HomeMy WebLinkAbout0178.093-
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~sta t 12
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March 4. 1993
TH. HONORABLE CI'l'Y COUNCIL
Pal~ ~lto; California
Attention. Finance committee
1_?J~2-93 )lI.)~ EAR __ FIN.!~:!-H~:U~·_~_ SUKM.Jo..R¥JcAP.._I_TAl,J~ __ f:_Rgvg_H_f,:_NT PROG~~_CIPl
FINAN~IAL ST~'r_q_S REPORT }I.ND EUP_G...:F,; .. I_}~,,~.,E:_~_P_ME1'T ORD_~_NA1!CE
Hembers of the Co'-!ncil:
While the General Fund had been bl.ldgeted to end the year \.lith a
deficit, staff new projects an operatjng "surplus" fer 1992-93.
Ho ... ever. that nsurt:lus" is due to t'l.'O rl'lajor occurren'::£s; only one
of t,oIhich (health Cdre savings) \oo'i11 provide ongoing budget savings.
The ~on-recurring AB 702 retire~ent system credit is respoTI5ible
for a substantial portion of the budget savings this year. It is
i~portant to note that without this one-tine credit, the Ge~2ral
Fun~ ~ould actually r~alize a deficit of about $.5 million this
yei"lr. It is also \o'orth nOLing that last year's State: budget crisis
has diverted $.B rr,i11ion a ... 'ay fro:n the city's current year budgete.d
property tax rever~ue5, ana that the Governor ~ s proposed 1993-94
budget would take an additional $1.8 million next year.
Water Fund sales a:-;d reser-ves, 1m<" due to the prolonged dro;;ght,
have improved thi s year. Electr io Fund re~erves have again
increased drar.:atically due to lO'""E:r-than-prcljected pm· .. cr purchases.
The pyojee~ed year-end balance in the Electric Fund Rate stabiliza
tion Reserve is $JD.t mi1Iior., $17.~ million abovE-the upper
reserve range set by Coune i 1. Staff is curr-ent 1y ar:alyzing the
reserve policies for the utility funds, and will be recommendjng
changes to these policies for in~orporation in the 1993-94 budget.
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Issues for Council to consider 3.rLclude:
o The prolonged sta~ewide econo~ic downturn and the likelihood
of future state budget actions;
o BUsiness relocation and its impact on sales tax receipts;
o The impact of the Aerospac.a decision on future sales tax
revenues;
o The financial nealUI of the Water Fund after the prolonged
drought; and
o The reserve levels in the Electric Fund, and their impact on
electric rates.
CMR:178:93 2
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l!l! ~~ga,ldie ........ f.!!Jt t ~-.. --~---
~ ~ r· f G~NERAl f ~~iD REVENUE AN"O EXFCNOITUAE SUMM Ie 0001
MJlj,'ear " t Adjus,ood P(oject{'d C~I;ll"'ide,
Actua: Bud~et 8ud~et Adi"JS1ed f __ ..1 .. ~9'·92 1.'992-93 __ '~~2:9} _ .. -1J i.fi€r,",nc e ~(}.tlJl.~t
~ Aavenues
Sales taxes 14,693 14,547 14,332 (215) .. ~ .SO%
Pfoperoy taxes 8.555 8,902 8,'74 (72S) ·8,2D%
" UNity users tax ~,149 5,=97 5.597
r Transip.,.,~ Dccupanc'\l T~)( 3,104 3,348 3,045 (302; -9.00%
~ Other ts,xes, fines, and perralties U;!l ~.J)..3.Q 4.<.3.0) .. lZZ81 . 15.,C'_?<L-.;
,
Subto!al: Ta)(es 34.859 36.924 35.451 n,473J -4.00%
Service fees!. permits 6,570 6.790 6,550 170 2,~D%
f Jcint Service Agreemt:nts
(St,.nford Unil,lersityl 3.90. 3,919 3,574 (345) ·a,80s,
!ntsrest earninQs 2,063 1,908 2.'78 270 14.20%
Other revenu~s ,_3<2 .(.,SS'3 ~<.~AA 50 LLO~
Toul Revenues 50,227 52.435 S1,' 07 ($1,328: ~2,50%
Plus Prior Year Encumbrances and Reappropriaticr;::; 0 1,904 , ,904
Plus OperatinQ T.-ansfer:i In . tE_632 l§A .. ~ .. 7. .1 .. 6 • .4.5-7 ..
TOTAL SOURCES OF FUNDS ~6.~.~ l.QJ9~ ~~ .... ~.I:';.e l~JL3.~.e) o',~Q%
Expenditures
Sar"'ies and Benefits 42,896 47,932 44,057 (3,875) -8.10%
Contracts, Suppijes. Materials.
Equipment, & ill other t")(pe:"l'£es J..Ml;Q l.9..,S.8.6 'B"9SS 2 0.00%
Totar E)o:pendlrures 59,455 67,918 64,045 (3,873) -5,70%
Pk,s Ope;at:ng Transfers Out 2 .. 941, ;tS.l.? ;'-<-Z..Q.9 nJ .. 8.) ~ ... l.Q."h
TOTAL USES OF FUNDS p .. ~A .. Q.Q ]',,746 .. 6J-.dM 1,1.9921 ~5.60~
Net Operating SurplusrlOeficit) ~iO~ r~~ .. Ql L2l1 2...~5J
IMPACT ON RESERVES'
&dget Stabilization Reserve {616j (5491 67
AB 702 Reserve 0 2,597 2,597
Reserve for Streets.'Srdewal".s 38 38
Reserve for EmerQ':!ncies 0 0
Reserve for Reapp:"Er,cumbfance,~ 0 0
Stores Inventory &. Notes Rt:ce;vab1e 75 75
Advances tol {P .. yb"cks ~romJ 0 0
Other Funds H~.:n t4A}1
TOTAL TO IFRO~M RESERVES ~95D; 1,714 2,654
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GENERAL FUND
Total revenues are projected to be $1. J million less than t,he
adjusted budget for 1992-1993.
sales Tax
The revised sales ta~ projection for 1992-1933 is $14.) million,
1.5 percent below the $14.5 million figure in the adjusted budget.
This projection is lOwer due to a recent relocation by il major firm
outside of the City. The move ""ill' impact sales tax b~t apprcxi
mately $215,000 during this fiscal year.
property 'I'ax
The projected a~ount for property taxes is $8.2 million, or B.2
percent below the adjusted budg€!t. As a result of the 1992-93
state budget shift of property taxes to an Educationa.l Revenue
Auqrnentaticn Fund, the City's secured property tax apportionment is
being reduced by $S56{OQO.
sa 813 reven'Ues, -which :r:1dke up an esti:mated 3 percent of tctal
property tax revenuE's, a,r"" fr-ol":'; inc!:'"e-ased valu=tic.'"l of re31 e.state
that has changed o\;".ne:rship bet·~een the regular assessments. These
moni2s, new estimated at $193,450, are 1] percent below last year's
amount and 27 percent beJo .... the adjustel1 budge:' figure. The
decreased SE 813 revenues correspond to the reduction in the City's
document transfer tax (see below). Fewer homes are being bought
and sold, and consequently, fewer valuation increases are being
reflected on the tax rolls.
U':::ility User Tax
The utility user tax prc-jection remains unchanged. Utility user
tax re.ceil?ts co:rne from t;,.,'o sources. The first is the tax levied on
City-billed utility charges, ,",'hile the second is the tax levied by
the telephone companies on telephone billings to Palo Alto
businesses and residents.
Transient Occupanc'}" Tax:
The revised projection for transient occupancy tax is $3.0 million,
$302,000 less than the adjusted budget. Thjs revenue is 4 percent
belo~ the amount received last year at this ti~e. Th~ decrease
occurred despite an occupan,=)' rate increase. It 3ppears that
C1"J(~ 178: 93 4
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visitcrs to Falo Alto are st~ying at less expensi~e hotels, a~d/or
tlotels appear to b~ lowering their rates. 'Ihis results ir, a
decrease in revenue despite an increase in oc~upancy rate.
other Taxes
UIJdated projections for other taxes, fines and penalties anticipate
a decrease-of $228,000 i:1 these revenue 50'JrCES. Motor Vehicle
fees i\re expec"Led to co;ne in $58,.000 belo' .... the previous estimate of
$1.9 million. Motor vehicle fees are based on the number of
automobile registrations:. Due to the recession a::1d fe ... ·er ne'lol car
purchases:~ there has been a J percent red~ction in Motor vehicle
fee revenue conpared to last year at this time. This reduction
occurred despite an increase in the percentage of the fee allocated
to local governments.
The document transfer tax, also referred to as the conveyance or
real property transfer taxI had a rat€ increase in June 1992 from
27.5 cents per $500 of real property valuation to $1.65 per $500
valuation~ Projected revenues are being reduced by $218,000. or 15
percent. to $1."3 :t'iillion~ The rE',cession contip.ues to impact the
real estate market and the number of properties chi'inging o....:nership.
Police f i.nes and penal ties are projected to c(,,'me in $48,000 highe.r
than budgeted and are up IE percent cor..pared wi-th last year at this
time. The increase is du-=. to re'/enue from parking violation fines
-which are 36 percent over last yearls receipts. Unlike last fiscal
year, the Ci.ty no ... · processes all parking citation fines in the
Re~enue Collection Division of the Finance Department instead of
contracting this service cut to a ve>ndor .... ·hich has increased the
rate of collection. Tn addition, there ",'ere vaca:::t parking monitor
positions: in the early part of the 1991-1992 fiscal yeilr 'Oo7hich
accounts for part of the increase.
The increase in overall fi:!"l€s and penalties revenue occurred
despite a reduction in the city share of fines fro~ the County for
crimes cthe.r than parking violations. 'ihe County had indicated
that s.uch revenue "'cmld he reduced bi' about 50 percent due to the
.1592-93 state budget actions, and th~ 1992-1993 adj usted budget
figures take this into account.
Joint Serviee Agreements
The AS 702 Public Emplo!e-s Retirement system (PERS) reh3te and a
decrease in health c~re costs will result in decreased rei~burse
::nents from Stanford for tire and COT1H1'.'.1!1ication services of
$345,000.
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Service Fees an~ Permits
Revenue from fees and permits in the Inspectic'n Services Division
of the Planning Department is projected to be $881,000, or S95,GGO
over the adjusted budget. The change: is due to increased develcp
ment activity~ The revenue budgets for plan checking fees and
building ~dditior:s permits ...,ill be ilicre~sed.
Par-al";edic revenues are expected to increase by $75,000 for the
fiscal year. This is due to the use of a seco!1d para:rnedic
transport unit when staffing is available. The second unit became
cperational on a d~ily basis in December 1~92.
Interest In::-ome
Projected inte>rest income is being ) ncreased by 14 perce:lt, or
$27C,OOO, fo~ a total of $2.2 million, due to larger cash balances
in G~neral Fund reserves r incl~di~g the AB 702 (PERS) credit.
General Fund expenditures are now projected to C(;r.'.e in $~. 0 million
under budget. The majo~ savings are in sal~ries and benefits (see
belo~) due to the AB 702 (PERS) credit ($2.6 ttillion to the General
Fund). and t.he savings realized by s1 . .ritching to a premium based
r:ealth care provider r.et,,'crx. incl '..tel i:-:.g hea 1 th mainten<::;.nce and
preferred provider org~nizatiC'Jns ($1. 4 mi llion to the GE'.ne.ral
Fund) •
Salaries and Benefits
Substantial savings ($3.9 million) a~e projected fer salaries and
benefits. Thg biggest portion of this savings ($2.6 ~illion) is
the re~aining portion of the AE 702 PERS credit fro~ the State's
1591-92 ~udget action5. In addition, budgetary savings in General
Fund health costs of approxiMately $1.4 million 'Will be realized in
1992-93. The il'lain reason for this substantial varia:1ce to budgeted
costs is the large variability of cost..s. ... 'hich ... ·ere experienced
under the City's self-insured employee health benefits plan over
the last fet,l; years~ Budgets for 1991-92 and 1992-93. based on
previo~s years' grow·th experi,:;,nce, assu!:'.e:l a cont inued 20 percent
rise in h~alth care costs for each year. But actual costs in 1991-
92 remained flat fro~ the previcus fiscal year, and the fi~st 6
months of 1992-93 are also ',..Iell be I m .. · budget ($. E. :million). The
six :rno~ths subsequent to the City's ~ove to the Public Employees
Medical a~d Health Care ~ct (PEMHCA) pre~ium-based plans as of
January 1, 1~9J are projected to provide an additional $~7 million
savings over projected costs for the General Fund. Negotiations
have beeD co~plEted for the August 1 enrollment year, 'With ttle
CMR:17S:93 6
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average rate of incre~se a~ong all PEHHCA p1ans being held to 1.5
percent. Since the City 1 s 199J-94 health costs were budgeted for
an additional 20 percent increc1se over prior yei.1r budget estimates,
the 199)-94 lnteri~ Budget .... i11 be adjusted to reflect approxi
mately $2.4 ~illion savings from budget in h~dlth car~ costs for
the General Fund. (Health ana r~t~rernen~ savings are alsc being
re~lized in the Enterprise Funds, as well as the Vehicle , printing,
~nd Mailing Internal Service F\H',ds.)
Gelleral Expenses
General liability expenses are projected to decrease by $194,000
because citYl,l,ide 1 iability claims Sore rr.l.1ch lO\ller than budget for
the first half of the year. Offsetting this somewhat, pad dept
e~pcnse for para~edic tra~5port charges and false alarm billings
need to be adjusted upwards. The reimhurseme~t rate from Medicare
for paramedic chan·ges was increased in 1992. This new rate ",·as
expected to dramatically reduce bad debt or uncollected funds for
the para:nedic program. Medicare bad debt has~ in fact~ been
reduced, but the estimate for the bad debt rcductic,n ·was teo high.
Consequently, the projection of $50 1 000 for 1992-93 was cptimistic,
and bad debt expense is now projected to be $IOe,COO for 1992-9).
Similarly, the uncollectible amount fOr false alar~ billing~ was
adjusted do....,.n for 1992-93, and actua 1 u.rlcollectibles rja~ .. 'e been
higher than expected. Tbis adjustment will increase bad debt in
the Police Department by $5,000 to a total of $2G r OOO.
Finally, the project Mobility bucget is being changed to adjust for
the actual level of grant funding received from santa Clara COU!1'tY.
'!·he tCital increase in revenue is $5,0, (lOD. while expenditures ""ill
increase $4S r OOO.
~lloe~te~ Ch&rges
Several factc,"["s co:;r,bine for a n.et increas; of '$,96,000 if; tCIe
proj €:ctions for allocat~d charges. ' .... ate:r sal";:$: to General .F'..md
departments are e.-xpected to increase by $174. 000 duri r.g 1992-93.
A delay in i:mplementing the Golf COU! se recla i:-::ed •• ater project
accounts for $50,000 of the increase, and another $45,000 is the
result of one-time expenses for the City Hall construction project l
and fill ing the Baylands Duck POrld an::"! Eoronda Lake:. Unanticip<!ted
expenses in the open Spacer Golf, and Parks pr-ograrr:s account for
the balance of the midyear ' .. 'ater sales adjust..rnent.
ElE-ctric sales to Genera 1 .Fund depart:rnents are increasing bi'
$35,000, due to inc:re-ased u.:;age irJ several faci.lities, primarily in
city Hall d-';e to construction ";0 .. k in "the garage.
Chargc5 for vehicle replacement are projected to decrease bi 15
percent, or $149,000. This is to credit ~he dcpartrne~ts paying
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into the Equip:nent Replace:r..erJt Fu.nd fur tfH::: int~r€st that has be~n
earned 0':". the 1: e:serve balance .i n the :Fund.
Ve~!cle maintenance charges have been increased a tot~l of $36,000
... ·ithin the General Fund to reflect the actual repair-.'crk being
performed by the garage. This fu.nding is required to support
specialized, unexpected repair ..".·ork on city ve"hicles.
All Other Expenses
.~s a result of the historical analyses prepared as part of the
Economic Future study. staff feels comfortable predicting that, in
addition to the specifically identified non-salary savings listed
below, departmental non-sa.lary savings by year end should total at
least an additional $500,000.
General Fund Transfers to Debt bervice Eun~:
An analysis of tM.e Cityt s Debt Service Funds I'evealed that the
reserve for the Terman Le~se has been dral.m dQ'",,'n fa~ter than
originallyant.icipat.ed. The reserve was e~tablished at an amount
which ... ould provide sufficient interest earnings that, 'When
comb':'ned "'ith lease revenues from the property. ,",'ould enable the
Ci ty to pay the d,:.bt service as it became due until the debt ""as
tully retired in the year 2001. In the past fe'",,' years, interest
rates paid on the debt, based on the Palo Alto Unified School
District' 5 pc<:.: .. tfolio earnings ra.te, · .. 'ere higher than anticipated
when the reserve \\las established. This caused the reserve to
decrease at a faster rate, 50 that less interest cou ld be earned on
the reserve than anticipated. Now that interest rates have
declined, the problem is mitigated to some extent, but the reserve
is less -than the level proj ected for full fU1"lding of the debt.
Rather than .... ai t until the reserve is depleted and de~t service
paynler.ts are st:ill re.qui:'ed, staff recc.'rnrcends that $75,00a be
tr.:=.r.sferred from the General f''...ird to tile Terman Debt Service Fund.
This 'transfer will bring the reserve up to $1. S~ million, \.'hich
should be sufficient at an interest rate vf £.5 percent, to fund
the debt service over the remaining ten', of the debt~
Also within the D!?'bt Service Fund, the Civic Center debt was
refinanced in 1991-92. As a result of the trcnsactions ,,/hich
established the new bond reserves, a balan,=,·e of $194,000 remains in
this fund a'ho'w'e 'W~at is requirEd for t:he new debi: service. Staff
recorr~ends that this balance offset the General Fur.a transfer to
the Civic Center Debt Service fund in the re~ainder of the 1992-93
fiscal year. 'I'he net change to General Fund debt service transfer·s
for the two transact.iDfls (T2rr.'",an and civic Ce:1t~r) is a decrease of
$119,000.
CMR:17B:93
eU~get St&bili~atioc Reserve
The chart belo,", sho .... s the B~dget s'tabilization Reser .... e ba lance
(formerly called the Reserve for capital Projects) as cf the
beginning of this fiscal year, ar.d added to that calance are 311 of
the changes no,", projected through the end of the year. ,The fi=~t
number, -$549,000, represents th~ result of net operations sho .... 'n on
the Gen~ral Fund Summary on page 3.) The remaining items are non
operating item:;, that is, items not sho ..... n on the General Fund
sutt.mary.
Budget Stabilization Reserve
Balance on 7/1/92
Impact frOID General Fund Operations
(from Ge:!1eral Fun::! Su:r.rnary p. ~)
Reimbursement of civic Center project
costs from bond proceeds.'
Projected departmental non-salary
-549,000
749,.461
savings by year end 7 500,000
Estimated bdlances in closed Gene~al
Fund erF fund projects at year end __ l_g __ ~ __ -,-_§_oo
Subtotal, 1992-93 changes to the
$1:i,J66,355
Budget Stabilization Reserve __ 809.061
Prgjeeted balance on 6/30/93 $J-_2..t._1,-'-~ __ ~J~_
1~ In March 1992, th-.= city refinanced the 1983 Civic Center
Certificates of -Participation I providing ne .... · funds for
additional retrofiLting and structural irnproveroent projects
needed for the Civic Center. Currently, the. Reserve for
Capital Projects reflects the appropriations for these
projects, but as the capital expenditures are rnade, th8 cit)'
.... ill reimburs8. the fund from the remaining debt proceeds of
$749,000. The appropriations ~ill then be returned to the
Budget Stabiliz.ation Reserve.
2. As mentioned previously, this represents normal departncntal
savir::;5 exp~cted by year en.:L
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'rota.l General Fund ~.eger\'e,'9
Belo\.{ are projected year end General Fund RF.!serve balanc.es
thousands) •
Eudget Stabiliz4tion
Reserve
AB 702 Credit
Reserve for Emergencies
Reserve for stree;:ts and
Side .... 'alks
Reserve for Advances to
other FunCE
Total
General Fund Reserve Policy
~~ctual
__ .l_9_~_£_
$11,366
2~166
5,DDO
485
441
projected
1993 Char.ge
51:2,175 $ .09
4,763 2,597
5,000
523 JS
$22,461 $2 /997
(in
The: General Fu::d Reserve policy approved by Co'_mcil (CMR:487:9J)
gives a reserve range for the Budget stGbiliz3tion Reserve (BSR) of
bet""-een 10 percent and 30 percent cf General Fund operating
e>:pe.nditures. The projected ending balance for U10 BSP: tor June
30, 1993 at $12,175,416 r or 18 percent of operating expenditures,
is within that rdnge.
CMR: 178! 93 10
ENTERPRISE rUNDS
commc~ity Sa.les
water Fund
Revenue fron water sales is projected to be $1.7 nillion above the
adopted budget. This is due to an increase in consumption by the
City of ?alo Alto and other water customers. Revenue for the first
six months of the fisca.l year \o,'as about 10 percent above projec
tions, and this trer,d is expected to continue. ""ater sales to city
depart~ents is projec~ed to increase due to additional irrigation
requirt?ments dl.1ring t.he sutr.mer r..onths at the Baylands Duck Pwnd,
Boronda I.akE', at the Golf Course park sit,es l and due to the
construction work at the Civic Center. The t.otal increase is
projected to be $lB9~OOC.
Electric Fund
Although tota.l sales to customers ~ill re~ain un=banged, electric
sal~s to city departments are projected to inc~ease by $90,000.
This is due to the construction at the Civic Ce-nter ($35,000) and
addi tic.nal po ... ·er requirerr,,,mts at the Water Qua 1 i ty Control Plant
($55 .. 000) ..
Other Income
Interest Income
Interest earnings in the Electric Fu.:ld are projected to be $42:6, 0UO
above budget for 1992-93. Over the last year and a half~ ele~tric
power purchases have been $16.3 million less tha~ budgeted. (See
npurcha~e5'1 belo~ for mD~e information. Interest earnings in the
Refuse Fund are expected to decrease $62 I ODO; increase $75,OOa in
tr.e Wastewater Collection }'und; and increaSE: $4(,O{JD in the Storm
Drainage Fund.
Electric Fund Reimbursements
Electric Fllnd revenue budgeted fro:.. Pd,:ific 82.11 and Cable Coop
totalling $713,000 should be re~oved f:r-ol"'~ the b\.ldget for 1992-93.
Although the llnderg:collr,oing .... ·ork in qllestion ,dll begin in Y.i::'I)',
billing w111 not occur until the 1993-94 fiscal yEar.
Gas Fund Connectio~ Fees
Fees to customers for gas line connections arc coming in higher
than bUdget and need to b8 increased by $100,000.
CMR:17B:93 11
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Re\le!l'.I~;
ToWSIl1~
O\he, lncorne
Tota! Re .... en~
Pk.s Rea.pp:""'prU1io~ &.
Emumb~ from Prior Year
Ex?e.lId~i'ure~:
UIlliF:}' Pun;;hal;es
OIh~ E~pendit\lre5
Salarias, CoC'!n...'1.
G~raJ Expen~e, Ek
Toti01 Operating Expense,
Ope-taliDg TTfUl.<;f·er!I Out
T<:'w E);.pencT:tl.l-es
Cllpial E-~pe:;<hrures
Repay~ of AclvlUKl: from OJ:"
P~pal Paymefl.ts -Bond~
Net lo (from) P:eserve~
c~rn;178:93
~nD)'·EA.Q,. Fli'l"" .... CI,t,L REPORT
ENTERPRiSE i;VI'IoTIS
o
REYENLTf A.l'1'D [.XPEr-..'rnr .... :u Sl1\fMARY
($ OOO'~)
Mid),e.&r
AJj ~:bd Prcj~ed
A~rual Bv.ie,t':l &.lger
192,1-92 ____ --.l.2?>~3 _____ }~.~.~~.3_
lli.581 125,7>2 127,3.8:5
15,M) l[l,e;{I iO,S44
n~.£'l! UJ2,~; 1~L~1.2
15,%8 14 ,3;!7 14,397
5D,()9] ~3 ,653 57,203
~U!.:W~ !~.QQS 50984
89,39:-J !1,65'S 108,187
ll!,~J.c;, J.t'.,QS.; l~1Q.S5
1('5,214 128,:.+) J:24,272
2),2'15 2i,4J 1 26,505
1,720 4.:7 <47
1.Q5 735 735
L~ 11:..~ .. W ill
12
iN , &si
1,£5)
(66)
llt7
0
l6,4~OJ
L..912
(d,4'! 1)
Q
(4,47i}
{926.1
D
f.lli
"it-Chan!!'!:
AdjU!t~
-.. -~~~
131 ~
-0.62%
16~1
O.OO~
-10_!3~
~tQi'!
-3.97<;;:
O.OO'i
-]";i~
-:U&'i
000':;;'
:W..illi
,
Purohases
Electric }-'und
Purchases of power in th~ Electric Fund are ~xpected to be ~6.25
million below the budgeted amount. This is due: t-o the following:
o Western Area Po .... er Jt..dministratic'n (Western) I the City's
primary electric s\J.pplier~ realizec significant savings ... 'hich
.... 'ere passed on to it.s customers~ These savings W'ere the
result. of a favorabl e opel-'ating year and a set.tlerr.ent of
several disputes ~ith Pacific Gas and Electric (PG&E) total
ling $3.85 ~illion.
o Trle City, as a membe.r of t.he Nort.hern California PO'w"e.r Agency
(NCPA) , :rr,ade several unexpected sa les of surp) LIS reS'='"iJrces for
a short 1..er-m to othe~ l~CFA lH.mbers. These :sales nettcd Palo
Alto '$1,'7 million ... .rhich was used to offset pO""'er purchase
cost.
o An unusually :mild SU~\TI",e.r resulted in a de.r.-,and that 'Was 7
percent lo,,",'er than expected. This .meant a $700,000 reduction
in cost.
Gas Fund
Gas purchases are expect.eo to be $1.0 million less than the
budgeted amount. This ~s due to the uS'e of PG&E's official
forecast of $0.30 per unit purchased to project the cost of tJ-Ie
commodity for the 1992-93 tn.!dqet.. The average: co==t tor the first
halt of the year h.as been only $8.27 pt?_r unit purchased. This
resulted in a $650,000 savings. The cost per unit is expected to
increase slightly for the second half of the year. In addition,
actual purchases are 7 percent less than projected for the first
~ix nonths of the year.
Water
The budget for v.'ater purchases will pe increased by $650,000. Tn
the fir:s:t six mDnths of the year. ccnsu!Tlption -",'as 10 per-cent higher
than anticipated. This result.e-d in aci,ditional purchases of .... ·dter
of $400,000. Staff assumes that the c~rrent ~et conditions will
result in a drop in consumption through the winter months bu~ that
consumption will increase ~gain in the last three months of the
year, requiring additional funding of $250,000.
CMR:178:93 13
I
iii _
o o
Refuse
Payment.s to the Palo Alto Sar'litation company (PASCO) should. be
increased by $150,000. T'he City pays PASCO a contractually agreed
upon percentage of rEfuse reve"ue collected, ano that percentage
h~s resulted in higher-than-bucgeted pa)~ents to PASCO.
other Expenditures
Other expenditures are increasing b:t a total of $2.0 million.
Salary and benefit savings due to the AB 702 credit and health cost
savings total $l~l :!:'lillian. However, a change in accounting
sta~dards for the reporLing of landfill'costs means that the Refuse
Fund must now recognize a pre-rata share of all incurred landfill
closure costs since the inception of the landfill. Tne tot"!!l or:c
tiJl';c impact on the RefusS' opera.ting budget is $3.9 million, ';"Iith a
small annual imp~ct in future yea.rs. Other expenditure changes
(liability ccsts, vehicle maintena~ce} are also discussed below.
Salaries and Benefits
Salaries imd benefit savings of approxina'tely $1,074,000 are
projected fo~ the EntErprise .funds for 1992-93. These savings are
due to the PERS ct"edit ($712, 000) and revised health care cost
estimates {$362,OOO}.
Allocated Charg~s
Charges for vehi c:le replace!l'ent ar-e projected to;:. decrease by 15
percent, or $176,000. This is to credit the dep~rtrnents paying
into the Equipment Replacc]"",e;)t Fund for the interest that has been
earned on the reserve bala:--,ce in the fund. Cha:rges to the
Enterprise F'..lnds for vehicle ntaintenance :have bee.D increased
slightly du.e to sonE one-tinH>:, large eguipr:,ent re~air expenses,
including the repair of equipnent at th€ landfill.
Cit~i • .'ide liabilit.y savings are projected, and the savings to the
Enterprise Funds total $74 1 000. Finally, a $460,000 decrease to
debt service is prcjected due to a refinancing of Calaveras debt.
Charges for \·,).ter and electricity have increased, primarily
affecting costs at the ~ate[ Qualit~ Contral Plant.
Refuse F'i.md-Landfill Closure Costs Accounting Change
In 1992, the GDvern~ental Accounting Standards Board (GAS8) issued
proposed new accounting standards .... hich \d 11 impact the accounting
and reporting for the city's landfill operations .. The proposed
standdrds require tt,at all costs associated ""'ith operation af a
CMR: 178: 93 14
~--~--
•
---------------------------....
landfill site, including closure 3n'j post-clos~re monitorir;g and
maintenance, must be fully recognized during the time period irl
'Which the site is used. As a result, the ~,l. 57 million of 8yxbee
Fark closing costs, .hich had been appropriated in the Refuse Fund
capital budget, will be reflected as operating costs in 1991-92.
Similarly, in the current fiscal year, the cost of closing a s~cond
landfill area 'Was budg~ted as a capital outlay ($973,000), b~t ~ill
als_o need to be recogr.iz.ed as an o~erating expense.
In addition to these actual closing costs incurred. the City must
now r-ecogniz.e a pro-rata share of projected closure and post
closure costs based on the la~dfill capa=ity used from inception
through fiscal 1992-93. Staff €sti~ates that such costs amount to
an additiorlal $2.96 million and should be reflected in the contract
services budget fer Refuse. Not~ tha.t once the Cit~' recognizes
these historical costs, the annual opera-t,lng expenditur~ for the
Ref~~e Fund will be approxi~ately $50/000.
Funding for these costs can come from two places: the Landf ill
Closure Reserve and the Refuse Systam Irnprovc!"·ent Reserve. A
Landfill Closure and Pos~-Closure Reserve ~as established in 1991
in order to satisfy requireTI1ents of the California Integrated Waste
Mar.agement Boards (CIWMB). cr .... TMB requirements \o.'ere for: (a)
closure and post-closure care costs; and (b) insuring that landfill
operators set aside those costs in a "financial ~echanism" that is
not SUbject to use for other pur-poses. The current balance in the
Reserve as of December 31, 1992~ is $1.51 ndllicn. Since virtually
all closures costs, as ~ell a5 ~he cost of thE required 30-year
post-closure monitoring progra~, \/"il1 be expensed as the landfill
capacit~.' is used, the separate reserve \ofil1 no longer be. r.e.eded.
Staff recommends that the current Landfill Closure Reserva be
merged wi th the Refuse FUnd's System Dnprove:rnent Reserve (SIR) iil
order to reflect foIl funding of the accrued closure costs to-date.
Staff believes that a fully funded Landfill Closur-e aT,d Post-
Closure Reserve \o,'il1 not cnly cODply ""i th the J31:-ccl..lntin3 star,dards
to be issued in mid··July 19503, b'"lt srlol.lld satisfy the CI .... "X8
"fi~ancial assurance ~ecnanis~" reauirE~ents as well. A r~vised
resolution, Iltodif:r'i:lg the ITianner i;. i<:hich the ste:te's nfinancial
assuran.ce mechanism" requirel"':ent for solid ""3ste landfills is met,
'Will be submitted for Council approval prior to fiscal year end.
The net decrease to the R~fuse Fund Syste~ Improy~~ent Beserve from
~hese changes is $1.45 million.
Electric
The Calaveras project debt service has been refinanced, resulting
in lower interest pa>'TIlents. Th':'s mEans tha~ the payment required
CMR: 17B: 93 15
T'
MIDYEAR
ADJIJSTED PROPOSED
BVDGI:'"T_ CHM~9ES
ElECTRI C rUND
E"mer\jef1C1 P1ant Reola~t!'fTlt::'1: , ,925 0
Syztems Imp,ololeme ,l! 8,F.52 !4S)
Transfer S~abi~i;ta~ion 24,Z~j 5 6,31'
Calavei3s .4 1,324 450
AB 702 RcsEoNe ~..1._Q LJ_~
Subtotal 58,580 5,962
WATER FUND
Emerlilt:m:y Plant Repl,JCem'2.;Jl S~ 5 0
Systems ImprOV3ment 344 0
Tro/ln:!:fer St;obil; .. atior: 724 1,' 16
AS 7G2 Re$elVe ~~ ~ .. ~.
Subtotal 1,671 ',198.
GAS FUND
Emerlilen{;.~' P'>3nt ReplaceMent 520 0
Sys1em:!S 'mprovem!!.r"It 3.93·1 i21
Transfer Stabiliza1wn 2,'15£ .~2':J
G"s Supplemental Supp=,' 3,0.92 0
AS 702 Reserve §.;; 14
Sub10tal 10,Se3 1,292
WASTC',vATEFi FUND
fmergerll::y Plam Rep'i3cemerl, 1,134 0
System!. \mprOVl3me{'",t ~:~ 25 , 57
AS 702 Reserve .HiQ ;a_;a __ Q
S'Jbtot2!! 5,4;9 JS3
~EFUSE FUND
Systems Improvement a, n,s (',310)
La rnHi II Closure 1,739 f1,739 r
AS 702 Rt!!!;.erve ,9 IU
Subt~tdr 5,5A.7 (2,966J
STORM DRMN FU~JD
Syste-ms ImprO'1e"'"le'1! '" " AS 70:(: R2"f.~e U II
SubtOl,3i ill ] 14
TOTAlS IU.ill ~
TOTALS
[m!'rQency Plan! A<:pla~emeflt 4, j:28 0
SysH:m!;. Improvement :l2,427 (~, i 03 f
Trans1ef StClbillzati~n 27,945 E,553
Cal.(J ... eras 21,324 <50
(las Suppleme~,!al Supply 3,092 C
Landlll~ CiDsure ,739 11 ,7391
AB 702 ResiSh'e ~? __ ot_ ZJ.l
TOTAL am ~ID
111 Ttle net change i(l re,~r\lE:S is the lal,.' c!,jIl;!reroce t,e1v.e,"~, revenues and e)'pens~s iJ.KI, .. dir-IQ
transfers to a~d hcm otne, funds',
CMR:17B:93 ]6
PfKlJECTEC>
RESERVES
rNDI~~G
_S~bANCE_
, ,929
a,e07
30,582
21,7.&4
_~AQ
53,542
5'5
344
1,B40
ill
2.869
520
3,929
4,176
3,092
l"B
'1A05
1.13~
5,282
;t5;i.
~,B{J2
2,448
0
ll~_
2,581
514
2~
5.'.3
~
4,12B
21,324
36,598
21,784
3,092
C
.:!~?EI_g_
au..u_
-
-,
" ~ ... <;.~
fro:n the Calaveras Reserve has been reduced by $460,000.
funding ..... ·i11 be returned to the ea lavera5-Reserve.
This
Adjust:r.lents ir: the projected expenditures for purchases of electric
power and increased interest earnings ~ill incre3se funding of the
Transf~r stabilization Reserve (TSR,l by approximately $6.3 million.
The balance in the TSR is prCiject~d to be $30.6 million at June 3D,
1993. This is discussed further in the IIIssues~ section.
This midyear report does not reflect a probable refund or credit of
around $10 million from western. The credit reflects a legal
settlement bet.'een Western and PG;;E'. io.~en the settlement has been
approved by the Federal Energy F~g'~latc,ry Commission {FERC), likely
in the n,;,xt fe ... · mOTl'ths, st~ff -will adjust the appropriate Electric
Fund reS€rves to reflect the additional funds, lil-".cly to be around
$10 :million.
wastewater Fund Corrections
The Wastewater FUT.d Summary (Attachl'!'ent 3) is included to clarify
the adopted fending for the io.'aste· •• ater Treatment and the loI"astewater
Collection S1Jhfunas. There 'Were minor discrepancies in the fund
sUmJTlaries in the 1992-93 adapted budget document sUbmitted to
Council last spring. The di:::ocrepancies .... ere bet'w'een the total
appropriation for capital projects and the reserve funding. The
noet change is $1,517. It is requested that this correction be
approved as part of the midyear report.
INTERNAL SERVrCE FUNDS
As was mentioned in t".he sections on the General F1.md and EnterpI"ise
Fur.ds, the In'ternal Se:--vice Funds (Equipment Maintene:nce, Print:l!'.g,
and Mailing) .... ill also ~e,zliz-e savings due to; the AS 7(;2 credit;
health care savingsi and liability savings city-.. "ide. One other
accounting char.ge is reguested for the equip:-nent internal servi~""
fund. The City entered into a multi-year purchase arrangement as
of December 1990 with 'I'ransDcean Funl'iL1g, Inc. for the purchase of
heavy equipment. CCllllcil approved the lease purchase agceement in
November 1990. Depreciation and amortization expenses for the
Ci t::r" s lease purchase of heary equip-rnent .... 'as left out of thA
Vehicle Replacement Fund budget, and $10,000 therefore needs to be
appropriated. Those funds'will co~e from the Vehicle Replacement
Fund reserves.
J.,CCEL Hefund
As reported to Council in July, ~he city has received a refund trom
the JI.utharit}' for California Cities Excess Liahility (ACClL) in the
amount of $617,000. ACCEL is a consortium of cities ~hich pool
CMR:1?d:93 17
..•.
o
their general liability expenses. Tr.e City has pa:id a premii.Jm into
ACCEL annu~lly since 1986, and the refund represe~ts the entire
premium for th<a time period 1986 to 1987, becaLlse no cl;o~i~s .'ere
paid cut during those ~ears.
The city has an 1.!nf" .. mded liability for general self-insurance,
representing those smaller claims ~ur,d2r $1 ~.illiDn each) Hot
covered bj' 1>.CCEL. 'I't.e city's unfunded genl?ral liability represents
the lotal potential"liability as calculated by the City's outside
auditors, ~ho used prior-yedt" clai~s history to make an esti~ate of
tt,e cityls potential liability e>.:posure. The ACCEL re,fund is large
enolJ-';J'h to completely offset the City's unfunded general liability.
staff r-ecornITler.ds that the ACCEL deposit refund be utilized to
offset this liability noW', rather than continuin;l to amortize that
liability over ten years. Becailse the unfunded liability is an
actuarially-determined estimate of current potential liability,
staff believes it is in the best interest of the city to cover
those potential liabilities no· ... ·• For that reason, the Budget
Amendment Ordinance attach~d to this staff report sho~s an
adjustment to the City'S General Benefits and Insurance It"lte:rnal
Service Fund reserves.
ISSUES
Prolonged Econonic Do".mt1Jrn
The prolonged state econmr.ic dO'..·nturn has impacted the City budget
in two rnajc,r ..... ays. First, City revenue driVEn. by the eCClnoMY is
sluggish--sales, property, and rea] prop~rty transfer taxes,
transient occupancy tax, and motor vehicle in lieu fees are nm,'
projected to co~e in a total of $1.5 rnll1ion belo~ previous budget
estimates. Seccmd J the Statz budget, ",hie'll is in much "'ors'2 shape
than Palo Alto's, may again be balanced this year by turning to
local governments. This r.ic}ear report contains := reauct':'on in
projected property tax revenues, $900,DO{) ot ... ·hich is d ... e to la~t
year's St.2te budget ~ Fer 1993-94, the Governor has proposed a
budget which could toke approximately $1.8 million in pro!,er-ty ta);
revenue away from Palo ]a. 1 te. ']'hat amount could go up or dc· ... 71 as
determined during the state budget process.
Business Relocati9D
A large Palo J..lto-based company recentlJ~ announced plans to
relocate its rnd~ufacturing operation5 to Puerto Rico. This will
have a negdti~e impact on the City's sales tax, co~poundej by the
less of a SUbsidiary to the same company, ",'hich relocated to San
Jose effective the second quarter of 19S2. Staff will continue to
~onitor business relocations, especially in light of the recent
focus on California~s loss of its competitive p~sition. This will
also be discussed in the upcoming Econor.lie Future study.
CMR:178:93 18
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A r~duction is expected in ~ales tax d~~ to the Aerospace decisJon.
The expected liability for the city ranges fro!!'. Sl.1 million to
$2.2 tnillion. The final ar.ount is dependent on the outco~e of
li'":igatioJi. currently before the uilited St"tes Supreme Ccurt
regarding ... hcther a 3-::r'ear or 6-year statute of limitations should
appl}' to the decision. In addition, affectE:d agencies are. tryir.g
to-negotiate a lO-yea.r plan tel repayment of the obligation, but
this has not been formalized.
~'ater :t1J..!l~~LEj.D~l1cial Upd_~te
The financial health of the water Fund has improved s)ightly. This
is primarily due to an increase in water usage. During the first
six months of the ye3r~ sale_s of ""ater were approximately 10
percent above the seasonally-adjusted fDrscast. This report
proposes increasing the budget for sales in the Water Fund by $1.6
million. In addition to the increase i~ sales, there has been an
increase in purchases. Purchases are 8 percent above the-seasonal
ly-adjusted budget. To fund purchases for the rest of the year, a
$650,000 addition to the budget is proposed. h~olesale purchases
from San Francisco water Department (SFWD) "rill still be be 1 0"",' the
base allocation.
The impact of' these changes and the other adjustments proposed in
this report ;.r'i 11 increase the proje'.:ted closing balance. in the
Transfer St&bilization Reserve (TSR) to $1. a million. This is
51 ightl:,r above the l'r.inimum balance of $1.6 rdllion. No adjustr-lcnt
to the funding of the SIR is proposed and the er,dir_g balance is
still expected to be $344,000. This projected balance of the SIR
is belo., the minimum ba lance of $1.0 mi Ilion.
The issue of Electric F'omd reserves and the reserve policy for the
enterprise funds has beE!: referr~d to T_he Utilities Advis:ory
COffiI!1ission for revieW', as discuss~d in CHR:498:92.. This report
refI,,=cts returning additicnal funding of $6.3 l!1illion to the TSH in
the: Electric Fund~ This '.o:ill bring the budgeted ending balance in
the TSR to $30.6 million, or about S17~4 roil lion above the upper
limit of the reserve range set by Council policy. Reset"yes will
increase by another $9 to $10 17,illic.n in the r,e.xt fp.w r..onths ... -hen
ar~ additional ... ·este:.-n settler:le~t is expected to be ~p.rrove,d.
in addition t') the Gurrer.t revie' .. ' af the reserve policy, staff rli:!S
taK@n several steps to hr:.prc;ve foreccstin'g. Previously, estirr.ates
of purchases assumed thdt the Calaveras Hydroelectric Project would
be operating in a dry year, and other, higher cost energy would
need to be p~)rcha.sed to rrake up for less po!",:~r fre'IT! Calaveras. For
CMR: 178: 93 ]9
o o
1993-94, however~ the project inn will a55~~e an average~ not a dry,
year 4 Forecasts cf p'.J.rd'dSf:!5 have never assumed a ny dollar savings
for economy purch,",ses, but this 'Will t:.,,= included in future
forecast$;. Savin;Js from xnakirlg' transactions lo.'ith the NCPA pool
have been difficult to predict, but an agre:e:me:r:t. is nm.' clos~ to
being rea.ched that 'Will a110'0" staff to assu£"~e savings fro;rt pool
tr'lnsactions.
St~ff is currently in the process of reviewing all of the Utilities
Enterprise Funds reserve policies. This item .... i11 be referred froI1l
the Utili ties Advisory co:r.uniss ion thi~ spring. and staff ",ill
present a recommend~ticn to the Finance Cornnittee in May4 rn viey
of the excellent financia 1 condi tiOil of the Electric fund Reser-.;es
at this time, staff is evaltla.ti~g the alternative of deferring the.
a percent el~ctric rate increase sche-juled for 199]-94. Stsoff will
present its recomreendation regarding this rat~ alternativt to the
Council during the IMteri~ Budget precess.
RacoIMIend.3.tion
Staff recommends t..hat CNlncil approve the attache:d Budget Amendrn':nt
Ordinance containing adjustments to rev~"u~s, expenditures, a~d
reserves.
Respectfully sub~itted, cz::=
BUdg~t Manager
08lUW ~ILY HARR n--'--
~i~:ctur t ina nee
(pY
Attachments; 1. Bud et Amen,j!:"ent ordi)1anc~
c~m.: 178 :93
:2 _ Cap tal Improvement PI-oject. Summary
J. \;;as e;..'ater Fu"d Summar::-'
20
-
~-~~-~ ~-~-~------~---'
----~-
ORDINANCE NO. ____ ~ ___ _
ORDINMJCE OF THE COUNCIL OF THE CITY of F.~LO ALTO
AMENDING THE BUDGET FOR FISC/-.!' YEAR 1992-9)
TO ADJUST BUDGETED REVENUES AND EXPt:NDITURES
IN ACCORDANCE WITH RECOMMENDA-rIONS IN THE MTD-YF.Jo.R REPOR1'
WHEREAS, pursuant to the pro ... ·) sions of s~ction 12 of ArticI-s
III of the charter of the city of Palo Alto, the CO'..mcil on June
22, 1992, did adopt a budget for fiscal year 1992-93; and
WHE:t.:F.AS, after :re.vie .... ing the current budget-ed revenues and
€_xpenditures for fiscal year 1992-93, adjustments to the budget are
recommended to more accurate-Iy reflect }'ear-end proj ections.
NOI-l', THERE.FORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECT'ION 1. The su:;:n of Sixty Seven Thousand Four Hundred
Twenty Seven Dollars ('$-67,427) is herehy reduced trott'. the: Budget
stabili~ation Reserve in the General Fund and the AB702 Reserve is
increased by Two Million Five. Hundred Ninety Seven Thousand Do1J ars
($2 1 597,000) to reflect all changes as displaj'ed on Exhibit ";'.",
''ilihich is attached to this ordinance and incorpordted herein :ty this
reference.
SECTION 2. The surn of Two Hun:ired Seventy Seven Thousand
Ninety Four Dollars (S277, 094) is hereby reduc~d frem the Reserve
Allocation For Rf::tained Earnings in the Equip~ent Replacement
Internal Se.rvice Fund t,o reflect all Changes as displayed on
Exhibit "AU.
SEC'i"JON 1.. The surn of Thirty TZ-.o'...':sand Six Hundred Sixty Eigr-t
Dollars ($30,668) is hereby added to t.he Reserve J...l1o~ation ior
Retained Earnings in the Vehicle Maintenar:ce 3nd the su:rn of 'T-r,r':nty
Six Thousand 'l"Wo fH.i.ndred Thirteen Dc;ll<iTS ($2.6,,213) is added to the
AE702: Reserve to reflect all changes as displayed on Exhibit ttA".
SECTI.Q1L£ .. L The sum of Four Thousand Six Hundred Eighty Four
Dollars ($4,684} is herebv added to th~ Reserve Allocation for
Retained Earnings in the Printing Services and the sum of Four
Thousand Seven Hundred seventy Dollars ($4,"1"10) is added to the
AB702 Reserve to reflect all changes as displayed on Exhibit IIA".
SECTION' 5. The sum of One Thousand Nine Hundred Tt,.,·ent~l Six
Dollars ($1 1 926) is hereby added to the Reserve Al10caticn for
Retained Earnings in the Mailing Services and the sum of T' ... ·O
Thousand Eighteen Dollars ($2,018) is added to the AB702 Reserve to
reflect all changes as displayed on Exhibit "A".
_$ECTIOJ'L...E.......... The sum of Seven H'J.ndrea Forty T ..... 'o Thousand Se\,:t:n
Hundred Eighteen Dollars ($742:,718) is hereby added to the Reserve
-
Allocation for Retained Earni~gs in the Self Ins~rance Fund to
reflect all ch~ng£s as displayed on Exhibit ~A~.
SECTION 7. The sum of One Million One Hund!"ed 51 l<teen
Thousand One Hundred Forty Three Dollars ($1,116,143) is hereby
added ~o the Transfer stabili~ation Reserve in the water Fund and
the scm. of Eight:r~ 1'\.·0 Thousand Three Hu:.dred Ninety Four Dollars
($~2,394) is ~dded to the AB702 Re5~rve to reflect all changes as
displayed on Exhibit tlB;"J~ 'Io'hich 15 attached to this ordinance a~d
incorporated hereir. b 1' this reference.
SE',;TJO!{_~_. The sum of Forty Four thousand Five Hl.l.ndred
Dollars ($44,500) is hereby reduced fro~ the System I~pro ..... emer.t
Reserve in the Electric Fund i the sum of Six :Mi 11 ion 'Three Hundred
Nineteen Thousan~ Thi~ty Three Do11ars ($~,319,033j is added to the
Transfer Stabilization Reservej the sum of T",,'o Rundred Thirt:r-·
Thou5and Eighty Eight Dollars ($230,OSS) is added to the AB702
Reserve i ar.d the sum of Four Hundred Sixty thousand Dollars
($460,000) is added to the Calaveras Reserve to reflect all changes
36 displayed on Exhibit IIA".
~_~CTJ-__ QJ! .... .2. The sum of One Thousand Five Hundred Dollars
($lj500) is hereby reduc.;d from the System In1prcvement Reserve in
the GaS z·l.lnd; the su:n of One Million 'I",.,'o H~ndred Twenty Tho'.J.sand
Four Hundred Twenty Dollar.s ($1,220,420) is added to the Transfer
Stabilization Reserve and the 11.8702 Reserve is increased by Seventy
Four Thousand One Hundred Fifty Six Dollars ($74,156) to reflect
all changes as displayed on Exhibit ItB".
SECTluQN __ juQ. The sum of One Million Three Hun~red Nine
Thousand Eight Hundred Fifty '1'\010 Dollars ($1/3D9/852) is hereby
reduced from the system It'.provement Reserve in the Refuse Fund; the
sum of Eighty '1'"",0 Thousand Seven Hundred sixty Ni;'.e Dollars
($B2,769J is Added to the AB702 Reserve; and the Landfill Closure
Reserve is reduced by One M~llior. Seven Hundred 'l'hirty Eight
Thousand Seven Hur,drec3 Seventy Six Dollc.:rs ($l~ 735, 7/6) to reflect
all changes 3S displayed on Exhibit ~Bn ~
SEC.1'IQ1Ll1. The su:;., of Forty Six Thousand Four Hundred Sixty
Two Dollars ($46,462) is hereby added to the syste!!', l"i':ipro';'?~ent
Reserve in the ,.,'aste',o,'ater Treat.ment Fund and the }.B702 Reserve is
increased by One Hundred Ninety Five 'l'housand Three Hundred Sever:ty
Five ($195,375) to reflect all Changes as displayed on Exhibit "B".
;';J;~TrON 1~. The sum of One Hundred Ten Thousand Nir,e Hundred
Twenty Eight Dollars ($110,928) is hereby add02d to the System
Improvement Reserve in the Wastewat.er CollectiDr) Fl.l.nd and the AB702
Reserve is inr;reased by Thirty Thousand Five HL';"Jdrcd Sj xty Three
Dollars ($]0,563) to reflect all chang~s 2S displayed on Exhibit
"en~
§.~CTIQkL __ l.l. The surn of Nin('.ty Sever· Thousand FOl.~r Hundred
Fourteen Dollars ($97,414) is hereby edded to the Systen1
Improvement Reserve in the S"torm Drainage Fund and the 11.8702
•
I
1
~
t
i
I
Reserve is increased by Sixteen ThoU5a~d Six Hundred Sixty Eight
Dollars ($l€ /668) to reflect all char.ges .as displayed on Exhibit
"Bn.
~ECTrON 14. The Council of the City of Palo ~lto hereby finds
that the enact1Tient of the ocdinar.ce is not a project Ul1der the
Californi~ Environmental Quality Act and, therefore, no
enyironmental i!'!pac.t asessrnent is necessary.
~ £ CT IOlLl.2.
Municipal Code,
adoption.
As I>rovided in Section 2~04.375 of the P~lo Alto
this ordinance shall become effective upon
INTRODUCED MjD PASSED!
AYES:
NOES:
ABSTENTIONS:
ASSENT:
ATTEST!
City Clerk.
APPROVED AS TO }"ORM:
----;:-~C:-7:-'--Sr. Asst. city At~crney
APPRO'-:ED;
City Manager
Director of Public Works
APPROVED:
Mayor
•
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Total TnuJ.!;(en
TotAl bperxh'Ure.
Netto (from} Reserve~
<. •
.'
Ls " _ mDk_ u<.a P ... ;o'"'v... ..... __ .:..
l\UD)-""EAR I1NA."'i[!AL r,_EPORT
WASTI:\.\'ATER FL~D
RE\,I.~lJE AND £XPE "ni TURE SU1\fl',1ARY
\>r'~!e""'4!er VI'&.!;lewaur
TreIllnlen! Colle..::!ion
Ad(}pted Arlopted
l'N2·9} 1992·93
6,630,331 8,401,5";8
3,90),875 0
4(13.394 66.134
91,00J 27.1_1.)(l
11,028,6QG 8,494,962
0 3,9()),875
4,065,U2 JOC,2M
1,588,900 219.300
96l,Oi)O 64,150
1,236,281) 316,978
20,800 J,600
73))00 23,000
JOO,OOO 0
1,743,066 6J4,3E9
9,78"1,178 5.932,181
0 91,2H
17,156 11,900
17.15<i 10),179
9,'i!Cofi,J.14 ~.G.l5,360
69;,207 1,:?,!l'l.562
531,059 1,077.040
"' To a':<:lJr<!.lt-1)' m&l .... h the B:luf€,1 dLx:urnclll de.lll.l: for Iht: \\o'&5h: ...... :~r Treatment and
Collection F~5 10 the ~SnU1'"ce aoJ l: .. e of Furl>.is· summ.ary ()r:: P<'ge-375 "f Ih,· &.arJge{
DO.,,"U!tlf'%!l. •
\4.·&StewaJer
Fund
Adopled
19'<'2:·9J
15,031.9'iJ9
3,903,875
.;,69,5"'8
118.200
19,523,5152
j,9Ci],1I75
4,771,421
1.808,200
1,026,750
1,5i3,258
24,400
%,000
lOO.(»)(1
2.3n • .!5~
]5,721,359
91,279
29,056
12C,335
}5,S4!,MJ
2,071 ,769
1.603,099