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CASE # / REVIEW 12/31/94 UNAUDITED GENERAL FUND FINANCIAL REPORT By: Jessie Hart, Finance Officer Background: Attached for review is the December 31, 1994 Unaudited General Fund Financial Report. While this information is being presented as "unaudited", the annual audit of the City is currently underway and few, if any, changes will be made to the attached information. The Actual Y.T.D. 1994 column reflects all activity for 1994, including accruals for receivables and payables as of the end of the year. The Budget 1994 column reflects the Adopted 1994 General Fund Budget with several changes reflective of budget amendments adopted during 1994 and other budget amendments which will be recommended by resolution at a meeting in the near future, based on actual 1994 activity. The unaudited final excess of revenues over expenditures for 1994 totaled $74,446. This excess was the result of several things including revenues in excess of budget and expenditures being less than budget. Each of these areas are detailed on the attached reports and discussed in more detail in this case. Revenues Total revenues, exclusive of transfers in from other funds, for the General Fund in 1994 were $2,870,553 compared to a budget of $2,725,157. The $144,670 excess of actual over budget was due primarily to the increase in actual building permits and related revenues compared to budgeted amounts. While some other areas were over compared to budget, such as interest earnings, other areas were under, such as court fines. Expenditures Total expenditures, exclusive of transfers out to other funds, for the General Fund in 1994 were $2,373,351 compared to a budget of $2,581,840. This underage was the result of several factors, including significantly lower workers' compensation and general liability insurance premiums, the street maintenance program which was somewhat lower than budgeted, and the prudent nature that departmental budgets were monitored during the year. Most departmental budgets were under 100% for the year, and where they exceeded the budgeted amount, there is generally a revenue source that was over to cover the overage in expenditures. Transfers From and To Other Funds Transfers from other funds consist primarily of revenues from other funds that offset costs budgeted from the General Fund. These include administrative transfers from the Enterprise Funds, a transfer from the Equipment Replacement Fund for funding equipment, a transfer from the PIR Fund to offset the City's share of the annual street maintenance program, and a transfer from the Land_fill Abatement Fund for the costs of the Environmental Specialist. Transfers to other funds consist primarily of a transfer to the Equipment Replacement Fund for future funding and a transfer to the Public Facilities Construction Fund for the purchase of the Jaspar Street facilities. While this last transfer was not budgeted, it was necessary to show it in this manner since the proceeds of the inter-fund loan, the actual loan, and all future loan payments are recognized in the General Fund.