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FINANCIAL ANALYSIS OF THE CITY'S FUNDS (CONTINUED) General Fund Budgetary Highlights The city does not formally amend its original budget during the calendar year except for extraordinary circumstances. Budget to actual reports are reported monthly to City Council and responsible staff. The city experienced a favorable revenue variance in that actual revenues exceeded budgeted revenues by $2,593,959. The majority of the variance was attributed to the Coronavirus Relief Funds received. The difference between the final expenditure budget and actual was a difference of $269,197 and is attributed to the COVID-19 expenditures that occurred due to the pandemic. Overall fund balance increased by $1,209,607 to an ending fund balance of $10,090,053. The city's ending fund balance increase of $1,209,607 is determined by its fund balance policy which for year ending 2020 is summarized as follows: • $539,880 increase based on 50% increase in next years adopted budget • $524,564 increase in prior year encumbrances related to public safety personnel costs, worker's compensation, general liabilities and capital maintenance transfer • $145,163 increase in compensated absences liability Tax Increment Fund — This Special Revenue Fund had a year-end fund balance of $5,308,619 which reflects an increase of $459,445 from 2019. The increase was due to additional property tax increments received for the current year. COR Land Fund — This Special Revenue Fund had a reduction in fund balance of $481,858 due to a write down in land held for resale to reflect current market conditions. The year-end fund balance was $8,148,079. Private Developer Fund — This Special Revenue Fund was previously reported as an Agency fund in years prior to 2019. There is no fund balance recorded for 2020. 2011A Armstrong/Bunker Bond Fund — This Debt Service Fund had a year-end fund balance of $0. This debt issue was paid off early and retired in 2020. Public Improvement Revolving Fund — This Capital Project Fund saw an overall increase in fund balance of $532,192, with revenues and other financing sources exceeding expenditures and other financing uses in the current year. Public Works Campus Fund — This Capital Project Fund was established in 2020 and had a year-end fund balance of $13,133,106. The ending fund balance was an accumulation of transfers from the utility funds and bond proceeds that will be used to construct the new public works campus. Proprietary Funds — The City's Proprietary Funds provide the same type of information found in the government -wide financial statements, but in more detail. The City's Enterprise Funds had a combined net position balance of $100,735,434 at December 31, 2020. The financial activities of these funds have been summarized in previous charts within this discussion. The City's Internal Service Fund had an ending net position of $481,851. The Enterprise Funds consist of the Water Utility Fund, Sewer Utility Fund, Street Light Utility Fund, Recycling Utility Fund, and Storm Water Utility Fund. 34