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Memo - City Council 2015 Budget and Tax Levy Discussions 5 3. The percent of unassigned balance which is really our reserves – our policy is to maintain 50% in reserves – after the 2013 audit that amount was transferred to the PIR Fund per City Council through a budget amendment according to the revised policy change made in 2013. So there was a budget adjustment and transfer of the $162,417 made in 2014 after the audit was completed and numbers were known. 4. The “Actual Dollars per above” shows the amounts over our 50% reserve target per our fund balance policy, in 2008 $500,000 was transferred to Equipment, Building and replacement and in 2014 $162,417 was transferred to the PIR Fund. Subsequent years will have the amount transferred when there is a positive balance as was done with 2013 in 2014 per the new policy. Please note that the policy changed from using the actual expenditures to ending fund balance to using the next year’s expenditures in 2011. (Also, 2007 shows the amount for City Hall repairs that was transferred out in 2008 and then used to fund the Equipment, Building and Repair Fund). GENERAL FUND 2006 2007 2008 2009 2010 2011 2012 2013 Net Change in Fund Balance 71,658$ 584,493$ (320,166)$ (28,505)$ (59,068)$ 387,849$ 199,584$ 14,787$ Unassigned Fund balance (per policy should be 50%)53%68%58%54%50.40%54%56%54% Actual Dollars per above 83,850$ 582,719$ 245,314$ 122,826$ 25,870$ 113,617$ 247,028$ 162,417$ ***** *Changed policy to next year's expenditures from current year's actual results **City Hall Payment transferred in 2008 OPERATING BUDGET Salary and Benefits The 2015 preliminary budget is currently being prepared assuming a 2% wage adjustment for non-union staff and a 1.5% wage adjustment for union staff. In surveying surrounding communities most have included a 1.5% - 3.0% COLA increase in their preliminary estimates. The current proposed budget impacts for the General Fund are as follows: a. COLA 2.0% $18,516 b. Step Increases $2,651 c. Benefits (includes dental, PERA, and payroll taxes. No increase in medical) $4,611 d. Impact of reducing the COLA from 2.0% to 1.5% $4,518 e. Savings from the reorganization of the Recreation department $22,000 The results from the City Council authorized market and pay equity study will be available at the worksession under a separate item as our consultant will be there on November 24th to present the findings to the City Council.