HomeMy WebLinkAboutItem 4.05 FinRpt&CemeteryEndowmntFnds (2)
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CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: November 22, 1993
SUBJECT: Financial Report For The Month of October 1993 and
Authorization To Designate A Cemetery Endowment Fund
Reserve For Funds Transferred To The City By Dublin
Cemetery, Inc.
(Prepared by: Paul S. Rankin, Assistant City Manager)
EXHIBITS ATTACHED :" 1. / Balance Sheet and Income Statements for the Period
Ending October 31, 1993.
2.~Resolution Designating A Special Reserve For
Cemetery Endowment Funds
RECOMMENDATION: Accept and file the report and adopt the Resolution.
FINANCIAL: See report for monthly Financial Report. Cemetery
Endowment Funds of $60,000 were Transferred to the
City. The use of interest earnings on these funds are
proposed to be restricted to the maintenance of the
Cemetery property.
DESCRIPTION: This item provides the monthly financial statement for
the month of October 1993 and addresses the issue of a unique revenue
received in the same month.
GENERAL FUND REVENUES
The General Fund accounts for the majority of the City's annual revenue and
expenses. Compared to the prior year Revenues are tracking very close to
the anticipated level. In Fiscal Year 1992/93 as of October the City had
collected nearly 21.6% of the budgeted General Fund Revenues as compared to
22.9% for the same period in Fiscal Year 1993/94. In the first four months
Staff has noted small increases in Sales Tax, Real Property Transfer Tax,
and Licenses and Permits. These areas may be indicative of an improving
economy as compared to the previous year.
It should be noted that a proportionate amount of interest earnings on the
City's portfolio are a significant revenue source for the City's General
Fund. Over the past few months the City has purchased investments which
provide interest payments twice each year (Federal Agency / Treasury
Notes) . This will also skew the comparison of interest revenue when
compared to prior years. In prior years the investments typically paid
interest either monthly, or in the case of LAIF quarterly. In addition the
Ci ty has placed an investment in a mutual fund. The di vidends are
currently being reinvested to maximize the earnings potential. Staff
intends to withdraw interest dividends from this investment at the end of
the Fiscal Year.
EXPENDITURES
Total expenditures as of October 31st for the General Fund, are less than
the percentage expended in the prior year. Significant portions of the
Public Safety Budgets including Police and Fire Services have not been
expended due to delays in receipt of billing statements from the providers
of these services. Expenses in most of the other departments tend to
follow expected expenditure patterns.
It is recommended that the City Council receive and file these reports as
authorized by section 41004 of the California Government Code.
ITEM NO.
4.;
eOPIES TO:
CITY CLERK
FILE ~
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PROPOSED RESTRICTION OF HERITAGE CENTER OTHER REVENUE (PERPETUAL CARE
ENDOWMENT FUNDS)
In the month of October the City received $ 60,000 from the Dublin Cemetery
Inc. as part of the-Heritage Center acquisition. The funds were noted as a
Transfer of Endowment Funds and have been recorded as a General Fund "Other
Revenue." Staff has discussed with the Auditors as well as legal counsel
the appropriate recording of these funds. It is Staff's understanding that
the intent of the Endowment Fund was to generate interest revenue which
could offset the on-going maintenance and care of the Cemetery. Staff has
also been advised that additional monies may be transferred by the Cemetery
Corporation when it finalizes its operations.
In order to have a means for tracking the Cemetery Endowment Fund, it is
necessary to have a separate City Council established Reserve. On an
annual basis there will be interest revenue generated by this portion of
the city's funds. The use of this revenue will be restricted to the
maintenance of the Cemetery. For Fiscal Year 1993-94 Staff anticipate
approximately $1,950 in interest revenue. This will help to offset the
General Fund cost of maintaining the property.
Staff has prepared a Resolution"which will amend the General Fund Reserve
Policy adopted by the City Council on June 14, 1993. The Resolution
establishes a designated reserve for the placement and accounting of the
Cemetery Endowment Funds.
a:1122cemy.agenda#14
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CITY OF DUBLIN'S
FINANeIAL STATEMENTS
,
FOR
THE MONTH OF OCTOBER 1993
Prepared by
The Finance Department
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EXHfBtT 1
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BGLl02 CITY OF DLTBLIN P.~GE 1
11/09/93 BALA1l'CE SHEET 16.09.31
FOR THE
PERIOD 7/93 THROL~H 10/93
GEIlERAL SPECIAL SPECIAL CAPITAL
REVElIUE REVENUE ASSESSMENT IMPROVEMEUT
FUllDS FUNDS FUNDS FUNDS
ASSETS
CASH 817608.46- 581548.17 312905.40 65154.84
CASH WITH FISC).L AGM 121210.04
LllAMORTIZED ~lD DISCOUNT 625.00
INVESTMEIITS AT COST 17899729.88
RECEIVABLES: TAXES
~.CCOUlITS (NET) 191123.00 22343.74 110795.71
INTEREST 8601.00
ASSESSMENTS
RENTS
NOrES
DUE FROM OTHERS 266806.79 13716.27 (
INVEUTORY AT COST
PREPAID ITEMS 2538.72
FIXED ASSETS
AOOUlITS TO BE PROVIDED 2232500.00
TOTAL ASSETS 17551815.93 617608.18 2666615.44 175950.55
LIAB, FIID BAL, RETND E~.RNINGS
DEPOSITS FOR PRIVATE DEVELPHlIT 35555.97-
DEPOSITS FOR AB1600 FEES 108508.46-
DEPOSITS OTHERS 169038.66- 3125.00-
P>.YABLES: ACCOUNTS 41226.71- 220455.67-
INTEREST
PAYROLL 33199.13 323.86-
DUE TO OTHERS 119077 .60- 14 7729.19-
DEBT INSTRL~NTS PAYABLE 2790000.00-
TOTAL LIABILTIES 212622.21- 339857.13- 2793125.00- 256237.65-
FUlID BAWleES 17339193.72- 277751. 05- 126509.56 80287.10
TOTAL FUND EQUITY 17339193.72- 277751.05- 126509.56 80287.10
TmAL LH.B,FND BAL, RETD EARNS 17551815.93- 617608.18- 2666615.44- 175950.55-
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~L102 CITY OF DUBLIlf PAGE 1
1/09/93 BHJlICE SHEET 16.10.10
FOR THE
PERIOD 7/93 THROUGH 10/93
INTERNAL ENTERPRISE FIXED ASSETS GENERAL LONG
SERVICE FUllDS GROUP OF TERM DEBT
FU11D ACCOUNTS ACCOUNT GROUP
ASSETS
:ASH 286837. H 2456.27-
:ASH WITH FISCAL AGENT 1726901.55
uNAMORTIZED BOND DISCOUNT
INVESTMENTS AT COST
RECEIV~~LES:TAXES
ACCOUUTS (NET)
INTEREST 46871.38
ASSESSMENTS
RENTS
NOTES
DUE FROM OO'HERS
IlNENTORY AT COST
PREPAID ITEMS
FIXED ASSETS 165970.10 21623460.54 470014.62
HIOUlITS TO BE PROVIDED 2548360.41
TOTAL ASSETS 452807.54 23394777.20 470014.62 2548360.41
LIAB, FHO BAL, RETlID EARNINGS
DEPOSITS FOR PRIVATE DEVELPMUT
DEPOSITS OO'HERS
P~YABLES:ACCOUNTS 25603.30-
INTEREST
PAYROLL
DUE 'I'O OTHERS
DEBT INSTRUMElITS PAYABLE 18602851.88- 2548360.41-
TOTAL LIABILITIES 18628455.18- 2543360.41-
FUlID BAIJ.JICE 284549.80- 343567.98
COIITRIBUTIOHS 168257.74- 5109890.00-
INVESTHEl!'rS IN FIXED ~.ssETS 470014.62-
RETAINED EARNINGS
TOTAL FUND EQUITY 452807.54- 4766322.02- 470014.62-
TOTAL LIAB, FHO BAL 1 RETD El.JU!S 452807.54- 23394777.20- 470014.62- 2548360.41-
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BGL104 THE CITY OF DuBLIN sTATEMENT SiiOWIiiG PAGE 1
11/09/93 REVENUES VERSUS EXPENDITURE 15.45.09
FOR THE ,
PERIOD 7/93 THROUGH 10/93
GENERAL REVENUE FilllD
CURRENT PERIOD
BUIX;ET ACTU).L PERCENT VARD.NCE
****** ** REVElIUES*******
PROPERTY TAXES 3839040.00- 345594.44- 9.0 3493445.56-
SALES TAX 5560000.00- 1610073.37- 29.0 3949926.63-
REAL PROPERTi TRAl/SFERS 73000.00- 23378.44- 32.0 49621. 56-
TRANSIENT OCCUPANCY TAX 86000.00- 22546.00- 26.2 63454.00-
F1t~~CHISE TAXES 505900.00- 32435.42- 6.4 473464.58-
LICENSES & PERMITS 375600.00- 157021. 25- 41.8 218578.75-
FINES & FORFEITURES 32000.00- 9474.11- 29.6 22525.89-
USES OF MONEY AND PROPERTY 881100.00- 188817.45- 21. 4 692282.55-
INTERllGOVERNMENTAL FROM STATE 964425.00- 294145.51- 30.5 670279.49-
CHARGES FOR SERVICES 714533.00- 187022.18- 26.2 527510.82-
OTHER SOURCES OF REVElfUE 28100.00- 124554.77- 443.3 96454.77
TOTAL REVEnUE 13059698.00- 2995062.94- 22.9 10064635.06-
*******EXPENDITURES*******
GENERAL GOVERHM~IT ACTIVITIES:
NON-DEPARTMENTAL 50000.00 .00 50000.00
CITi COIDICIL 1010 110388.00 24431.05 22.1 85956.95
CITY MANAGER 1020 254184.00 71637.43 28.2 182546.57
. CITY ATTORNEY 1030 161170.00 34327.43 21.3 126842.57
ADMIN SERVICES 1040 407469.00 100434.56 24.6 307034.44
BUILDING MlJlAGEME1IT 1050 327067.00 81790.69 25.0 245276.31
FACILITY REllTAL 1050-719 1532816.00 .00 1532816.00
IHSO~~CE COST CENTER 1060 169656.00 127719.90 75.3 41936.10
ELECTIONS COST CEIErER 1070 12910.00 546.87 4.2 12363.13
ACTIVITY TOTAL 3025660.00 440887.93 14.6 2584772.07
PUBLIC SAFETY:
POLICE 2010 3080979.00 80846.75 2.6 3000132.25
CROSSING GUARDS COST 2020 .00 .00 .00
ANIMAL CONTROL 2030 103100.00 .00 103100.00
TRP.FFIC SIGKALS 2040 .00 .00 .00
DISASTER PREAPREDNESS 2050 36084.00 8079.46 22.4 28004.54
FIRE SERVICES JPA 2060 2724203.00 653808.48 24.0 2070394.52
ACTIVITY TOT~.L 5944366.00 742734.69 12.5 5201631.31
'!'RP1ISroRTATIOlf :
PUBLIC WORKS 3010 282681. 00 73837.15 26.1 208843.85
STREET KAINTEH).NCE 3020 165000.00 449.98 .3 164550.02
STREET TREE MAINTENANCE 3040 39150.00 12417.08 31.7 26732.92
STREET LANDSCAPE HAIN'I'. 3050 157670.00 41135.10 26.1 116534.90
P.~.TR.~ISIT SERVICES 3060 .00 .00 .00
~.CTIVITY TOTAL 644501.00 127839.31 19.8 516661.69
HE>.LTH & WELF)~E:
VECfDR CONTROL 5010 .00 .00 .00
W~.sTE MAlllGEHENT 5020 100.00 .00 100.00
ACTIVITY TOTAL 100.00 .00 100.00
CULTURE & LEISURE SERVICES:
LIBR)~Y SERVICES 8010 165000.00 41250.00 25.0 123750.00
CULTURAL ACTIVITIES 8011 8000.00 8000.00 100.0 .00
HERITAGE CENTER 8012 10450.00 .00 10450.00
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GL104 THE CIT'i OF DUBLIN STATEME1IT SHOlmlG PAGE 2
11/09/93 REVENUES VERSUS EXPENDITURE 15.45.09
FOR THE
PERIOD 7/93 THROl~H 10/93
GEUERAL REVEnUE FillID
CURREIIT PERIOD
BUDGET ACTU.A.L PERCENT VARHJICE
PARK MAINTEllAllCE 8020 584100.00 142325.90 24.4 441774.10
COMMUNITY CABLE TV 8030 9000.00 9000 .00 100.0 .00
RECREATION ADHill. 8040 174258.00 46585.76 26.7 127672.24
PLAYGROOlIDS 8045 79482.00 25235.29 31.7 54246.71
SHAlmon CENTER 8050 124260.00 29973.07 24.1 94286.93
PRESCHOOL 8055 36509.00 7991. 69 21.9 28517.31
TEElIS PROGRAM 8060 33891.00 5813 .28 17.2 28077.72
FIELD SCHEDULING 8065 104959.00 25910.29 24.7 79048.71
YOUTH SPORTS 8066 30805.00 6380.15 20.7 24424.85
SPE'CIAL EVElfl'S 8070 30655.00 4507.11 14.7 26147.89
SEll lOR CENTER 8080 136283.00 254i0.45 18.7 110812.55
RECREATION INSTRUCTION 8090 90861. 00 19461.36 21.4 71399.64
lQUATICS 8100 196565.00 84274.09 42.9 112290.91
ACTIVITY TOTAL 1815078.00 432178.44 26.6 1332899.56
COHMUNITY DEVELOPMENT:
PLANNING 9010 483617.00 143919.82 29.8 339697.18
BUILDING SAFETY 9020 251277.00 66112.74 26.3 185164.26
EIIGINEERING 9030 176180.00 62676.40 35.6 113503.60
ECONOMIC DEVELOPMENT 9040 9610.00 5035.00 52.4 4575.00
ACTIVITY T01'AL 920684.00 277743.96 30.2 642940.04
C.!.PITAL IMPROVEMENT PROJECTS:
. COKHLTNITY IMPROVEMENTS 941111 .00 li43.70- 1143.70
PARKS 95NH 10000.00 .00 1??oo.00
STREET COllSTRC/IHPROVHT 96NN .00 9187.09 9187.09-
ACTIVITY TOTAL 10000.00 8043 . 39 80.4 1956.61
TOT A L EXPEIlDITURES 12360389.00 2079427.72 16.8 10280961.28
EXCESS <REV~roE>EXPENDITURES 699309.00- 915635.22- 130.9 216326.22
TF.AHSFERS III FROM OO'HER FUNDS .00 .00 .00
EXCESS <REVENUE> EXPENDITURE 699309.00- 915635.22- 130.9 216326.22
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BGL104 THE CITY OF DUBLIN ST~.TEMEUT SHOWING PAGE 1
11/09/93 REVflflJES VERSOS EXPENDITURE 15.47.50
FOR THE
PERIOD 7/93 THROUGH 10/93
SPECUL REVENUE FUlIDS
CURRENT PERIOD
BUDGET ACTUJ..L PERCENT VARHlfCE
********REVENUES*******
SALES TAX 114000.00- 35702.27- 31.3 78297.73-
FINES & FORFEITURES 26500.00- 10587.48- 40.0 15912.52-
USES OF MONEY }JID PROPERTY 16430.00- .00 16430.00-
INTERlIGOVERllMEN'I'AL FROM STATE 756440.00- 134629.03- 17.8 621810.97-
INTERC.{)VERmlElfTAL FROM COUNTY 29000.00- .00 29000.00-
IUTERGOVERnMENTAL FROM FEDERAL 2147125.00- .00 214 7125.00-
CHARGES FOR SERVICES 716557.00- 2015.91- .3 714541.09-
OTHER SOURCES OF R~JEHUE 5000.00- 6587.32- 131. 7 1587.32
TOT~.L REVENUE 3811052.00- 189522.01- 5.0 3621529.99-
*~~'***EXPElfDITURES*******
0EUZRAL GOVERNMENT ACTIVITIES:
CITY COUNCIL .00 .00 .00
CITY MANAGER .00 .00 .00
ACTIVITY roI'AL .00 .00 .00
PUBLIC SAFETY:
POLICE 18170.00 1494.57 8.2 16675.43
TRAFFIC SIGNALS 93500.00 13950.75 14.9 79549.25
ACTIVITY TOT}.L 111670.00 15445.32 13.8 96224.68
TRAlfSPORTATIOH:
STREET ~~INTENAHCE 177350.00 94291. 95 53.2 83058.05
STREET SWEEPING 67200.00 15971.88 23.8 51228.12
}.CTIVITY TOTAL 244550.00 110263.83 45.1 134286.17
HEALTH & WELFARE:
WASTE MANAGEMENT 572236.00 2200.00 .4 570036.00
CULTURE & LEISURE SERVICES:
COHMLTNITY DEVELOPMENT:
EllGINEERING 116497.00 10670.22 9.2 105826.78
}.CTIVITY TOTAL 116497.00 10670.22 9.2 105826.78
CAPITAL IMPROVEMENT PROJECTS:
GENERAL CIP PROJECTS .00 .00 .00
comroUITY IHPROVEMEIiTS 171958.00 24888.44 14.5 147069.56
PARKS 127971. 00 10857.57 8.5 117113.43
STREET CONSTROCTION/IHPROVMT 2342550.00 13522.79 .6 2329027.21
ACTIVITY TOTAL 2642479.00 49268.80 1.9 2593210.20
TOT A L EXPENDITURES 3637432.00 187848.17 5.1 3499583.83
EXCESS <REVENUE>EXPENDlTURE 123620.00- 1673.84- 1.4 121946.16-
EXCESS <REVEnUE> EXPENDITURE 123620.00- 1673.84- 1.4 121946.16-
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BGL104 THE CITY OF DUBLIN STATEMEJlT SHOWIlIG PAGE 1
11}09/93 REVENUES VERSUS EXPIDfDITURE 15.51.14
FOR THE
PERIOD 7}93 THROUGH 10/93
SPECD.1 ASSESSMENT FUlIDS
CURRENT PERIOD
BUDGET ACTDAL PERCENT VARIANCE
********REVENUES*******
SPECIAL BENEFITS ASSESSMENTS 523913.00- 3198.61- .6 520714.39-
USES OF MONEY !lID PROPERTY 28260.00- .00 28260.00-
OTHER SOURCES OF REVENUE 10400.00- 4727.89- 45.5 5672.11-
'IQTAL REVENUE 562573.00- 7926.50- 1.4 554646.50-
*******EXPENDITURES*******
GENERAL GOVERHHElfl ACTIVITIES:
1I0U-DEPARTMENTAL 650731.00 565406.00 86.9 85325.00
FINANCE DEPARTMENT .00 .00 .00
tI.CTIVITY TOTAL 650731.00 565406.00 86.9 85325.00
PCBLIC SAFETY:
TRFC SIGS/STREET LIGHTING 197300.00 16165.60 8.2 181134.40
ACTIVITY TOTAL 197300.00 16165.60 8.2 181134.40
TRt.NSPORTATIOlJ:
PL~LIC WORKS 1701.00 1433.39 84.3 267.61
STREET TREE KAINTENAl~E 11300.00 1142.13 10.1 10157.87
STREET LANDSCtl2E HAINTENAlICE 109520.00 22845.42 20.9 86674.58
ACTIVITY TOTAL 122521.00 25420.94 20.7 97100.06
HEALTH << WELFARE:
CULTURE & LEISURE SERVICES:
COMMUNITY DEVELOPMEnT:
EllGINEERING 7550.00 3458.52 45.8 4091. 48
ACTIVITY TOTAL 7550.00 3458.52 45.8 4091.48
CAPITAL IMPROVEMENT PROJECTS:
COMMUNITY IMPROVEMEnTS .00 4500.00 4500.00-
STREET conSTROCTION}IMPROVMT .00 .00 .00
ACTIVITY TOTAL .00 4500.00 4500.00-
TOT A L EXPENDITORES 978102.00 614951.06 62.9 363150.94
EXCESS<REVENUE>EXPElTDITURE 415529.00 607024.56 146.1 191495.56-
TRANSFERS OUT TO OTHER FUlIDS .00 .00 .00
EXCESS <REVEllUE> EXPElrDITURE 415529.00 607024.56 146.1 191495.56-
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BGLl04 - THE CITY OF Du~LIH STATEMENT SHOWING PAGE 1
11/09/93 REVENUES VERSUS EXPENDITURE 16.05.37
fOR THE
PERIOD 7/93 THROC~H 10/93
(
CAPITAL IMPROVEMENT FUND
CURRElIT PERIOD
BUDGET ACTU;.L PERCENT VARIANCE
********REVENUES*******
USES OF HONEY }Jf.D PROPERTY 4340.00- .00 4340. 00-
OTHER SOURCES OF REVENUE 853500.00- .00 853500.00-
TOTH REVElffiE 857840.00- .00 857840.00-
*******EXPElfDITURES*******
GENER)~ GOVERNMENT ACTIVITIES:
ACTIVITY TOTH .00 .00 .00
PUBLIC SAFETY:
TRAlISPORTATIOl! :
HEALTH & WELF}~E:
CULTURE & LEISu~E SERVICES:
COHHUlHTY DEVELOPMENT:
ElIGINEERING 91608.00 .00 91608.00
ACTIVITY TOTAL 91608.00 .00 91608.00
C~JPITAL IMPRO\TEHENT PROJECTS:
CC*fMUlIITY IMPROVEMENTS 50000.00 .00 50000.00
STREET CONSTRC~TION/IMPROVMT 561150.00 31714.67 5.7 529435.33
ACTIVITY TOTH 611150.00 31714.67 5.2 579435.33
TOT A L EXPElIDITURES 702758.00 31714.67 4.5 671043.33
EXCESS<REVENUE>EXPElfDITURE 155082.00- 31714.67 20.5- 186796.67-
EXCESS <REVENUE> EXPfllDITURE 155082.00- 31714.67 20.5- 186796.67-
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BGLlO4 THE CITY OF DUBLIN STATEMENT SHOWING PAGE 1
11/09/93 REVENUES VERSUS EXPBIDITURE 15.54.48
FOR THE
PERIOD 7/93 THROUGH 10/93
D1TERHAL SERVICE FUND
CURRENT PERIOD
BUDGET ACTUAL PERCENT VARDJfCE
********REVElfUES*******
USES OF MONEY MID PROPERTY 9360.00- .00 9360.00-
CHARGES FOR SERVICES 137229.00- 43590.25- 31.8 93638.75-
OTHER SOURCES OF REVENUE 4500.00- .00 4500.00-
TOTAL REVENUE 151089.00- 43590.25- 28.9 107498.75-
*******EXPENDITURES*******
GENERAL GOVERNMENT ACTIVITIES:
NOH-DEPARTMENTAL 188239.00 55941.45 29.7 132297.55
ACTIVITY TOTAL 138239.00 55941. 45 29.7 132297.55
PUBLIC SAFETY:
TRAHSPORTATIOlI:
HEALTH & WELFARE:
CULTURE & LEISURE SERVICES:
COMHUlUTY DEVELOPMENT:
C.~IT.\L IHPROVEHElff PROJECTS:
GENERAL eIP PReVECTS .00 .00 .00
ACTIVITY TO'1'AL .00 .00 .00
TOT A L EXPEIlDITURES 188239.00 55941.45 29.7 132297.55
EXCESS<REVENUE>EXPflfDlTUlRE 37150.00 12351. 20 33.2 24798.80
TRANSFERS OUT TO OTllER FmlDS .00 .00 .00
EXCESS <REVENUE> EXPflIDITURE 37150.00 12351.20 33.2 24798.80
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BGLl04 THE CITY OF DUBLIN STATEME1~ SHOWING PAGE 1
11/09/93 REVENUES VERSUS EXPENDITURE 16.00.46
FOR THE
PERIOD 7/93 THROC~H 10/93
EUTERPRISE FUlIDS
CURREllT PERIOD
BUDGET ACTUAL PERCEnT VARIANCE
********REVENUES*******
USES OF MONEY }JID PROPERTY 1611177.00- 866.61- .1 1610310.39-
TOTAL REVElfUE 1611177 . 00- 866.61- .1 1610310.39-
*******EXPENDITURES*******
GENERAL C.oVERlfMENT ACTIVITIES:
lfON-DEPARTMEllTAL 1532876.00 .00 1532876.00
CITY MANAGER .00 .00 .00
FIN.~CE DEPARTMENT 8250.00 41 0 . 00 5.0 7840.00
ACTIVITY TOTAL 1541126.00 410.00 1540716.00
PUBLIC SAFETY:
DISASTER PRRAPREDNESS 1140.00 .00 1140.00
ACTIVITY TOTAL 1140.00 .00 1140.00
TRAllSPORTATIOlf :
HEALTH & WELFARE:
CULTURE & LEISURE SERVICES:
RECREATION ADMINIST1t~TION 11800. 00 2934.67 24.9 8865.33
SENIOR CENTER 450.00 238.14 52.9 211.86
ACTIVITY TOTAL 12250.00 3172.81 25.9 9077.19
COMMUNITY DEVELDPMElfT:
CAPITAL IMPROVEMENT PROJECTS:
T b TAL EXPENDITURES 1554516.00 3582.81 .2 1550933.19
EXCESS<REVElfUE>EXPEHDITURES 56661.00- 2716.20 4.8- 59377.20-
EXCESS <REVElruE> EXPENDITURE 56661.00- 2716.20 4.8- 59377.20-
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RESOLUTION NO.
- 93
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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AMENDING RESOLUTION NO. 80 - 93 AND DESIGNATING A SPECIAL RESERVE FOR
THE MANAGEMENT AND ACCOUNTING OF CEMETERY ENDOWMENT FUNDS TRANSFERRED TO
THE CITY OF DUBLIN BY DUBLIN CEMETERY, INC.
WHEREAS, as part of the Dublin Heritage Center Acquisition project
the City acquired property owned by Dublin eemetery, Inc.; and
WHEREAS, the eemetery corporation had accrued funds over the years
which were designated as an endowment; and
WHEREAS, the purpose of the endowment was to assure a principal
amount of money which could generate interest income; and
WHEREAS, the income could be used to offset costs associated with
the ongoing maintenance of the eemetery grounds; and
WHEREAS, it is appropriate for the eity Council to clearly
establish policies which will assure that these monies continue to be
used for the original intended use; and
WHEREAS, the eity eouncil has adopted Resolution 80-93 which
designates how City General Fund Reserves are to be treated; and
WHEREAS, the eity eouncil considers it appropriate to designate a
special reserve for any eemetery Endowment Funds TRANSFERRED to the
eity.
NOW, THEREFORE, BE IT RESOLVED that the eity eouncil of the City of
Dublin does hereby amend Resolution No. 80-93 to include the language
attached hereto as Exhibit A.1 and by reference made a part hereof.
BE IT FURTHER RESOLVED that Staff is hereby authorized to take all
steps necessary to implement this change, including but not limited to:
reflecting the reserve in the Annual eity Financial Report; establishing
a unique Account Number to account for interest income; identifying the
expenditure of such funds as part of the Annual Budget; and account for
additional contributions to the Fund in a similar manner.
PASSED, APPROVED AND ADOPTED this
AYES:
th day of
, 1993.
NOES:
ABSENT:
Mayor
ATTEST:
eity elerk
EAms1T
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. EXHIBIT A. 1
DESIGNATED SPEeIAL RESERVE
FOR CEMETERY ENDOWMENT FUNDS
GENERAL
subsequent to the adoption of Resolution 80-93 the eity acquired
property owned by Dublin eemetery Inc. As the owner of the property the
eity also acquired the Endowment Funds previously collected by the
Cemetery Corporation. This policy shall explicitly designate a Special
Reserve within the City General Fund. .
AMOUNT OF DESIGNATED RESERVE
The amount initially transferred on October 21, 1993, as part of the
acquisition, was $60,000 (sixty thousand dollars). The City eouncil
recognizes that this amount may increase in the event that any further
contributions are received.
INVES~
This designated reserve may be pooled with the eity General Fund Reserve
and invested pursuant to adopted policies and laws. As necessary,
records shall be maintained to determine the proportionate share of
interest earnings generated by this special designated reserve.
EXPENDITURE OF INTEREST EARNINGS ONLY
None of the principal amount deposited in this designated reserve shall
be available for expenditure. For purposes of Budgeting the city
eouncil may elect to save interest earnings generated in one year and
expend them in a subsequent year.
RESTRICTION ON EXPENDITURES TO BE FUNDED WITH INTEREST EARNINGS
The interest designated from this restricted reserve shall only be used
to fund expenditures related to the on-going care and maintenance of the
Cemetery property.
REVISIONS
Revisions to this pOlicy shall be approved by the City Council in the
form of an adopted Resolution.