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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 $41,940,262, an increase of $3,525,271 in comparison with the prior year. The
<br />increase was predominately attributable to a refunding bond issued for the 2005B G.O. Investment Bond Fund
<br />in the current year that was held in escrow causing an increase in ending balance.
<br />General Fund — The General Fund operating results can be summarized as follows:
<br />Over (Under) % Over
<br />Original Budget Final Budget Actual Final Budget (Under) Budget
<br />Revenue $ 8,836,534 $ 8,630,877 $ 8,655,880 $ 25,003 0.3%
<br />Expenditures 9,449,400 9,019,134 8,941,231 (77,903) -0.9%
<br />Excess (deficiency) of revenue
<br />over expenditures (612,866) (388,257) (285,351) 102,906
<br />Otherfmancing sources (uses) 612,866 519,472 496,113 (23,359)
<br />Net change in fund balances $ $ 131,215 210,762 $ 79,547
<br />Fund balances
<br />Beginning of year 6,177,870
<br />End of year $ 6,388,632
<br />The actual operating results ended close to the amount projected in the fmal budget. The change in budget
<br />from the original to the final can be attributed to decisions made by city council throughout the year. To
<br />maximize savings, positions that were vacant were not refilled.
<br />Tax Increment Fund — This Special Revenue Fund had a year -end fund balance of $8,816,253 which reflects
<br />a $913,186 increase from 2010. The increase was due to the tax increment received that will be used for future
<br />budgeted capital projects and improvements.
<br />Housing and Redevelopment Authority Fund — This Special Revenue Fund had a year -end fund balance of
<br />$8,335,507. The decrease of $228,532 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 />$150,487 which is attributed to the funds share of pooled interest earnings, an increase in special assessments,
<br />and decrease highway and streets expenditures.
<br />Landfill Fund — This Capital Project Fund showed an overall decrease in fund balance of $462,509, 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 $3,276,236. The
<br />decrease of $66,606 in fund balance was largely attributed to a transfer out for the purchase of capital
<br />equipment.
<br />Public Improvement Revolving The COR Capital Project Fund — This capital project fund decreased
<br />overall fund balance $262,572. There was a substantial increase in project activity for this fund in 2011
<br />with the near completion of the second phase of the municipal center parking ramp. At December 31,
<br />2011, the city was due approximately $696,500 from the State of Minnesota for this project. Additionally,
<br />there was approximately $990,000 outstanding in contracts payable with $2.3 million recorded as
<br />construction in progress.
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