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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 $38,414,991, a decrease of $2,594,704 in comparison with the prior year. The
<br />decrease was due to the construction of a park in The COR (formerly known as Ramsey Town Center) project
<br />area.
<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 $ 8,732,995 $ 8,674,175 $ 8,789,279 $ 115,104
<br />Expenditures 9,698,041 9,086,487 9,103,519 17,032
<br />Excess (deficiency)
<br />of revenue over
<br />expenditures (965,046) (412,312) (314,240) 98,072
<br />Other Financing Sources (Uses) 965,046 (637,954) (642,954) (5,000)
<br />Net change in
<br />fund balances $ $ (1,050,266) (957,194) $ 93,072
<br />Fund balances
<br />Beginning of year
<br />End of year
<br />7,016,953
<br />$ 6,059,759
<br />The change in budget from the original to the final can be attributed to decisions made by city council
<br />throughout the year. To maximize savings, positions that were vacant were not refilled and a street
<br />maintenance road overlay project was delayed. The fund balance decrease of $957,194 is largely due to the
<br />city's change in its fund balance policy. In prior years, the General Fund retained a fund balance equivalent to
<br />60% of the following years adopted budgeted expenditures. The city amended its policy to require 50% of the
<br />following years adopted budgeted expenditures be retained within the General Fund. Due to this policy
<br />change, a 10% reduction in fund balance amounted to approximately $835,000. The remainder of the decrease
<br />in fund balance was due to the continued down -turn in the economy. Property taxes came in lower than
<br />originally expected.
<br />Tax Increment Fund — This Special Revenue Fund had a year -end fund balance of $7,903,067 which reflects
<br />a $1,254,068 increase from 2009. The increase was due to the tax increment received that will be used for
<br />future budgeted capital projects and improvements.
<br />Housing and Redevelopment Authority Fund — This Special Revenue Fund had a year -end fund balance of
<br />$8,564,039. The decrease of $134,605 is attributed to cost associated with marketing and developing The COR
<br />(formerly known as Ramsey Town Center).
<br />Public Improvement Revolving Fund — This Capital Project Fund saw an overall increase in fund balance of
<br />$26,433 which is attributed to the funds share of pooled interest earnings.
<br />Landfill Fund — This Capital Project Fund showed an overall decrease in fund balance of $347,666, which is
<br />attributed to the city covering all cost to operate the Ramsey Star Express bus service until the Rail Authority
<br />for the city is approved.
<br />Equipment Revolving Fund — This Capital Project Fund reported a year -end fund balance of $3,342,842. The
<br />decrease of $266,219 in fund balance was largely attributed to a transfer out for the purchase of capital
<br />equipment.
<br />Public Improvement Revolving The COR (formerly known as Ramsey Town Center) — This Capital
<br />Project Fund reported a fund balance of $6,548. The decrease in fund balance represents the financing of a
<br />portion of the infrastructure costs in The COR (formerly known as Ramsey Town Center) project area.
<br />1.3%
<br />0.2%
<br />
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