FY 2013 Popular Annual Financial Report FY 2013 Popular Annual Financial Report | Page 7

• Viridian
Home construction continued in the
Viridian mixed-use development.
The plan will take 10 -15 years to
complete and will result in a 2,300acre community which is expected to
have 3,600 homes, condominiums, a
school, amenities center, and shopping
and dining options.
Reserves
Reserves represent our safety net
in times of emergency and economic
downturns, and our first priority is
maintaining them at levels set by
policy. The major reserves include
the Unallocated Reserve, targeted at
3% of General Fund expenditures,
designed for emergencies and
unanticipated expenses.
The Working Capital Reserve sets
aside one month of General Fund
expenditures to provide adequate
operating cash during normal revenue
and expenditure cycles.
The largest reserve is the Landfill
Lease Reserve. This reserve, in excess
of $17 million, originated from a
one-time payment to the City when it
leased its landfill in March 2005.
Our newest reserve is the Business
Continuity Reserve, also targeted at
3% of General Fund Expenditures.
This reserve is in place to ensure
that in the face of funding shortfalls,
service delivery will continue until
sound solutions to the shortfall can
be identified. During FY 2013, the
Landfill Lease Reserve was drawn
down by $4.3 million for the initiation
of a new recycling program. The total
reserve amount adopted in the FY
2014 Budget is $46.1 million or 22.5%
of the City’s General