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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 presented monthly to City Council and responsible staff. The city experienced a favorable revenue variance in that actual revenues exceeded budgeted revenues by $1,200,136. The majority of the variance was attributed to conservative budgeting with most sources surpassing budget expectations. The largest variances occurred in intergovernmental ($411,275) and property tax ($306,001) sources. The difference between the final expenditure budget and actual was a difference of $101,779 and is attributed to several budgeted line items related to services and charges that came in lower than expected. Final budget numbers are based on past history and expected needs. Overall fund balance increased by $645.563 to an ending fund balance of $11,095,052. The city's ending fund balance increase of $645,563 is determined by its fund balance policy which for the year ending is summarized: • $720,757 increase based on 50% increase in next years adopted budget • $(32,071) decrease in prior year encumbrances related to public safety personnel costs, worker's compensation, general liabilities and capital maintenance transfer • $(43,123) decrease in compensated absences liability Tax Increment Fund — This Special Revenue Fund had a year-end fund balance of $5,831,704 which reflects an increase of $788,404 from 2021. The increase was due to additional property tax increments received for the current year and a decrease in capital improvements in the COR tax increment district. COR Land Fund — This Special Revenue Fund held a constant year-end fund balance of $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 2022. Federal Relief Fund — This Special Revenue Fund had a year-end fund balance of $0. The City has not expended the remaining $750,000 of the Coronavirus State and Local Fiscal Rescue Funds (SLFRF) authorized by the American Recovery Plan Act of 2021 by year end 2022. State -Aid Construction Fund — This Capital Project Fund saw an overall increase in fund balance of $385,242, due to an increase in the amount of state aid funding requested. Pavement Management Program Fund — This Capital Project Fund saw an increase in fund balance of $13,395,907 due to the issuance of a $10,765,000 General Obligation Street Reconstruction Bond. Park Improvement Fund — This Capital Project Fund had a year-end fund balance of $6,940,689, or a $627,426 increase from 2021. The increase was due to the collection of park dedication fees. 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 $107,366,344 at December 31, 2022. 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 $418,926. 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