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GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED) <br />Business -Type Activities — The following graph illustrate the City's business -type activities revenues: <br />Revenues By Source — Business -Type Activities <br />Operating grants and <br />contributions, 0.86%, <br />Charges for services, <br />100.57% <br />..................................................................................................... <br />11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 <br />Capital grants and contributions, 72.07% <br />Investment earnings, <br />-73.50% <br />Charges for services (100.57%) and Capital grants and contributions (72.07%) are the main sources of revenue <br />for the business -type activities, which represent the Utility Funds. Investment earnings (-73.50%) was due to <br />writing down investments to fair value, even though the City holds investments to maturity. <br />FINANCIAL ANALYSIS OF THE CITY'S FUNDS <br />Governmental Funds — At the end of the fiscal year, the City's Governmental Funds reported combined ending <br />fund balances of $61,436,516, an increase of $14,685,510 in comparison with the prior year. The increase is <br />largely attributed to the issuance of $10,765,000 General Obligation Street Reconstruction Bonds in 2022. The <br />General Fund reported a fund balance increase of $645,563 in the current year. The increase is attributed to the <br />City's fund balance policy which states that ending fund balance shall be equal to fifty percent (50%) of the next <br />years adopted operating budget, plus prior -year encumbrances (if any) plus compensated absences. <br />General Fund — The General Fund operating results can be surnrnarized as follows: <br />Over ( Under) °" Over <br />Original Budget Final Budget Actual Final Budget (Under) Budget <br />Revenue <br />Expenditures <br />Excess (deficiency) of revenue <br />over expenditures <br />Other financing sources (uses) <br />Net change in find balances <br />$ 13.518,840 $ 13,518,840 $ 14,718,976 $ 1,200,136 8.8800 <br />14,492,640 14,492,640 14,390,861 (101,779)-0.70"° <br />(973,800) (973,800) <br />973,800 973,800 <br />$ $ <br />328,115 1,301,915 <br />317,448 (656,352) <br />645,563 $ 645,563 <br />Fund balances <br />Beginning of year 10,449,489 <br />End of year $ 11,095,052 <br />33 <br />