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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 $25,831,512, an increase of $351,934 in comparison with the prior year. <br /> <br />General Fund - The General Fund operating results can be summarized as follows: <br /> <br />Original Over (Under) % Over <br />Budget Final Budget Actual Budget (Under) Budget <br /> <br />Revenue $ 6,646,937 $ 7,770,875 $ 7,844,342 $ 73,467 <br /> <br />Expenditures 7,187,117 7,028,295 6,985,907 (42,388) <br /> <br /> Excess (deficiency) <br /> of revenue over <br /> expenditures (540,180) 742,580 858,435 115,855 <br /> <br />Transfers (net) 540,180 592,798 145,303 (447,495) <br /> <br /> Net change in <br /> fund balances $ - $ 1,335,378 1,003,738 $ (331,640) <br /> <br />Fund balances <br /> Beginning of year 4,073,581 <br /> <br /> End of year $ 5,077,319 <br /> <br />0.9% <br /> <br />(0.6%) <br /> <br />Differences between the original budget and final amended budget were mainly attributed to the <br />development that occurred within the City in 2004. Fiscal year 2004 saw 564 housing permits issued. <br />This growth greatly affected the original amount budgeted for building permits, plumbing permits, <br />heating permits, and plan check fees. <br /> <br />The City has an excess revenue policy that requires the transfer of excess revenues from the General Fund <br />at year-end. This policy was not taken into consideration when the final budget was amended, resulting <br />in a final to actual budget variance of $447,495 in net transfers. <br /> <br />Tax Increment Funds - This Special Revenue Fund had a year-end fund balance of $3,175,316 which <br />reflects a $457,871 decrease from 2003. The decrease was due to the funding of improvements in the <br />Ramsey Town Center project area. <br /> <br />Landfill Fund - This Special Revenue Fund showed an overall increase in fund balance of $131,432 <br />which was largely attributed to investment earnings. <br /> <br />Equipment Revolving Fund - This Special Revenue Fund reported a year-end fund balance of <br />$3,966,379. The decrease of $172,552 in fund balance was due to a transfer of funds to the City's Public <br />Facility Construction Fund for the future construction of the City's municipal center. <br /> <br />Public Improvement Revolving Fund - This Capital Project Fund saw an overall increase in fund <br />balance of $275,564 due to current year special assessment collections exceeding actual project <br />expenditures. <br /> <br />-9- <br /> <br /> <br />