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Attachment E <br />The General fund projected surplus includes $1,787,000 in CARES reimbursements for public safety <br />and administrative staff time dedicated to responding and mitigating the COVID-19 pandemic. Other <br />factors that are leading to the surplus include receipt of $300,000 in conduit debt fees, expenses under <br />budget due to staff working from home (utilities, office supplies, postage, copy supplies, building <br />supplies) and vacant positions not filled immediately. <br /> <br />In 2019 the council approved the establishment of a Cash Reserve (cash carryforward) Fund using <br />reserves that exceed the HIGH target level as measured at the end of the fiscal year. With the impacts <br />from various closures, restrictions on programs and other COVID related impacts not fully known, it is <br />unlikely that reserves will exceed the HIGH target level for the majority of these funds. The following <br />chart shows the activity within the Cash Reserve Fund since it was created. <br /> <br />Funding Sources (Uses) <br />InformationParks &License <br />GeneralTechnologyRecreationCenterCommunicationsUses of <br />YearFund #100Fund #109Fund #200Fund #265Fund #109FundsTotal <br />Cash Balance: January 12018$ --$ -$ -$ -$ $ - <br />Contribution2018 170,000- 635,000 81,000 - 886,000 <br />Cash Balance: December 31-$ 170,000$ 635,000$ 81,000$ -$ 886,000$ <br />Cash Balance: January 12019-$ 170,000$ 635,000$ 81,000$ -$ 886,000$ <br />Contribution2019 234,924- 169,985 249,140 124,947 778,996 <br />Interest Revenue 2,109 2,109 <br />Less Use of Funds: (1)2019 -- - - - (918,583) (918,583) <br />Cash Balance: December 312,109$ 404,924$ 804,985$ 330,140$ 124,947$ (918,583)$ $ 748,522 <br />1) transfer of $918,583 to General Fund to hit minimum reserve policy <br /> <br /> <br />The City is committed to maintaining a strong financial condition which is helping mitigate the impact <br />of the current pandemic and its effects on the CityÓs operations. <br /> <br /> <br />Final Comments <br />As noted above, the amounts shown in the tables represent an estimate of what may be available for <br />future use. ItÓs recommended that the Council wait until the final year-end figures are available before <br />rendering any decision on whether to repurpose funds. <br />2 <br /> <br />