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CCP 11282022
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CCP 11282022
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11/22/2022 1:25:51 PM
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11/22/2022 1:25:27 PM
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Roseville City Council
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Council Agenda/Packets
Meeting Date
11/28/2022
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Attachment B <br /> <br />Memo <br />To: Roseville City Council <br />Pat Trudgeon, City Manager <br />From: Michelle Pietrick, Finance Director <br />Date: November 28, 2022 <br />Re: Projected 2022 Budget Surplus/Deficit for Unrestricted Operating Funds <br /> <br />Background <br />The City Council is expected to adopt the final 2023 Budget and Tax Levy at the December 5, 2022 <br />meeting. The City Council has adopted an Operating Fund Cash Reserve Policy and implemented a <br />Cash Reserve Fund. <br /> <br />To assist the City Council in making a final levy decision, staff has prepared projected year-end financial <br />results for the CityÓs unrestricted operating funds. <br />Cash Reserve Levels: Operating Funds <br />Unrestricted <br />ProjectedProjectedProjected <br />12/31/2021202212/31/202212/31/202212/31/202212/31/2022 <br />CashSurplusCashReservesVariance fromVariance from <br />Reserves(Deficit)ReservesLevelLow TargetHigh Target <br />Operating Fund <br />General: Primary *8,919,263$ 451,069$ 9,370,332$ 45.14%2,105,125$ (1,008,536)$ <br />General: Cash Reserve Fund -706,946 706,946 <br />Parks & Recreation1,600,688 301,922 1,902,610 33.69%773,083$ 208,318 <br />Communications 94,607 (20,326) 74,281 12.91%16,742$ (98,336) <br />Information Technology35,369 (78,020) (42,651) -4.70%(133,305)$ (178,632) <br />License Center 245,624 (96,886) 148,738 6.78%(70,745)$ (180,487) <br />Cash Reserve Target Levels <br />TargetTarget <br />Operating FundLowHigh <br />General (unrestricted portion)35%50% <br />Parks & Recreation20%30% <br />Communications10%30% <br />Information Technology10%15% <br />License Center10%15% <br />* $200,000 of fund balance is applied in the 2023 budget for the Parks & Rec Vehicle & Equipment Fund and <br /> $126,500 is designated to cover increased fuel costs (reserve level would be 43% if these funds are used) <br /> <br />1 <br /> <br />
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