What is the Enterprise Fund Shared Services Transfer?

The City recognizes the net effect of the revenue due to its Enterprise Funds for water, sewer, and solid waste services used by the City general services and the expenses incurred centrally to support enterprise operations. Examples of administrative expenses charged to utility and solid waste operations include utility billing services and a proportionate share of accounting and payroll services, human resources services, and management services. In addition, the General Fund pays for services provided by Enterprise such as Water, Sewer and garbage collection at all related buildings and parks. The “net effect” of the revenue and expense activities is recognized as an exchange transaction or Fund transfer between the City’s General Fund and its Enterprise Funds (Water & Wastewater and Solid Waste). In FY 2014-15, the City began billing for utility services (garbage collection, water, etc.) used in its buildings. In the past, these charges were accounted for as part of the net fund transfer and reduced the total amount due to the General Fund from the Enterprise Funds. As compared to prior years, the net fund transfer appears significantly higher starting in FY 2015.  However, the transfer is higher because the service use credits are now being accounted for independently, but the net effect to the Enterprise Funds is the same.

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1. What is the General Fund?
2. What are the primary General Fund revenue sources?
3. What is the 4th Cent Sales & Use Tax and how is it allocated?
4. What is the 5th Cent Sales & Use Tax (local option) and how is it allocated?
5. We have a 6th cent specific purpose tax (1% SPT local option) in Albany County. Why don’t I see it in General Fund revenue sources? How is this tax being managed?
6. How much debt can the City carry?
7. What are the current types of general fund debt and the terms associated with the debt?
8. What is an Enterprise Fund?
9. What types of enterprise fund debt are held by the City and what are the terms associated with that debt?
10. What determines how much the City can spend?
11. What is the City’s Bond Rating?
12. What is Depreciation? How does the City manage it?
13. What are Fund Balance and Net Position?
14. What do the different components of fund balance mean?
15. What is a Modified Balance Sheet?
16. What are the Days of Operation Reserves?
17. What are the Recreation Center’s primary revenue sources?
18. What is the percent of Cost Recovery for the Recreation Center?
19. What is the Enterprise Fund Shared Services Transfer?
20. How does the City plan its budget for Enterprise Funds?
21. Are the revenues in the Enterprise fund only user fees?
22. How does the Financial Outlook Report differ from the Comprehensive Annual Financial Report (CAFR)?