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RANCHO PALOS VERDES <br />MEMORANDUM <br />TO: <br />Kathryn Downs and Dennis McLean <br />FROM: <br />Steve Wolowicz <br />CC: <br />Carolyn Lehr <br />DATE: <br />January 19, 2010 <br />SUBJECT: <br />CAFR FYE 6/30/09 <br />QUESTIONS AND COMMENTS: <br />Kathryn and Dennis, <br />Here are some questions about the latest CAFR: <br />1. Although we have had a pleasant surprise with the positive variance in the <br />General Fund Reserve of $1,265,382 our General fund reserve has had <br />the following trend the last three years: <br />FYE Amount Change <br />6/30/09 10,440,256 (1,731,076) <br />6/30/08 12,171,332 (2,204,819) <br />6/30/07 14,376,151 <br />How much of the Transfers Out of $5.1 million is due to storm drain protection <br />work and is this decreasing trend expected for FYE 6/30/10? <br />Staff Reply — No transfers were made from the General fund to the Water Quality <br />and Flood Protection fund during FY08-09. General fund transfers to other funds <br />included $3.0 million to establish the CIP reserve and $1.5 million for the <br />residential pavement program. Transfers to the Water Quality and Flood <br />Protection (storm drain) fund for the recently completed McCarrell Canyon storm <br />project, totaling $7.4 million, were made from the General fund during prior fiscal <br />years. <br />On page 11 it is cited that we adopted a CIP reserve policy of $3.0 million for <br />emergency infrastructure projects — is that part of the $5.6? <br />Staff Reply — Yes. See the explanation above. <br />2. On pages 20 and 21 the "combined" Statement of Activities, expenses for <br />Administration increased $1.6 million (35%) and Public works increased <br />$1.5 million (17%). How much of this increase is attributable to the <br />increase in infrastructure repairs and will these increases decrease in the <br />next few years. <br />Page 1 of 4 <br />01/19/10 5:39 PM <br />