Agenda - Council Work Session - 06/28/2016

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Business-Type Activities—The following graph illustrate the City's business-type activities: Revenues By Source—Business-Type Activities Operating grants and contributions, Charges for 0.62% services,74.529/c Capital grants and contributions, 18.76% Ilnvestment earnings,6.10% The business-type activities, which represent the Utility Funds, all received revenues in excess of expenses. Charges for services are the main source of revenue(74.52%)for all Utility Funds. Governmental Funds—At the end of the fiscal year,the City's Governmental Funds reported combined ending fund balances of$38,737,375,an increase of$5,174,887 in comparison with the prior year. The largest increase was in the Tax Increment Special Revenue fund which recognized revenues in excess of current year expenditures. General Fund—The General Fund operating results can be summarized as follows: Over(Under) %Over Original Budget Final Budget Actual Final Budget (Under)Budget Revenue $ 9,461,752 $ 10,220,106 $ 10,223,395 $ 3,289 0.03% Expenditures 10,314,126 9,651,312 9,649,461 (1,851) -0.02% Excess(deficiency)of revenue over expenditures (852,374) 568,794 573,934 5,140 Other financing sources(uses) 852,374 (401,688) (283,458) 118,230 Net change in fund balances $ — $ 167,106 290,476 $ 123,370 Fund balances Beginning of year 6,982,569 End of year $ 7,273,045 The actual operating results ended close to the amount projected in the final budget. The change in budget from the original to the final can be attributed to decisions made by city council throughout the year. Final budgeted expenditures were amended to be $662,814 less than what was originally budgeted. The decrease was mostly attributed to personnel expenditure savings from retirements and a mild winter resulting in greatly reduced costs in salt and plowing. 33