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Resolution No. 11-23 CITY OF TIGARD, OREGON TIGARD CITY COUNCIL RESOLUTION NO. 11- Q 3 A RESOLUTION OF THE CITY OF TIGARD ADOPTING THE APPROVED BUDGET, WITH ADJUSTMENTS, MAKING APPROPRIATIONS, DECLARING THE AD VALOREM TAX LEVY, AND CLASSIFYING THE LEVY AS PROVIDED BY ORS 310.060(2) FOR FISCAL YEAR 2012. WHEREAS,two hearings by the Tigard Budget Committee on the budget document, as proposed by the City Manager, were duly called and held on April 18, 2011 and April 25, 2011, where all interested persons were afforded an opportunity to appear and be heard with respect to the budget;and WHEREAS, the budget for the City of Tigard for the year beginning July 1, 2011 was duly approved and recommended to the City Council by the regularly constituted Budget Committee at its meeting on April 25, 2011,after proceedings in accordance with Chapter 294,Oregon Revised Statutes;and WHEREAS,a summary of the budget as required by Chapter 294.416 was duly published in the Tigard Times, a newspaper of general circulation in the City in accordance with Chapter 294.421;and WHEREAS, a hearing by the Tigard City Council on the budget document as approved by the Budget Committee, was duly called and held on June 14, 2011, where all interested persons were afforded an opportunity to appear and be heard with respect to the budget. NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that: SECTION 1: The Council adopts the budget for FY 2011-12 in the approved amount of $174,236,988, with adjustments made during the hearing. SECTION 2 : Of the total approved budget amount of$174,236,988, the city is appropriating$105,890,668 for the fiscal year beginning July 1, 2011 as shown in Attachment A-Schedule of Appropriations. SECTION 3: The City of Tigard City Council hereby imposes the taxes provided for in the adopted budget at the rate of$2.5131 per $1,000 of assessed value for general operations;and in the amount of$2,336,118 for bonds; and that these taxes are hereby imposed and categorized for tax year 2011-12 upon the assessed value of all taxable property in the city. General Government Limit General Fund $2.5131/$1,000 Excluded from Limit General Obligation Debt Fund $2,336,118 SECTION 4: The budget for FY 2011-12 establishes three new funds. a) The Transportation CIP Fund is established to account for resources and requirements related to transportation projects b) The Parks Bond Fund is established to account for resources and requirements related to the$17 million General Obligation Parks Bond approved by Tigard voters in November 2010. RESOLUTION NO. 11- Page 1 c) The Water Debt Service Fund is established to account for resources and requirements related to making debt service payments and debt service coverage on revenue bonds for the water system. SECTION 5: This resolution is effective immediately upon passage. PASSED: This /" Y day of / , 414- 2011. yor-City of Tigard ATTEST: City Recorder-City of Tigard RESOLUTION NO. 11- � Page 2 SCHEDULE OF APPROPRIATIONS Attachment Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted General Fund Policy and Administration 854,157 0 854,157 Community Development 3,212,930 0 3,212,930 Community Services 20,744,094 0 20,744,094 Public Works 4,789,978 0 4,789,978 Debt Service 0 0 0 Loan to CCDA 375,000 0 375,000 Transfer 965,385 96,245 1,061,630 Capital Improvements 0 0 0 Contingency 1,000,000 -96,245 903,755 31,941,544 0 31,941,544 Gas Tax Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 1,937,574 0 1,937,574 Debt Service 621,632 0 621,632 Loan to CCDA 0 0 0 Transfer 657,328 0 657,328 Capital Improvements 0 0 0 Contingency 300,000 0 300,000 3,516,534 0 3,516,534 City Gas Tax Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 327,426 0 327,426 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 50,000 0 50,000 377,426 0 377,426 Page 1 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Electrical Inspection Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 197,037 0 197,037 Capital Improvements 0 0 0 Contingency 30,000 0 30,000 227,037 0 227,037 Building Fund Policy and Administration 0 0 0 Community Development 1,179,625 0 1,179,625 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 199,844 0 199,844 Capital Improvements 0 0 0 Contingency 200,000 0 200,000 1,579,469 0 1,579,469 Criminal Forfeiture Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 15,000 0 15,000 Capital Improvements 0 0 0 Contingency 0 0 0 15,000 0 15,000 Page 2 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Tree Replacement Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 160,878 0 160,878 Capital Improvements 0 0 0 Contingency 0 0 0 160,878 0 160,878 Bancroft Debt Service Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 193,422 0 193,422 Loan to CCDA 0 0 0 Transfer 4,830 0 4,830 Capital Improvements 0 0 0 Contingency 0 0 0 198,252 0 198,252 General Obligation Debt Service Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 2,195,951 0 2,195,951 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 21195,951 0 2,195,951 Page 3 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Facilities Capital Projects Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 42,878 0 42,878 Capital Improvements 310,800 0 310,800 Contingency 70,000 0 70,000 423,678 0 423,678 Transportation Development Tax Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 351,984 0 351,984 Capital Improvements 0 0 0 Contingency 40,000 0 40,000 391,984 0 391,984 Traffic Impact Fee Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 73,307 0 73,307 Capital Improvements 0 0 0 Contingency 20,000 0 20,000 93,307 0 93,307 Page 4 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Underground Utility Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 0 0 0 Street Maintenance Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 155,323 0 155,323 Capital Improvements 1,115,400 0 1,115,400 Contingency 100,000 0 100,000 1,370,723 0 1,370,723 Parks Capital Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 462,197 0 462,197 Capital Improvements 6,373,639 0 6,373,639 Contingency 400,000 0 400,000 7,235,836 0 7,235,836 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Parks Bond Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 4,781,116 0 4,781,116 Capital Improvements 0 0 0 Contingency 0 0 0 4,781,116 0 4,781,116 Parks SDC Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 282,711 0 282,711 Loan to CCDA 0 0 0 Transfer 1,527,944 0 1,527,944 Capital Improvements 0 0 0 Contingency 300,000 0 300,000 2,110,655 0 2,110,655 Transportation CIP Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 240,218 0 240,218 Capital Improvements 721,696 0 721,696 Contingency 0 0 0 961,914 0 961,914 Page 6 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Sanitary Sewer Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 859,149 0 859,149 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 888,567 0 888,567 Capital Improvements 2,374,374 0 2,374,374 Contingency 400,000 0 400,000 4,522,090 0 4,522,090 Stormwater Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 1,298,061 0 1,298,061 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 320,310 0 320,310 Capital Improvements 749,738 0 749,738 Contingency 100,000 0 100,000 2,468,109 0 2,468,109 Water Quality/Quantity Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 0 0 0 Page 7 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Water Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 6,236,017 0 6,236,017 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 3,006,430 732,866 3,739,296 Capital Improvements 0 0 0 Contingency 500,000 0 500,000 9,742,447 732,866 10,475,313 Water SDC Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 361,575 0 361,575 Capital Improvements 0 0 0 Contingency 0 0 0 361,575 0 361,575 Water CIP Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 5,761,407 0 5,761,407 Capital Improvements 14,294,199 0 14,294,199 Contingency 0 0 0 20,055,606 0 20,055,606 Page 8 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Water Debt Service Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 1,801,926 0 1,801,926 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 1,801,926 0 1,801,926 Central Services Fund Policy and Administration 6,374,117 2,500 6,376,617 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 300,000 -2,500 297,500 General Government 0 0 0 6,674,117 0 6,674,117 Fleet/Property Management Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 1,654,384 96,245 1,750,629 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 100,000 0 100,000 1,754,384 96,245 1,850,629 Page 9 SCHEDULE OF APPROPRIATIONS Attachment 1 Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Insurance Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 0 0 0 Library Donations and Bequests Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 100,000 0 100,000 Capital Improvements 0 0 0 Contingency 0 0 0 100,000 0 100,000 All Funds Policy and Administration 7,228,274 2,500 7,230,774 Community Development 4,392,555 0 4,392,555 Community Services 20,744,094 0 20,744,094 Public Works 16,775,162 96,245 16,871,407 Debt Service 5,423,068 0 5,423,068 Loan to CCDA 375,000 0 375,000 Transfer 20,273,558 829,111 21,102,669 Capital Improvements 25,939,846 0 25,939,846 Contingency 3,910,000 -98,745 3,811,255 General Government 0 0 0 105,061,557 829,111 105,890,668 Page 10 City of Tigard C'`�'`�" Memorandum To: Tigard City Council From: Toby LaFrance 2 Re: Technical Adjustments to the City of Tigard Approved FY 2012 Budget for the June 14, 2011 Hearing to Adopt the FY 2012 Budget Date: June 10, 2011 Attached are the Technical Adjustments to the Approved Budget for FY 2012. Technical Adjustments are necessary due to the timing of the budget. In each case, new information has become available since the FY 2012 Budget was approved by the Budget Committee. Approval of the Technical Adjustments is recommended by staff and will change the Adopted Budget by the amounts listed in each item. There are a total of four adjustments. All adjustments come with funding and will not negatively impact fund balances. The first three adjustments are a matter of timing, where a project is ongoing and has dollars that will not be spent in the current fiscal year. This unspent money will then be available next fiscal year as additional beginning fund balance and will provide the appropriations next fiscal year (FY 2012), enabling Tigard to complete the project. The fourth item is a result of updating the fund forecasts, primarily impacting fund balance and lowering the total city budget by the decrease in fund balance. If you have any questions prior to the June 14, 2011 hearing, please contact me at 503.718.2406 or tobygtigard-or.gov .. Technical Adjustments to the 2021 - 12 Adopted Budget Summary Below are a series of Technical Adjustments. The adjustments are caused by the timing of the budget process. New information comes available after the Approved Budget and creates the opportunity to approve a more precise budget. Each item below has a brief description and then details the change to the Schedule of Appropriations. Please note that each adjustment is presented with its impact, they are not cumulative. The items fall into three categories: 1) Carry forward items (Items 1, 2.a.,and 3) —These are items that are budgeted in FY 2010-11, but will not be completed during the fiscal year. Since the budget for these items is not fully expended, the ending fund balance in FY 2010-11 is higher by the amount of unexpended budget. This then creates a higher beginning fund balance for FY 2011-12. The additional beginning fund balance is the resource that offsets the added expenditure in FY 2011-12. These items do not impact the ending fund balance for FY 2011-12. 2) Grants (Item#2.b.)—grants have been awarded since the Approved FY 2011-12 Budget. The grant provides the resource to offset the additional expenditure. These items do not impact the ending Fund balance. 3) Change in beginning fund balance (Item#4)—this item changes appropriated Contingency in the Parks Capital Fund. Additionally,it will also change the Adopted Fund Balance and Total Budget,which is not required by Oregon Budget Law,but adds to the transparency of the budget process. #1: Community Development—Carry Forward Amounts A carry forward is defined as those items that are unspent by June 30 h and are carried over to the following fiscal year. This action results in a higher beginning fund balance for the fiscal year due to the unspent budget in the prior year. A carry forward in the amount of$14,000 is being requested for the Community Planning Division. The amount will allow the department to complete the Tree Grove Inventory for $3,000, the tree manual for$6,000, as well as the public involvement portion for the Urban Forestry Code for $5,000. As a result the beginning fund balance in the General Fund will decrease by $14,000 with an increase in Community Development program expenditures by the same amount. General Fund Program Approved Recommended Change Revised Approved Policy&Admin. $854,157 $0 $854,157 Comm. Develop. 3,212,930 14,000 3,226,930 Comm. Services 20,744,094 0 20,744,094 Public Works 4,789,978 0 4,789,978 Debt Service 0 0 0 Loan to CCDA 375,000 0 375,000 Transfers 965,385 0 965,385 Capital Improvements 0 0 0 Contingency 1,000,000 0 1,000,000 Total Fund $31,941,544 $14,000 $31,955,544 21 -, . #2 a. Public Works —Carry Forward Amounts This program requires a carry forward amount of$152,386 from FY 2011 to FY 2012 for work that will occur after July1, 2011. Affected funds include General Fund, Gas Tax, Fleet/Property Management, Stormwater, Parks System Development Charge (SDC), and Parks Capital. Fleet/PropeMManagement. A total of$16,000 will be used for the seal coat and restripe of the Tigard Christian Church parking lot per the shared parking agreement. Fleet/Property Management Fund Program Approved Recommended Change Revised Approved Policy&Admin. $0 $0 $0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 1,654,384 16,000 1,670,384 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 0 0 0 Capital Improvements 0 0 0 Contingency 100,000 0 100,000 Total Fund $1,754,384 $16,000 $1,770,384 Stormwater. A total of$25,000 is required to complete a study of Tigard's existing stormwater outfalls including acreage drained as well as land uses that flow to each untreated outfall. In addition, funding is needed to complete the Army Corps of Engineers and Department of State Lands requirement of monitoring wetland and stream mitigation work that was completed at Hiteon Creek. Stormwater Fund Program Approved Recommended Change Revised Approved Policy&Admin. $0 $0 $0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 1,298,061 25,000 1,323,061 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 320,310 0 320,310 Capital Improvements 749,738 0 749,738 Contingency 100,000 0 100,000 Total Fund $2,468,109 $25,000 $2,493,109 3 � Park Ca-pitallmprovementProgram: A carry forward of$16,000 is required to complete the Parks System Development Charge Update. Along with an increase in the beginning fund balance for Parks SDC's by $16,000, transfers out will increase by the same amount. As a result, transfers in for Capital Improvements in the Parks Capital Fund will increase by$16,000 to offset the additional Capital Improvements expenditures. Parks SDC Fund Program Approved Recommended Change Revised Approved Policy&Admin. $0 $0 $0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 282,711 0 282,711 Loan to CCDA 0 0 0 Transfers 1,527,944 16,000 1,543,944 Capital Improvements 0 0 0 Contingency 300,000 0 300,000 Total Fund $2,110,655 $16,000 $2,126,655 Parks Capital Fund Program Approved Recommended Change Revised Approved Policy&Admin. $0 $0 $0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 462,197 0 462,197 Capital Improvements 6,373,639 16,000 6,389,639 Contingency 400,000 0 400,000 Total Fund $7,235,836 $16,000 $7,251,836 4 , Streets: The division's current patch truck was originally purchased in 1996. The replacement truck has been ordered, but will not be delivered until after July 1, 2011. According to accounting rules, the expenditure occurs in the fiscal year when delivery is made, not when the order is placed. Since the budget is not expended in FY 2010-11,the beginning fund balance in the Gas Tax Fund will be higher in FY 2011-12, to offset the additional Public Works expenditure. Gas Tax Fund Program Approved Recommended Change Revised Approved Policy&Admin. $0 $0 $0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 1,937,574 87,386 2,024,960 Debt Service 621,632 0 621,632 Loan to CCDA 0 0 0 Transfers 657,328 0 657,328 Capital Improvements 0 0 0 Contingency 300,000 0 300,000 Total Fund $3,516,534 $87,386 $3,603,920 #2 b. Public Works—Grants Grant details for this division were unknown at the time that the budget was approved. Since that time, funds have been awarded by the Office of Emergency Management to support emergency planning,preparedness, and communications for the Emergency Operating Center (EOC).As a result, General Fund grant revenues will increase by$33,850 and the Public Works program expenditures will increase by the same amount. General Fund Program Approved Recommended Change Revised Approved Policy&Admin. $854,157 $0 $854,157 Comm. Develop. 3,212,930 0 3,212,930 Comm. Services 20,744,094 0 20,744,094 Public Works 4,789,978 33,850 4,823,828 Debt Service 0 0 0 Loan to CCDA 375,000 0 375,000 Transfers 965,385 0 965,385 Capital Improvements 0 0 0 Contingency 1,000,000 0 1,000,000 Total Fund $31,941,544 $33,850 $31,975,394 51 #3 a. Policy &Administration—Carry Forward Amount A carry forward in the amount of$20,000 for Finance & Information Services to complete a cost analysis of the city's indirect charges and hourly staff costs. This action will increase the beginning fund balance in Central Services Fund by$20,000 with an increase in program expenditures for Finance and Information Services. Central Services Fund Program Approved Recommended Change Revised Approved Policy&Admin. $6,374,117 $20,000 $63394,117 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 0 0 0 Capital Improvements 0 0 0 Contingency 300,000 0 300,000 Total Fund $6,674,117 $20,000 $6,694,117 6 � #4 Fund Balance - Parks Capital Fund This Technical Adjustment deals with fund balances and appropriations. The portion that deals with fund balance it is not required under Oregon Budget Law. Fund Balances do impact the total amount of the Adopted Budget, since this is based on appropriations plus fund balance. The total amount of the budget appears in the budget resolution. This action will decrease the amount of the total budget by$8,000,000. This Technical Adjustment is before Council to provide additional transparency to the budget process. Additionally, the fund balance change will require a change in the Parks Capital Fund Contingence, an appropriation item. The explanation follows: Upon review of the Parks Capital Fund,it was discovered that the ending fund balance for FY 2011 was overstated by $8 million dollars. The initial forecast that was used to calculate the ending fund balance assumed that all the parks bond funds would be transferred to the Parks Capital Fund during FY 2011. The forecast has since been updated, and only those parks bond funds that are needed will be transferred during FY 2011. This results in the an overstated the beginning fund balance in FY 2012 by $8,000,000. The overstatement does not affect the Schedule of Appropriations which is adopted by council;it does impact the ending fund balance of the Parks Capital Fund and the resulting total budget for FY 2012 by lowering both by$8,000,000. In order for the ending fund balance to remain positive, the Contingency in the fund will be decreased by $350,000 Recommended Revised Approved Change Approved Parks Capital Fund Resources Beginning Fund Balance $8,346,668 -$8,000,000 $346,668 Interest Earnings $ 3,000 $ 3,000 Transfers In from Other Funds $ 6,585,360 $ $6,585,360 Total Resources $ 14,935,028 -$8,000,000 $6,935,028 Requirements Program Expenditures Total $ - $ - $ - Work-In-Progress $ 6,373,639 $ $ 6,373,639 Transfers to Other Funds $ 462,197 $ 462,197 Contingency $ 400,000 -$350,000 $ 50,000 Total Budget $ 7,235,836 -$350,000 $6,885,836 Reserve For Future Expenditure $7,699,192 -$7,650,000 $ 49,192 Total Requirements $ 14,935,028 -$8,000,000 $6,935,028 7II