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Fund Balance: The City's undesignated General Fund balance was $19,543,727 as of June 30,
<br />2001. It is undetermined as to what the change will be at June 30, 2002 due to the uncertainty of
<br />the State withheld revenues. Our ability to maintain a healthy fund balance in previous fiscal
<br />years is attributable to the continued economic vibrancy present in the City of Concord and
<br />increases in available cash for investments, collection percentage of property taxes, and
<br />conservative estimates on revenues. Over the previous five years, the property tax base has
<br />avei'aged 22% growth and sales tax growth has averaged 16% annually.
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<br />The recommended budget appropriates $2,461,551 of General Fund balance. This amount will
<br />provide funding for capital expenditures for technology, equipment, and vehicles and to meet
<br />debt service .obligations for road improvements, new fire stations, parks and recreation projects
<br />and downtown parking. If the reimbursement revenue is not received, this means some of this
<br />appropriation will go to operations, a fiscally unsound practice that cannot continue in the future.
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<br />ANALYSIS BY FUND
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<br />General Fund: The General Fund budget for the 2002-2003 year totals $45,560,803 compared to
<br />the amended budget of $45,909,702 for the FY 2001-2002 year. This is a decrease of $348,899 or
<br />just under 1% under the current year budget. Once again, debt service payments will be budgeted
<br />for the 2002-2003 year in the fund and department where the monies were utilized for capital
<br />projects.
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<br />Special Revenue Fund: The Concord Downtown Development Corporation has requested that
<br />the Municipal Service District tax remain at the current level of $.22 per $100 assessed valuation.
<br />Also, included in the Special Revenue Fund is the budget request for Community Development
<br />Block Grant Funds, the H.O.M.E. Program and the 2-cent Transportation Fund.
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<br />Electric Fund: The Electric Fund budget totals $45,711,386 for the 2002-2003 budget year. This'
<br />is an increase of 1.4% or $667,141 more than the current year amended budget of $45,044,245.
<br />The Electric Fund is comprised of $43,995,000 in operating revenues and non-operating revenues
<br />of $300,000 and an appropriation of $1,416,386 from retained earnings. Increase is due to
<br />additional purchased power due to growth of system and funding of a capital project for 100KV
<br />line for Substation J.
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<br />Water Fund: The Water Fund budget for 2002-2003 totals $13,976,398 compared With the
<br />amended budget of $12,918,474 for the current 2001-2002 year. The increase is due to the
<br />increase in purchased water for resale due to the drought conditions. The Water Fund is
<br />comprised of $12,321,061 in operating revenue, non-operating revenue of $160,000, and an
<br />appropriation of $1,495,337 from retained earnings. An increase in water rates and charges is
<br />recommended as reflected in the Schedule of Fees and Charges effective July 1, 2002.
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<br />Wastewater Fund: The Wastewater Fund budget for 2002-2003 totals $11,793,467 compared
<br />with the amended budget of $11,449,808 for the current 2001-2002 year. The Wastewater Fund
<br />is comprised of operating revenue of $9,573,316 non-operating revenues of $75,000, a
<br />contribution from the Water & Sewer Authority of $373,187 for debt service, an appropriation of
<br />$530,712 from retained earnings and a transfer from the' Electric Fund in the amount of
<br />$1,241,252. An increase in wastewater rates and charges is recommended as reflected in the
<br />Schedule of Fees and Charges effective July 1, 2002.
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<br />Internal Services Fund: The Internal Services Fund comprised of Data Services, Customer
<br />Service, Collections, Engineering, Fleet Services, Call Center, Buildings and Grounds and
<br />Purchasing has an increase of $360,185 or 4.2% over the current year budget. The increase is due
<br />to the restructuring and full year funding of related positions in the Engineering Department and
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