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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 $44,13 8,949, an increase of $18,307,437 in comparison with the prior year.
<br />
<br />General Fund -The General Fund operating results can be summarized as follows:
<br />
<br />Expenditures
<br />
<br /> E,'e: es s (deficiency)
<br />
<br /> e~enditures
<br />Transfers (net)
<br />
<br /> Net change in
<br /> fund balances
<br />
<br />Fund balances
<br /> Beginning of year
<br />
<br /> End o£year
<br />
<br /> Original Over (Under) % Over
<br /> Budget Final Budget Actual Budget (Under) Budget
<br />
<br />$ 8, I41,577 $ 8,214,661 $ 8,209,746 $ (4,915) (0.1%)
<br />8,223,814 7,841,587 7,686,883 (154,704) (2.0%)
<br />
<br />(82,237) 373,074 522,863 149,789
<br />82,237 196,022 (14,916) (210,938)
<br />
<br />$ - $ 569,096 507,947 $ (61,149)
<br />
<br /> 5,077,319
<br />$ 5,585,266
<br />
<br />The variances of actual expenditures to budget were mainly attributed to the areas of personnel and
<br />capital. Fiscal year 2005 saw the termination of two long-term employees whose positions were filled
<br />with lower paid staff. In addition, seasonal employment was greatly decreased due to staffing and
<br />weather conditions. Expenditures relating to capital purchases were carried forward to the General Fund
<br />budget of 2006.
<br />
<br />The City has an excess revenue policy that requires the transfer of excess revenues from the General
<br />Fund at year-end. This policy was not taken into consideration when the final budget was amended,
<br />resulting in a final to actual budget variance of $210,938 in net transfers.
<br />
<br />Tax Increment Funds - This Special Revenue Fund had a year-end fund balance of $3,043,985 which
<br />reflects a $131,331 decrease from 2004. The decrease was due to the funding of improvements in the
<br />Ramsey Town Center project area.
<br />
<br />Public Improvement Revolving Fund - This Capital Project Fund saw an overall decrease in fund
<br />balance of $10,526 due to current year actual project expenditures exceeding special assessment
<br />collections.
<br />
<br />Landfill Fund - This Capital Project Fund showed an overall increase in fund balance of $147,893
<br />which was largely attributed to investment earnings.
<br />
<br />Equipment Revolving Fund - This Capital Project Fund reported a year-end fund balance of
<br />$4,422,880. The increase of $456,50I in fund balance reflects the annual replacement of non-proprietary
<br />fund type assets.
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