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CASE # 2 <br /> <br />Financial Reports for the Year Ended 12/31/90 <br />By: Sandra Ashley Helling, Finance Officer <br /> <br />Background: <br /> <br />The Finance Office has closed the ledgers on the Year Ended 12/31/90. _The~-t'C~ity <br />Financial Reporting Form" is due at the State Auditor's. office by June 30, 1991, <br />~an~0u'r~di~p[eted~ report was .submitted on J~une 21, 1991. Malloy, Karnowsld & <br />Co., P.A., the city's auditing firm, is reviewing the CAFR '.(.Comprehensive Annual <br />Financial R-~p0ft). prepared by our Staff, and it should be ready for printing <br />shortly. ~( . <br /> <br />When the 1990 Budget was originally adopted, the source of the General Fund <br />Balance was shown as a Financing Source. While this may seem logical because <br />the General Fund Balance is a source, this classification is not in accordance with <br />generally accepted accounting principles. Therefore, an amendment to the <br />budget is required. In addition, the council approved certain expenditures <br />during 1990 without designating a specific funding source. Amendments have <br />been prepared for these transactions and are detailed in the attached <br />"Resolution Amending the City of Ramsey's 1990 Budget" This resolution is also <br />on the consent agenda for tonight's council meeting for adoption prior to June <br />30. It is important to note that the general fund budget amendments simply <br />reclassify within the general fund. The resulting planned deficiency for the year <br />of 1990 remains the same as originally shown under Financing sources <br />General Fund Balance utilization in the amount of $125,926 <br /> <br />Also attached is Exhibit B-2 which details the actual and budgeted General Fund <br />Revenue, Expenditures, Other Financing Sources (Uses) and General Fund <br />Balance for the Year Ended December 31, 1990. The significant variances are as <br />follows: <br /> <br />Revenue <br /> <br />Unfavorable (193,916) <br /> <br />While many individual line items within the Revenue <br />Classification will vary from budget, it is generally <br />anticipated that the favorable versus unfavorable <br />will offset. However, during1990, two significant revenues <br />were not realized: <br /> <br />1 ) Local Government Aid (LGA) - <br /> 1990 Cut in State Aid (115,244) <br />2) Charges for Services - Engineering (92,543) <br /> <br /> <br />