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NOTE 6—FUND BALANCE POLICY AND CLASSIFICATION (CONTINUED) <br /> B. Fund Balance Policy <br /> When actual revenues exceed actual expenditures in a given year,the excess shall be allocated as follows: <br /> a) Any excess shall be first allocated to "unassigned" fund balance to bring that portion of fund <br /> balance to an amount equal to fifty percent(50%) of the next years adopted operating budget <br /> plus prior-year encumbrances(if any)plus compensated absences. <br /> b) Any excess after complying with fund balance requirements in step "a" shall be allocated to <br /> equipment replacement, park trust, public facilities construction, and public improvement <br /> revolving funds in the following manner: <br /> Ten percent(10%)to Fund#234-Equipment Revolving Fund <br /> Ten percent(10%)to Fund#810—Park Maintenance Fund(reported in General Fund) <br /> Forty percent(40%)to Fund#412—Public Facilities Construction Fund <br /> Forty percent(40%)to Fund#400 -Public Improvement Revolving Fund <br /> When actual expenditures exceed actual revenues in a given year, the deficit shall be treated as <br /> follows: <br /> a) "Unassigned" fund balance shall first be adjusted to an amount equal to fifty percent(50%)of <br /> the next years adopted operating budget plus prior year encumbrances (if any) plus <br /> compensated absences. <br /> b) If shortage after complying with fund balance requirement in step "a" shall draw funds in the <br /> following manner: <br /> Ten percent(10%)to Fund#234 -Equipment Revolving Fund <br /> Ten percent(10%)to Fund#810—Park Maintenance Fund(reported in General Fund) <br /> Forty percent(40%)to Fund#412—Public Facilities Construction Fund <br /> Forty percent(40%)to Fund#400 -Public Improvement Revolving Fund <br /> At December 31,2015,the city fund has met its general fund balance policy. <br /> NOTE 7—INDIVIDUAL FUND DISCLOSURES <br /> Fund Deficits <br /> The following funds have a fund balance deficit at December 31, 2015: <br /> Public Improvement Revolving The COR,Major Capital Project Fund $ (23,647) <br /> 2012 Riverdale Drive,Non Major Capital Project Fund $ (531,854) <br /> Center Street,Non Major Capital Project Fund $ (634) <br /> The City intends to fund these deficits through future tax levies, special assessment levies,tax increments, <br /> transfers from other funds,grants,utility revenues,and various other sources. <br /> 79 <br />