Agenda - Council - 03/28/1995 - Laserfiche WebLink

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I I I I ! I I I I I I I I I I I I CASE # / REVIEW~12/31/94 UNAUDITED GENERAL FUND FINANCIAL REPORT By: Jessie Hart, Finance Officer Background: Attached for review is the December 31, 1994 Unaudited General Fund Financial Report. While this informatio~ is being presented as "unaudited", the annual audit of the City is currently underway and f~w, if any, changes will be made to the attached information. The Actual Y T;D 1994 column reflects all activity for 1994, including accruals for receivables and payables ~ of the end of the year. The Budget 1994 column reflects the Adopted 1994 General Fund B~dget with several changes reflective of budget amendments adopted during 1994 and other budge[ amendments which will be recommended by resolution at a meeting in the near future, based on iaetual 1994 activity. The unaudited ~al excess of revenues over expenditures for 1994 totaled $74,446. This excess was the result or,several things including revenues in excess of budget and expenditures being less than budget. Eac~h of these areas are detailed on the attached repons and discussed in more detail in this case. r Total revenues, exclusive of transfers in from other funds, for the General Fund in 1994 were $2,870,553 eoml}ared to a budget of $2,725,157. The $144,670 excess of actual over budget was due primarily to ~e increase in actual building permits and related revenues compared to budgeted amounts. While Isome other areas were over compared to budget, such as interest earnings, other areas were undex~ such as court fines. Expenditures Total expenditures, exclusive of transfers out to other funds, for the General Fundin 1994 were $2,373,351 comgared to a budget of $2,581,840. This underage was the result of several factors, including significantly lower workers' compensation and general liability insurance premiums,, the street maintenanc~ program which was somewhat lower than budgeted, and the prudent nature that departmental bu4gets were monitored during the year. Most departmental budgets were under 100% for the ye~, and where they exceeded the budgeted amount, there is generally a revenue source that was over to cover the overage in expenditures. _Transfers From arid To Other Ftlnds · Transfers from ~her funds consiSt primarily of revenues from other funds that offset costs budgeted from tlie General Fund. These include administrative transfers from the Enterprise Funds, a transfer [rom the Equipment Replacement Fund for funding equipment, a transfer from the PIR Fund to cfffset the City's share of the annual street maintenance program, and a transfer from the Landfill Abatement Fund for the costs of the Environmental Speciahst. Transfers to othev' funds consist primarily of a transfer to the Equipment Replacement Fund for future funding anti a transfer to the Public Facilities Construction Fund for the purchase of the Jaspar Street facilities. While this last transfer was not budgeted, it was necessary to show it in this manner since _the proceeds of the inter-fund loan, the actual loan, and all future loan payments are recognized in the General Fund.