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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 $41 ,009,695, an increase of $6,451 ,232 in comparison with the prior year,
<br />
<br />General Fund - The General Fund operating results can be summarized as follows:
<br />
<br /> Original Over (Under) % Over
<br /> Budget Final Budget Actual Budget (Under) Budget
<br />Revenue $ 9,844,443 $ 9,520,978 $ 9,580,074 $ 59,096 0.6%
<br />Expenditures 10,102,130 8,948,609 8,940,289 (8,320) (0.1%)
<br />Excess (deficiency)
<br />of revenue over
<br />expenditures (257,687) 572,369 639,785 67,416
<br />Other Financing Sources (Uses) 257,687 (631,623) (601,380) 30,243
<br />Net change in
<br />fund balances $ $ (59,254) 38,405 $ 97,659
<br />Fund balances
<br />Beginning of year 6,978,548
<br />End of year $ 7,016,953
<br />
<br />The change in budget from the original to the final was a result of the continued downturn in the
<br />economy. Anticipated building permit revenues, intergovernmental state aid and interest earnings were
<br />less than expected due to the current market with a net effect of an anticipated reduction in fund balance
<br />of $59,254. Overall, the actual general fund balance increased by $38,405 due to a conservative final
<br />budget estimate on interest earnings. All interest earnings are pooled throughout the year and only
<br />distributed to benefitting city funds after all year-end activity has occurred.
<br />
<br />Tax Increment Fund - This Special Revenue Fund had a year-end fund balance of $6,648,999 which
<br />reflects a $1,882,098 increase from 2008. The increase was due to the tax increment received that will be
<br />used for future budgeted capital projects and improvements.
<br />
<br />Housing and Redevelopment Authority Fund - This Special Revenue Fund had a year-end fund
<br />balance of $8,698,644. The significant increase in fund balance was due to the transfer in of resources
<br />from other funds as further disclosed in the notes to the financial statements.
<br />
<br />Public Improvement Revolving Fund - This Capital Project Fund saw an overall increase in fund
<br />balance of $345,008, Prepaid assessments on previous years exceeded the expenditures associated with
<br />the 2009 street maintenance program.
<br />
<br />Landfill Fund - This Capital Project Fund showed an overall increase in fund balance of $44,608, which
<br />is attributed to the funds share of pooled interest earnings.
<br />
<br />Equipment Revolving Fund - This Capital Project Fund reported a year-end fund balance of
<br />$3,609,061. The decrease of $60,634 in fund balance was largely attributed to a transfer out for the
<br />purchase of capital equipment.
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