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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 $34,558,463, an increase of $3,800,293 in comparison with the prior year.
<br />General Fund — The General Fund operating results can be summarized as follows:
<br />Revenue
<br />Eacpenditures
<br />Excess (deficiency)
<br />of revenue over
<br />expenditures
<br />Other Financing Sources (Uses)
<br />Net change in
<br />fund balances
<br />Fund balances
<br />Beginning of year
<br />End of year
<br />Original Over (Under) % Over
<br />Budget Final Budget Actual Budget (Under) Budget
<br />$ 9,506,932 $ 9,294,959 $ 9,402,228 $ 107,269 L2%
<br />10,049,236 9,951,247 9,959,154 7,907 0.1%
<br />(542,304) (656,288) (556,926) 99,362
<br />542,304 467,304 523,204 55,900
<br />— $ (188,984) (33,722) $ 155,262
<br />7,012,270
<br />$ 6,978,548
<br />The change in budget from the original to the final was a result of less than anticipated building permit
<br />revenues and the loss of the second half payment of the market value homestead credit expected from the
<br />state. Appropriations were reduced by $97,989 and the actual transfer in of funds helped to minimize the
<br />loss. Overall, the general fund balance decreased by $33,722. The actual revenues were greater than
<br />anticipated due to conservative budgeting on the investment earnings.
<br />Tax Increment Fund — This Special Revenue Fund had a year -end fund balance of $4,766,901 which
<br />reflects a $1,467,396 increase from 2007. The increase was due to the sale of TIF funded properties to
<br />prospective industrial users.
<br />Public Improvement Revolving Fund — This Capital Project Fund saw an overall increase in fund
<br />balance of $543,087. Prepaid assessments on previous years and current 2008 street maintenance projects
<br />exceeded the expenditures associated with the 2008 street maintenance program.
<br />Landfill Fund — This Capital Project Fund showed an overall increase in fund balance of $82,799, which
<br />is attributed to the funds share of pooled interest earnings.
<br />Equipment Revolving Fund — This Capital Project Fund reported a year -end fund balance of
<br />$3,669,695. The decrease of $703,741 in fund balance was largely attributed to a transfer out for the
<br />purchase of capital equipment.
<br />Public Improvement Revolving Ramsey Town Center — This Capital Project Fund reported a fund
<br />balance of $842,934. The increase in fund balance represents reimbursements on infrastructure costs in
<br />the Ramsey Town Center project area.
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