31,350,821 OPERATING SURPLUS/(DEFICIT)5,954,701 5,837,042 4,165,059 4,830,500 4,864,183 4,256,945 3,834,741 3,015,662 3-TRANSFERS-IN 190,000 230,000 220,000 275,000 230,000 230,000 230,000 230,000 4-TRANSFERS-OUT 4,387,397 4,813,500 4,317,000 4,116,900 4,252,593 4,121,865 4,009,609 3,910,721 TRANSFERS NET (4,197,397) (4,583,500) (4,097,000) (3,841,900) (4,022,593) (3,891,865) (3,779,609) (3,680,721) TOTAL OVER/(UNDER)1,757,304 1,253,542 68,059 988,600 841,590 365,080 55,132 (665,059) BALANCE 16,825,403 18,078,960 18,147,019 19,135,619 19,977,209 20,342,289 20,397,421 19,732,362 POLICY RESERVE (50% EXPS.)11,652,483 12,307,780 13,297,251 13,296,450 13,832,561 14,434,051 14,951,271 15,675,411 EXCESS/(DEFICIENCY)5,172,921 5,771,180 4,849,768 5,839,169 6,144,648 5,908,238 5,446,150 4,056,951 202-GAS TAX 1-REVENUES 839,714 1,115,637 1,584,125 1,822,400 3,594,840 3,594,880 3,594,921 3,594,964 2-EXPENDITURES 1,939,780 1,364,223 902,845 2,586,800 2,065,057 1,842,933 2,121,507 1,900,794 OPERATING SURPLUS/(DEFICIT)(1,100,066) (248,586) 681,280 (764,400) 1,529,783 1,751,947 1,473,415 1,694,169 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(1,100,066) (248,586) 681,280 (764,400) 1,529,783 1,751,947 1,473,415 1,694,169 BALANCE 248,655 69 681,349 (83,051) 1,446,732 3,198,679 4,672,094 6,366,263 203-1972 ACT LANDSCAPE/LIGHT 1-REVENUES 260,582 333 300 300 307 313 320 327 2-EXPENDITURES 264,903 - - - - - - - OPERATING SURPLUS/(DEFICIT)(4,321) 333 300 300 307 313 320 327 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(4,321) 333 300 300 307 313 320 327 BALANCE 27,511 27,843 28,143 28,443 28,750 29,063 29,383 29,710 209-EL PRADO LIGHTING DIST 1-REVENUES 2,582 2,909 2,500 2,500 1,798 1,850 1,904 1,960 2-EXPENDITURES 237 493 500 800 821 841 862 884 OPERATING SURPLUS/(DEFICIT)2,345 2,416 2,000 1,700 977 1,009 1,042 1,076 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)2,345 2,416 2,000 1,700 977 1,009 1,042 1,076 BALANCE 27,570 29,987 31,987 33,687 34,664 35,673 36,715 37,791 211-1911 ACT STREET LIGHTING 1-REVENUES 646,166 684,454 628,000 628,000 442,093 455,182 468,661 482,539 D-1 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F 2-EXPENDITURES 459,442 614,585 1,907,782 348,000 357,048 365,974 375,124 384,502 OPERATING SURPLUS/(DEFICIT)186,724 69,870 (1,279,782) 280,000 85,045 89,208 93,537 98,038 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)186,724 69,870 (1,279,782) 280,000 85,045 89,208 93,537 98,038 BALANCE 2,051,302 2,121,173 841,391 1,121,391 1,206,436 1,295,644 1,389,181 1,487,219 212-BEAUTIFICATION 1-REVENUES 3,268 5,652 5,000 5,000 5,110 5,222 5,337 5,455 2-EXPENDITURES - 106,283 383,737 - - - - - OPERATING SURPLUS/(DEFICIT)3,268 (100,631) (378,737) 5,000 5,110 5,222 5,337 5,455 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)3,268 (100,631) (378,737) 5,000 5,110 5,222 5,337 5,455 BALANCE 479,385 378,754 17 5,017 10,127 15,349 20,687 26,141 213-WASTE REDUCTION 1-REVENUES 224,153 236,003 211,700 211,700 221,801 221,905 232,010 232,118 2-EXPENDITURES 231,579 244,655 210,226 304,100 290,654 302,014 313,206 323,713 OPERATING SURPLUS/(DEFICIT)(7,426) (8,652) 1,474 (92,400) (68,853) (80,109) (81,196) (91,594) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(7,426) (8,652) 1,474 (92,400) (68,853) (80,109) (81,196) (91,594) BALANCE 456,252 447,599 449,073 356,673 287,820 207,711 126,515 34,921 214-AIR QUALITY MANAGEMENT 1-REVENUES 55,576 55,866 50,900 50,900 50,920 50,940 50,961 50,982 2-EXPENDITURES 78,285 49,995 50,000 50,000 51,300 52,583 53,897 55,244 OPERATING SURPLUS/(DEFICIT)(22,709) 5,870 900 900 (380) (1,642) (2,936) (4,263) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(22,709) 5,870 900 900 (380) (1,642) (2,936) (4,263) BALANCE 84,315 90,186 91,086 91,986 91,606 89,963 87,027 82,764 215-PROPOSITION C 1-REVENUES 648,934 673,308 702,400 702,400 702,536 702,676 702,818 702,964 2-EXPENDITURES 539,740 599,924 675,780 640,000 650,000 1,150,000 700,000 700,000 OPERATING SURPLUS/(DEFICIT)109,194 73,384 26,620 62,400 52,536 (447,324) 2,818 2,964 3-TRANSFERS-IN - - - - - - - - D-2 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)109,194 73,384 26,620 62,400 52,536 (447,324) 2,818 2,964 BALANCE 412,866 486,249 512,869 575,269 627,805 180,481 183,299 186,263 1 YR. PAVEMENT MGMT EXP.526,000 526,000 526,000 526,000 526,000 526,000 526,000 526,000 EXCESS/(DEFICIENCY)(113,134) (39,751) (13,131) 49,269 101,805 (345,519) (342,701) (339,737) 216-PROPOSITION A 1-REVENUES 2,459,693 829,823 849,400 849,400 849,620 849,845 850,075 850,309 2-EXPENDITURES 623,585 1,126,777 728,242 1,201,100 770,629 789,894 809,642 829,883 OPERATING SURPLUS/(DEFICIT)1,836,108 (296,954) 121,158 (351,700) 78,991 59,951 40,433 20,427 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)1,836,108 (296,954) 121,158 (351,700) 78,991 59,951 40,433 20,427 BALANCE 2,226,200 1,929,246 2,050,404 1,698,704 1,777,695 1,837,646 1,878,079 1,898,506 217-PUBLIC SAFETY GRANTS 1-REVENUES 129,927 140,643 131,000 131,000 131,022 131,044 131,067 131,091 2-EXPENDITURES - - - - - - - - OPERATING SURPLUS/(DEFICIT)129,927 140,643 131,000 131,000 131,022 131,044 131,067 131,091 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT 100,000 140,000 130,000 175,000 100,000 100,000 100,000 100,000 TRANSFERS NET (100,000) (140,000) (130,000) (175,000) (100,000) (100,000) (100,000) (100,000) TOTAL OVER/(UNDER)29,927 643 1,000 (44,000) 31,022 31,044 31,067 31,091 BALANCE 71,835 72,479 73,479 29,479 60,501 91,545 122,613 153,704 220-MEASURE R 1-REVENUES 496,404 526,387 545,400 545,400 545,910 546,432 546,965 547,510 2-EXPENDITURES 169,952 - 2,380,847 700,000 450,000 650,000 450,000 700,000 OPERATING SURPLUS/(DEFICIT)326,452 526,387 (1,835,447) (154,600) 95,910 (103,568) 96,965 (152,490) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)326,452 526,387 (1,835,447) (154,600) 95,910 (103,568) 96,965 (152,490) BALANCE 1,961,025 2,487,411 651,964 497,364 593,274 489,706 586,672 434,182 221-MEASURE M 1-REVENUES - 453,220 592,100 592,100 592,107 592,113 592,120 592,127 2-EXPENDITURES - 448,464 519,035 536,000 549,936 563,684 577,777 592,221 OPERATING SURPLUS/(DEFICIT)- 4,756 73,065 56,100 42,171 28,429 14,344 (94) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - D-3 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- 4,756 73,065 56,100 42,171 28,429 14,344 (94) BALANCE - 4,756 77,821 133,921 176,092 204,521 218,864 218,771 222-HABITAT RESTORATION 1-REVENUES 20,180 14,140 12,400 12,400 12,673 12,952 13,237 13,528 2-EXPENDITURES 140,825 150,633 149,503 179,500 184,167 188,771 193,490 198,328 OPERATING SURPLUS/(DEFICIT)(120,645) (136,493) (137,103) (167,100) (171,494) (175,820) (180,254) (184,800) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(120,645) (136,493) (137,103) (167,100) (171,494) (175,820) (180,254) (184,800) BALANCE 1,215,557 1,079,064 941,961 774,861 603,367 427,547 247,293 62,493 EMERGENCY PROJECTS RESERVE 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 EXCESS/(DEFICIENCY)1,165,557 1,029,064 891,961 724,861 553,367 377,547 197,293 12,493 223-SUBREGION ONE MAINTENANCE 1-REVENUES 5,307 32,080 8,100 8,100 8,278 8,460 8,646 8,837 2-EXPENDITURES 35,107 36,228 35,818 46,800 48,017 49,217 50,448 51,709 OPERATING SURPLUS/(DEFICIT)(29,800) (4,148) (27,718) (38,700) (39,739) (40,757) (41,801) (42,872) 3-TRANSFERS-IN - 41,500 41,500 35,000 - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - 41,500 41,500 35,000 - - - - TOTAL OVER/(UNDER)(29,800) 37,352 13,782 (3,700) (39,739) (40,757) (41,801) (42,872) BALANCE 756,830 794,182 807,964 804,264 764,525 723,769 681,967 639,095 NON-SPENDABLE ENDOWMENT 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 EXCESS/(DEFICIENCY)6,830 44,182 57,964 54,264 14,525 (26,231) (68,033) (110,905) 224-MEASURE A MAINTENANCE 1-REVENUES 200,334 48,032 91,100 91,100 91,124 91,149 91,174 91,200 2-EXPENDITURES - - - - - - - - OPERATING SURPLUS/(DEFICIT)200,334 48,032 91,100 91,100 91,124 91,149 91,174 91,200 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT 90,000 90,000 90,000 100,000 90,000 90,000 90,000 90,000 TRANSFERS NET (90,000) (90,000) (90,000) (100,000) (90,000) (90,000) (90,000) (90,000) TOTAL OVER/(UNDER)110,334 (41,968) 1,100 (8,900) 1,124 1,149 1,174 1,200 BALANCE 110,505 68,537 69,637 60,737 61,861 63,010 64,184 65,384 225-ABALONE COVE SEWER DIST 1-REVENUES 55,622 59,434 57,000 57,000 40,118 41,306 42,530 43,789 2-EXPENDITURES 163,614 118,188 48,769 648,100 654,004 859,948 215,953 221,921 OPERATING SURPLUS/(DEFICIT)(107,992) (58,754) 8,231 (591,100) (613,886) (818,642) (173,423) (178,131) 3-TRANSFERS-IN 208,000 208,000 0 455,000 650,000 850,000 200,000 200,000 D-4 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET 208,000 208,000 0 455,000 650,000 850,000 200,000 200,000 TOTAL OVER/(UNDER)100,008 149,246 8,231 (136,100) 36,114 31,358 26,577 21,869 BALANCE 180,553 329,799 338,030 201,930 238,044 269,402 295,979 317,848 227-GINSBURG CULTURAL ART BLD 1-REVENUES 587 1,045 900 900 920 940 961 982 2-EXPENDITURES - - 86,344 - - - - - OPERATING SURPLUS/(DEFICIT)587 1,045 (85,444) 900 920 940 961 982 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)587 1,045 (85,444) 900 920 940 961 982 BALANCE 86,344 87,389 1,945 2,845 3,765 4,705 5,666 6,647 228-DONOR RESTRICTED CONTRIB 1-REVENUES 16,466 46,238 17,000 9,500 9,709 9,923 10,141 10,364 2-EXPENDITURES 9,760 46,724 188,995 25,000 25,650 26,291 26,949 27,622 OPERATING SURPLUS/(DEFICIT)6,706 (486) (171,995) (15,500) (15,941) (16,369) (16,808) (17,258) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)6,706 (486) (171,995) (15,500) (15,941) (16,369) (16,808) (17,258) BALANCE 883,978 883,492 711,497 695,997 680,056 663,687 646,880 629,621 285-IA PORTUGUESE BEND MAINT 1-REVENUES 1,937 2,484 1,100 1,100 1,124 1,149 1,174 1,200 2-EXPENDITURES 69,989 80,064 120,400 90,000 92,340 94,649 97,015 99,440 OPERATING SURPLUS/(DEFICIT)(68,052) (77,581) (119,300) (88,900) (91,216) (93,500) (95,841) (98,240) 3-TRANSFERS-IN - - - 55,000 110,000 95,000 95,000 100,000 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - 55,000 110,000 95,000 95,000 100,000 TOTAL OVER/(UNDER)(68,052) (77,581) (119,300) (33,900) 18,784 1,500 (841) 1,760 BALANCE 213,438 135,857 16,557 (17,343) 1,441 2,942 2,101 3,861 310-CDBG 1-REVENUES 142,317 223,613 139,300 139,300 139,300 139,300 139,300 139,300 2-EXPENDITURES 142,317 194,557 229,300 150,600 - - - - OPERATING SURPLUS/(DEFICIT)- 29,056 (90,000) (11,300) 139,300 139,300 139,300 139,300 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- 29,056 (90,000) (11,300) 139,300 139,300 139,300 139,300 D-5 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F BALANCE - 29,057 (60,943) (72,243) 67,057 206,357 345,657 484,957 330-INFRASTRUCTURE IMPRVMNTS 1-REVENUES 334,785 303,781 285,500 285,500 291,781 298,200 304,761 311,465 2-EXPENDITURES 7,105,523 7,503,608 4,844,238 10,112,000 8,785,000 9,630,000 4,080,000 6,720,000 OPERATING SURPLUS/(DEFICIT)(6,770,738) (7,199,827) (4,558,738) (9,826,500) (8,493,219) (9,331,800) (3,775,239) (6,408,535) 3-TRANSFERS-IN 4,141,397 4,526,000 4,526,000 3,976,900 3,857,593 3,741,865 3,629,609 3,520,721 4-TRANSFERS-OUT - - - 455,000 - - - - TRANSFERS NET 4,141,397 4,526,000 4,526,000 3,521,900 3,857,593 3,741,865 3,629,609 3,520,721 TOTAL OVER/(UNDER)(2,629,341) (2,673,827) (32,738) (6,304,600) (4,635,626) (5,589,935) (145,630) (2,887,814) BALANCE 27,079,301 24,405,475 24,372,737 18,068,137 13,432,511 7,842,576 7,696,946 4,809,133 EMERGENCY PROJECTS RESERVE 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 EXCESS/(DEFICIENCY)24,079,301 21,405,475 21,372,737 15,068,137 10,432,511 4,842,576 4,696,946 1,809,133 331-FEDERAL GRANTS 1-REVENUES - 1,241,811 453,800 453,800 453,822 453,844 453,867 453,891 2-EXPENDITURES - 197,621 - - - - - - OPERATING SURPLUS/(DEFICIT)- 1,044,191 453,800 453,800 453,822 453,844 453,867 453,891 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - 1,087,000 - - - - - TRANSFERS NET - - (1,087,000) - - - - - TOTAL OVER/(UNDER)- 1,044,191 (633,200) 453,800 453,822 453,844 453,867 453,891 BALANCE - 1,044,190 410,990 864,790 1,318,612 1,772,456 2,226,324 2,680,215 332-STATE GRANTS 1-REVENUES - - 600,000 600,000 600,000 600,000 600,000 600,000 2-EXPENDITURES - - 1,044,320 - - - - - OPERATING SURPLUS/(DEFICIT)- - (444,320) 600,000 600,000 600,000 600,000 600,000 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- - (444,320) 600,000 600,000 600,000 600,000 600,000 BALANCE - - (444,320) 155,680 755,680 1,355,680 1,955,680 2,555,680 334-QUIMBY PARK DEVELOPMENT 1-REVENUES 67,434 59,270 73,000 22,000 22,484 22,979 23,484 24,001 2-EXPENDITURES 80,551 602,567 608,241 - - - - - OPERATING SURPLUS/(DEFICIT)(13,117) (543,296) (535,241) 22,000 22,484 22,979 23,484 24,001 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(13,117) (543,296) (535,241) 22,000 22,484 22,979 23,484 24,001 BALANCE 2,356,590 1,813,294 1,278,053 1,300,053 1,322,537 1,345,516 1,369,000 1,393,001 D-6 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F 336-LOW-MODERATE INCOME HOUSI 1-REVENUES 43,540 16,482 44,700 44,700 44,733 44,767 44,801 44,836 2-EXPENDITURES - - - - - - - - OPERATING SURPLUS/(DEFICIT)43,540 16,482 44,700 44,700 44,733 44,767 44,801 44,836 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)43,540 16,482 44,700 44,700 44,733 44,767 44,801 44,836 BALANCE 135,937 152,420 197,120 241,820 286,553 331,320 376,121 420,957 337-AFFORDABLE HOUSING PROJ 1-REVENUES 4,034 229,275 6,200 6,200 6,336 6,476 6,618 6,764 2-EXPENDITURES - - - - - - - - OPERATING SURPLUS/(DEFICIT)4,034 229,275 6,200 6,200 6,336 6,476 6,618 6,764 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)4,034 229,275 6,200 6,200 6,336 6,476 6,618 6,764 BALANCE 593,601 822,876 829,076 835,276 841,612 848,088 854,706 861,470 338-DEVELOP IMPACT MIT (EET)1-REVENUES 97,890 160,720 116,800 3,800 3,884 3,969 4,056 4,146 2-EXPENDITURES 75 - - 310,000 268,060 - - - OPERATING SURPLUS/(DEFICIT)97,815 160,720 116,800 (306,200) (264,176) 3,969 4,056 4,146 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)97,815 160,720 116,800 (306,200) (264,176) 3,969 4,056 4,146 BALANCE 302,424 463,144 579,944 273,744 9,568 13,537 17,593 21,739 340-BICYCLE/PEDESTRIAN ACCESS 1-REVENUES - 82,500 34,500 34,500 34,500 34,500 34,500 34,500 2-EXPENDITURES - 82,500 - - - - - - OPERATING SURPLUS/(DEFICIT)- - 34,500 34,500 34,500 34,500 34,500 34,500 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- - 34,500 34,500 34,500 34,500 34,500 34,500 BALANCE - - 34,500 69,000 103,500 138,000 172,500 207,000 501-WQ FLOOD PROTECTION 1-REVENUES 49,710 28,934 - - - - - - 2-EXPENDITURES 1,399,913 1,070,749 - - 50,000 450,000 - - D-7 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F OPERATING SURPLUS/(DEFICIT)(1,350,203) (1,041,815) - - (50,000) (450,000) - - 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(1,350,203) (1,041,815) - - (50,000) (450,000) - - BALANCE 4,735,809 3,693,994 3,693,994 3,693,994 3,643,994 3,193,994 3,193,994 3,193,994 681-EQUIPMENT REPLACEMENT 1-REVENUES 101,214 330,819 26,300 111,100 131,679 162,270 222,874 323,492 2-EXPENDITURES 631,709 313,260 700,000 749,200 539,200 509,200 459,200 409,200 OPERATING SURPLUS/(DEFICIT)(530,495) 17,558 (673,700) (638,100) (407,521) (346,930) (236,326) (85,708) 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)(530,495) 17,558 (673,700) (638,100) (407,521) (346,930) (236,326) (85,708) BALANCE 3,220,533 3,172,479 2,498,779 1,860,679 1,453,158 1,106,228 869,902 784,194 685-EMPLOYEE BENEFITS 1-REVENUES - - - - - - - - 2-EXPENDITURES - - - - - - - - OPERATING SURPLUS/(DEFICIT)- - - - - - - - 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- - - - - - - - BALANCE - - - - - - - - 686-BUILDING REPLACEMENT 1-REVENUES - - - - - - - - 2-EXPENDITURES - - - - - - - - OPERATING SURPLUS/(DEFICIT)- - - - - - - - 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- - - - - - - - BALANCE - - - - - - - - 701-TBD FUND 1-REVENUES - 462,459 - - - - - - 2-EXPENDITURES - 363,079 - - - - - - OPERATING SURPLUS/(DEFICIT)- 99,380 - - - - - - 3-TRANSFERS-IN - - - - - - - - 4-TRANSFERS-OUT - - - - - - - - D-8 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FUND SUMMARY FUND TYPE 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F TRANSFERS NET - - - - - - - - TOTAL OVER/(UNDER)- 99,380 - - - - - - BALANCE - 99,380 99,380 99,380 99,380 99,380 99,380 99,380 795-IA ABALONE COVE MAINT 1-REVENUES 7,818 16,334 3,400 3,400 3,475 3,551 3,629 3,709 2-EXPENDITURES 47,785 49,159 75,700 56,000 57,456 58,892 60,365 61,874 OPERATING SURPLUS/(DEFICIT)(39,967) (32,825) (72,300) (52,600) (53,981) (55,341) (56,735) (58,165) 3-TRANSFERS-IN 38,000 38,000 38,000 50,000 50,000 50,000 50,000 55,000 4-TRANSFERS-OUT - - - - - - - - TRANSFERS NET 38,000 38,000 38,000 50,000 50,000 50,000 50,000 55,000 TOTAL OVER/(UNDER)(1,967) 5,175 (34,300) (2,600) (3,981) (5,341) (6,735) (3,165) BALANCE 1,052,966 1,058,142 1,023,842 1,021,242 1,017,261 1,011,920 1,005,184 1,002,020 NON-SPENDABLE ENDOWMENT 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 EXCESS/(DEFICIENCY)52,966 58,142 23,842 21,242 17,261 11,920 5,184 2,020 TOTAL 1-REVENUES 36,175,840 38,536,290 38,033,485 38,848,900 41,563,308 42,213,186 42,920,199 43,674,834 2-EXPENDITURES 37,439,636 39,979,896 42,485,123 45,326,900 43,554,460 46,452,995 40,487,976 44,628,155 OPERATING SURPLUS/(DEFICIT)(1,263,796) (1,443,607) (4,451,638) (6,478,000) (1,991,152) (4,239,808) 2,432,223 (953,322) 3-TRANSFERS-IN 4,577,397 5,043,500 4,825,500 4,846,900 4,897,593 4,966,865 4,204,609 4,105,721 4-TRANSFERS-OUT 4,577,397 5,043,500 5,624,000 4,846,900 4,442,593 4,311,865 4,199,609 4,100,721 TRANSFERS NET - - (798,500) 0 455,000 655,000 5,000 5,000 TOTAL OVER/(UNDER)(1,263,796) (1,443,607) (5,250,138) (6,478,000) (1,536,152) (3,584,808) 2,437,223 (948,322) BALANCE 67,796,685 66,287,483 61,037,345 54,559,345 53,023,193 49,438,385 51,875,607 50,927,286 D-9 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FORECAST SUMMARY < SELECT FUND 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F 10-SHERIFF 5,451,056 6,108,698 6,318,500 6,540,000 6,867,000 7,210,350 7,570,868 7,949,411 11-PROF/TECH SERVICES-OTHER 3,538,648 4,366,948 4,784,164 4,306,900 4,418,879 4,529,351 4,642,585 4,758,650 12-UTILITY SERVICES 278,630 596,987 582,300 645,500 662,283 678,840 695,811 713,206 13-MAINTENANCE SERVICES 1,376,599 1,783,956 2,235,685 1,982,300 2,033,840 2,084,686 2,136,803 2,190,223 14-OTHER SERVICES 444,970 434,065 547,482 638,000 654,588 670,953 687,727 704,920 15-INSURANCE 968,072 635,613 684,744 903,700 927,196 950,376 974,136 998,489 16-OPERATING SUPPLIES / MINOR EQUIPMENT 809,547 558,755 630,400 511,700 525,004 538,129 551,583 565,372 17-CAPITAL PROJECTS - 100 400 25,000 - - - - 18-CAPITAL-EQUIPMENT/VEHICLES 85,536 109,977 3,000 3,000 3,000 3,000 3,000 3,000 24-GRANTS TO OTHER ENTITIES - - - - - - - - 25-INTERFUND CHARGES 82,185 300,900 300,900 84,600 86,800 88,970 91,194 93,474 31-OTHER USES 1,411,630 354,421 401,000 301,800 301,800 301,800 301,800 301,800 TOTAL EXPENDITURES, BY ACCOUNT GROUP 23,304,965 24,615,546 26,594,528 26,592,900 27,665,121 28,868,103 29,902,543 31,350,821 % ANNUAL CHANGE 14.9%5.6%8.0%0.0%4.0%4.3%3.6%4.8% EXPENDITURES (BY DEPARTMENT) 01-CITY ADMINISTRATION 7,104,084 7,514,883 7,884,335 8,234,300 8,558,788 8,920,194 9,287,855 9,654,164 02-PUBLIC SAFETY 6,272,709 7,137,167 7,270,848 7,300,200 7,651,620 8,020,482 8,407,445 8,813,406 03-FINANCE 1,835,261 1,587,487 1,567,308 1,896,500 1,980,535 2,082,363 2,185,223 2,285,870 04-PUBLIC WORKS 4,087,117 4,954,052 5,997,874 5,257,100 5,433,398 5,623,589 5,817,452 6,012,034 05-PLANNING/BLDG/CODE ENF - - - - - - - - 06-RECREATION & PARKS 2,175,099 2,493,316 2,754,079 2,862,200 2,995,872 3,149,338 3,304,409 3,456,348 07-NON-DEPARTMENTAL 1,830,695 928,640 1,120,084 1,042,600 1,044,908 1,072,137 1,100,159 1,129,000 TOTAL EXPENDITURES, BY DEPARTMENT 23,304,965 24,615,546 26,594,528 26,592,900 27,665,121 28,868,103 29,902,543 31,350,821 - - - CURRENT SURPLUS/(DEFICIT) - BEFORE TRANSFERS 5,954,701 5,837,057 4,165,073 4,830,500 4,864,183 4,256,945 3,834,741 3,015,662 % ANNUAL REVENUES & SOURCES 20.4%19.2%13.5%15.4%15.0%12.9%11.4%8.8% TRANSFERS-IN 15-TRANSFERS-IN 190,000 230,000 220,000 275,000 230,000 230,000 230,000 230,000 TRANSFERS-OUT 08-TRANSFERS-OUT 4,387,397 4,813,500 4,317,000 4,116,900 4,252,593 4,121,865 4,009,609 3,910,721 TOTAL REVENUE & TRANSFERS-IN 29,449,666 30,682,603 30,979,600 31,698,400 32,759,304 33,355,048 33,967,284 34,596,483 TOTAL EXPENDITURES & TRANSFERS-OUT 27,692,362 29,429,046 30,911,528 30,709,800 31,917,714 32,989,968 33,912,152 35,261,542 TOTAL SURPLUS/(DEFICIT)1,757,304 1,253,557 68,072 988,600 841,590 365,080 55,132 (665,059) FUND BALANCE-BEGINNING 15,068,098 16,825,402 18,078,960 18,147,032 19,135,632 19,977,222 20,342,302 20,397,434 FUND BALANCE PER TAB 12-FUND BALANCES FUND BALANCE-END 16,825,402 18,078,960 18,147,032 19,135,632 19,977,222 20,342,302 20,397,434 19,732,375 C-2 CITY OF RANCHO PALOS VERDES, CA - WORK-IN-PROGRESS FORECAST SUMMARY < SELECT FUND 2017A 2018A 2019E 2020B 2021F 2022F 2023F 2024F REVENUES (BY ACCOUNT TYPE) 11-INTERGOVT-FEDERAL - - - - - - - - 12-INTERGOVT-STATE - - - - - - - - 13-INTERGOVT-LOCAL 143,064 - - - - - - - SUBTOTAL-INTERGOVT REVENUE 143,064 - - - - - - - 17-INTEREST EARNINGS 191,721 303,781 285,500 285,500 291,781 298,200 304,761 311,465 TOTAL REVENUES 334,785 303,781 285,500 285,500 291,781 298,200 304,761 311,465 % ANNUAL CHANGE 150.4%-9.3%-6.0%0.0%2.2%2.2%2.2%2.2% EXPENDITURES (BY ACCOUNT TYPE) 11-PROF/TECH SERVICES-OTHER - - - - - - - - 14-OTHER SERVICES 1,006 - - - - - - - 16-OPERATING SUPPLIES / MINOR EQUIPMENT - - - - - - - - 17-CAPITAL PROJECTS 7,103,728 7,503,608 4,844,238 10,112,000 8,785,000 9,630,000 4,080,000 6,720,000 TOTAL EXPENDITURES, BY ACCOUNT GROUP 7,105,523 7,503,608 4,844,238 10,112,000 8,785,000 9,630,000 4,080,000 6,720,000 % ANNUAL CHANGE 428.5%5.6%-35.4%108.7%-13.1%9.6%-57.6%64.7% EXPENDITURES (BY DEPARTMENT) 04-PUBLIC WORKS 7,105,523 7,503,608 4,844,238 10,112,000 8,785,000 9,630,000 4,080,000 6,720,000 TOTAL EXPENDITURES, BY DEPARTMENT 7,105,523 7,503,608 4,844,238 10,112,000 8,785,000 9,630,000 4,080,000 6,720,000 CURRENT SURPLUS/(DEFICIT) - BEFORE TRANSFERS (6,770,738) (7,199,827) (4,558,738) (9,826,500) (8,493,219) (9,331,800) (3,775,239) (6,408,535) % ANNUAL REVENUES & SOURCES -2022.4%-2370.1%-1596.8%-3441.9%-2910.8%-3129.4%-1238.8%-2057.5% TRANSFERS-IN 15-TRANSFERS-IN 4,141,397 4,526,000 4,526,000 3,976,900 3,857,593 3,741,865 3,629,609 3,520,721 TRANSFERS-OUT 08-TRANSFERS-OUT - - - 455,000 - - - - TOTAL REVENUE & TRANSFERS-IN 4,476,182 4,829,781 4,811,500 4,262,400 4,149,374 4,040,065 3,934,370 3,832,186 TOTAL EXPENDITURES & TRANSFERS-OUT 7,105,523 7,503,608 4,844,238 10,567,000 8,785,000 9,630,000 4,080,000 6,720,000 TOTAL SURPLUS/(DEFICIT)(2,629,341) (2,673,827) (32,738) (6,304,600) (4,635,626) (5,589,935) (145,630) (2,887,814) FUND BALANCE-BEGINNING 29,708,643 27,079,302 24,405,474 24,372,736 18,068,136 13,432,510 7,842,576 7,696,946 FUND BALANCE PER TAB 12-FUND BALANCES FUND BALANCE-END 27,079,302 24,405,474 24,372,736 18,068,136 13,432,510 7,842,576 7,696,946 4,809,132 C-3