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Cultural Services Fund (031) - Six-Year Financial Forecast, FY05 - FY10
<br /> Executive Summary
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<br />Major Issues for This Fund
<br /> *Long range forecast continues to indicate operating deficits. Departmental Advisory Committee (DAC) has made recommendations; some recommendations are currently
<br /> being analyzed by staff. For example, forecast includes impact of DAC recommendations on revisions to the rental rate implemented, structure and increases in some user
<br /> fees and facility rental rates are scheduled for July 1,2004. *Health of the fund is dependent on the health of the economy and the entertainment industry overall, both on a
<br /> national level and the local level. *Transient Room Tax receipts account for approximately one-third of the fund's revenue and are dependent on the health of the economy and
<br /> hospitality industry. *This fund annually provides funds to the Lane Arts Council for disbursement to local arts groups. *This fund annually provides $65,000 for Hayward
<br /> Field renovation debt; the last debt payment occurs in FY07.
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<br /> Actual Actual EstimatedProposed Forecast
<br /> FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
<br />Resources
<br /> Beginning Working Capital 1,080,973 1,164,2991,101,8291,037,884 998,404 850,876 659,550 479,266 269,653
<br /> Revenues 4,229,6083,797,9824,192,3504,335,0404,416,7214,511,0464,612,159 4,719,868 4,841,759
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<br /> Total Resources 5,310,5814,962,2815,294,1795,372,9245,415,1255,361,9215,271,709 5,199,133 5,111,412
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<br />Requirements
<br />(1) Operating - Cultural Services 3,560,5243,860,4524,176,2954,300,7704,494,2494,636,1224,792,443 4,929,480 5,083,701
<br />(2) Loan to Youth Levy Fund 235,758 - - -
<br />(1) Cap Transfers - Silva Acoustic Proj 350,000 - - -
<br />(1) Repay Acoustic Project Loan 80,000 73,750 70,000 66,250
<br /> Total Expenditures 4,146,2823,860,4524,256,2954,374,5204,564,2494,702,3724,792,443 4,929,480 5,083,701
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<br />(3)
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<br /> Reserves
<br /> Reserves - General 1,147,5351,084,9931,020,181 981,740 833,795 641,957 461,057 250,716 8,016
<br /> Reserves - Dedicated Donations 16,764 16,836 17,703 16,664 17,081 17,593 18,209 18,937 19,695
<br /> Total Reserves 1,164,2991,101,8291,037,884 998,404 850,876 659,550 479,266 269,653 27,711
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<br /> Total Requirements 5,310,5814,962,2815,294,1795,372,9245,415,1255,361,9215,271,709 5,199,133 5,111,412
<br />(4) Target General Reserve 1,382,0941,286,8171,418,7651,458,1731,521,4161,567,4571,597,481 1,643,160 1,694,567
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<br />(1) $675,100 of this fund's resources have been used for the Silva Acoustic project. In FY02, a $250,000 loan from the General Capital Projects fund was taken; loan
<br />repayment is FY04-FY07. The resources for the acoustic project transfers/loan is 25% of Patron User Fees dedicated to facility upgrades/equipment (operating M&S has
<br />been reduced to provide the transfers/loan payback monies).
<br />(2) Loan to Youth Levy Fund: Both the loan to the Youth Fund and the loan payback were completed during FY02.
<br />(3) Operating Surplus/(Deficit) = "Revenues" minus "Total Expenditures."
<br />(4) Due to cyclical nature of the entertainment industry, General Reserve Target is four months of Total Expenditures.
<br />Note: "Reserves-General" is equivalent to Balance Available (Total Resources - (total expenditures + dedicated reserves))
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