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Governmental Funds At the end of the fiscal year, the City's Governmental Funds reported combined
<br />ending fund balances of $28,529,847, a decrease of $15,609,102 in comparison with the prior year.
<br />General Fund — The General Fund operating results can be summarized as follows:
<br />Original Over (Under) % Over
<br />Budget Final Budget Actual Budget (Under) Budget
<br />Revenue $ 9,084,982 $ 8,159,142 $ 8,305,100 $ 145,958 1.8%
<br />Expenditures 9,580,225 8,883,706 8,853,226 (30,480) (0.3 %)
<br />Excess (deficiency)
<br />. of revenue over
<br />expenditures
<br />Other Financing Sources (Uses)
<br />(495,243) (724,564) (548,126) 176,438
<br />495,243 1,078,371 1,084,054 5,683
<br />Net change in
<br />fund balances $ — $ 353,807 535,928 $ 182,121
<br />Fund balances
<br />Beginning of year 5,585,266
<br />End of year $ 6,121,194
<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 more favorable market rates, and conservative budgeting, the City saw a fairly large increase in
<br />investment earnings.
<br />Tax Increment Funds — This Special Revenue Fund had a year -end fund balance of $1,662,013 which
<br />reflects a $1,381,972 decrease from 2005. The decrease was due to the funding of improvements in the
<br />Ramsey Town Center project area and the purchase of blighted properties within the City's commercial
<br />area.
<br />Public Improvement Revolving Fund -- This Capital Project Fund saw an overall decrease in fund
<br />balance of $969,426 due to street, sewer, and water improvements expensed in 2006 but to be collected
<br />in assessments over the next ten years.
<br />Landfill Fund --- This Capital Project Fund showed an overall decrease in fund balance of $419,076
<br />which helped pay for the construction of the new municipal center.
<br />Equipment Revolving Fund --- This Capital Project Fund reported a year -end fund balance of
<br />$4,502,838. The increase of $79,958 in fund balance was attributed largely to investment earnings.
<br />Public Improvement Revolving Ramsey Town Center -- This Capital Project Fund reported a fund
<br />balance of $762,207. The reduction of $4,645,016 in fund balance represents infrastructure costs in the
<br />Ramsey Town Center project area.
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