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<br />Governmental Funds - At the end of the fiscal year, the City's Governmental Funds reported combined
<br />ending fund balances of$30,758,170, an increase of $2,228,323 in comparison with the prior year.
<br />
<br />General Fund - The General Fund operating results can be summarized as follows:
<br />
<br />Original
<br />Budget
<br />
<br />Final Budget
<br />
<br />Actual
<br />
<br />Over (Under)
<br />Budget
<br />
<br />% Over
<br />(Under) Budget
<br />
<br />Revenue
<br />
<br />$ 9,080,127 $ 8,783,690 $ 8,903,876 $ 120,186
<br />
<br />1.4%
<br />
<br />Expend itLlfes
<br />
<br />10,514,794
<br />
<br />9,388,265
<br />
<br />9,367,386
<br />
<br />(20,879)
<br />
<br />(0.2%)
<br />
<br />Excess (deficiency)
<br />of revenue over
<br />expenditures
<br />
<br />(1,434,667)
<br />
<br />(604,575)
<br />
<br />(463,510)
<br />
<br />141,065
<br />
<br />Other Financing Sources (Uses)
<br />
<br />1,434,667
<br />
<br />1,338,075
<br />
<br />1,354,586
<br />
<br />16,511
<br />
<br />Net change in
<br />fund balances
<br />
<br />$
<br />
<br />$ 733,500
<br />
<br />891,076 $ 157,576
<br />
<br />Fund balances
<br />Beginning of year
<br />
<br />6,121,194
<br />
<br />EI)d of year
<br />
<br />$ 7,012,270
<br />
<br />The change in budget from the original to the final was a result of less than anticipated building permit
<br />revenues. The variances of revenues to budget were mainly attributed to the area of investment earnings.
<br />Due to conservative budgeting, the City saw a fairly large increase in investment earnings.
<br />
<br />Tax Increment Fund - This Special Revenue Fund had a year-end fund balance of $3,299,505 which
<br />reflects a $ 1 ,637,492 increase from 2006. The increase was due to the sale of TIF funded properties to
<br />prospective industrial users.
<br />
<br />Public Improvement Revolving Fund - This Capital Project Fund saw an overall decrease in fund
<br />balance of $273,379 due to street improvements expensed in 2007 but to be collected in assessments over
<br />the next three to ten years.
<br />
<br />Landfill Fund - This Capital Project Fund showed an overall decrease in fund balance of $375,749
<br />which helped pay for professional service costs associated with a development that did not occur.
<br />
<br />Equipment Revolving Fund - This Capital Project Fund reported a year-end fund balance of
<br />$4,373,436. The decrease of $129,402 in fund balance was largely attributed to the purchase of capital
<br />equipment.
<br />
<br />Public Improvement Revolving Ramsey Town Center - This Capital Project Fund reported a fund
<br />balance of $14,371. The reduction of $747,836 in fund balance represents infrastructure costs in the
<br />Ramsey Town Center project area.
<br />
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