SPECIAL FUNDS
GENERAL RESERVE FUNDS
Fund 002: ASSET MANAGEMENT PLAN FUND The City's Asset Management Plan (AMP) has a fundamental purpose similar to an endowment to provide long-term funding source for rehabilitation of City infrastructure while preserving the Fund's principal balance. Additionally, the City Council adopted a plan to reduce the City's unfunded actuarial accrued liability (UAAL) with CalPERS by designating the AMP as a funding source. Commencing FY 2013-14, the AMP makes annual payments of $5 to $7 million over a ten-year period. The City Council approves repayment to the AMP fund through General Fund surplus year-end allocations and annual pension rate savings. This fund also provides financial reserves to respond to natural disasters and other emergencies and provides a source for internal loans and liquidity. In FY 2020-21, the AMP will loan $1 million, and up to $3.6 million over the next four fiscal years, to the Building and Safety Fund to replace the City’s permitting system. Total replacement cost is expected to be between $4 million and $6 million; Community Development and other departments will contribute to the cost of this project. The loan is expected to be paid off over a ten-year period from revenues generated from the increased Automation Fee, accounted for in the Building and Safety Fund.
FY 2019-21 Proposed Budget
305
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