SPECIAL FUNDS
GENERAL RESERVE FUNDS
Fund 002: ASSET MANAGEMENT PLAN FUND The City's Asset Management Plan's (AMP) purpose is similar to an endowment to provide a long-term funding source for rehabilitation of City infrastructure while preserving the Fund's principal balance. The City Council adopted a plan to reduce the City's unfunded actuarial accrued liability with CalPERS by designating the AMP as a funding source. Commencing FY 2013-14, the AMP makes annual payments of $5 to $7 million. In December 2020, City Council approved an agreement with the JPA, Orange County Power Authority (OCPA) to loan $2.5 million for pre-launch costs and $5 million as collateral to assist OCPA in securing credit for launch costs. The loan, plus interest, is to be repaid on or before January 1, 2027. In the FY 2019-21 budget, City Council approved $32 million in two transfers of $16 million of Department of Finance Settlement Funds (DOF) to support asset rehabilitation costs. $28 million of this is scheduled to be transferred back to the Great Park fund in FY 2023-24 to continue the building and development of the Great Park. Over the next two years, transfers totaling $4.7 million will be made from the AMP to CIP Funds 250 and 260 for pavement rehab projects. The annual transfer to the Rehab Fund is calculated at 90 percent of the prior year's actual interest earned in the AMP. The AMP also provides financial reserves to respond to emergencies and can be used for internal loans and liquidity.
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FY 2023-25 Adopted Budget
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