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.
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