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General Fund — The General Fund operating results can be summarized as follows:
<br />Orieunal Budeet
<br />Over (Under) °,° Over
<br />Final Budeet Actual Final Budeet (Under) Budeet
<br />Revenue $ 8,593,459 $ 8,539,908 $ 8,544,434 $ 4.526
<br />Expenditures 9,648,075 9,139,362 9,098,542 (40,820)
<br />Excess (deficiency) of revenue
<br />over expenditures
<br />Other financing sources (uses)
<br />(1,054,616) (599,454)
<br />1,054,616 946,616
<br />(554,108) 45,346
<br />890,759 (55,857)
<br />Net change in fund balances $ $ 347,162 336,651 $ (10,511)
<br />Fetid balances
<br />Beginning of year
<br />6,388,632
<br />End of year $ 6,725,283
<br />0.1°°
<br />-0.4° °
<br />The actual operating results ended close to the amount projected in the final budget. The change in budget
<br />from the original to the final can be attributed to decisions made by city council throughout the year. To
<br />maximize savings, positions that were vacant were not refilled.
<br />Tax Increment Fund — This Special Revenue Fund had a year-end fund balance of $1,146,330 which reflects
<br />a $7,669,923 decrease from 2011. The decrease was due to the expenditures related to development projects
<br />located in The COR (Tax Increment District #14). Projects include the Northstar Commuter Rail Station, an
<br />addition to the municipal parking ramp, and The Residence at the COR apartment building.
<br />Housing and Redevelopment Authority Fund — This Special Revenue Fund had a year-end fund balance of
<br />$8,259,754. The decrease of $75,753 is attributed to costs associated with marketing and developing The COR.
<br />2012A/2005A G.O. Improvement Bond Refund — This Debt Service Fund had a year-end fund balance of
<br />$959,891. The decrease of $1,195,570 is attributed to bond issuance Series 2012A. The Series 2012A bonds
<br />were issued to full net advance refund $17,040,000 of the $19,200,000 Public Facility Lease Revenue Bonds
<br />Series 2005A, dated June 1, 2005, issued by the Economic Development Authority of the city of Ramsey.
<br />Concurrent with this issuance, the ground lease entered into between the Economic Development Authority
<br />and the City was terminated with the city acquiring the Municipal Center Facility (financed from proceeds of
<br />the Series 2005A Lease Revenue Bonds). The 2012A bonds allow the city to reduce annual debt service costs
<br />and extend the final repayment term.
<br />Public Improvement Revolving Fund — This Capital Project Fund saw an overall increase in fund balance of
<br />$408,159 which is attributed to the funds share of pooled interest earnings, an increase in special assessments,
<br />and decrease highway and streets expenditures.
<br />Landfill Fund — This Capital Project Fund showed an overall decrease in fund balance of $963,744, which is
<br />attributed to the city covering for the development of The COR, a public improvement initiative benefiting the
<br />city. This fund was originally established to account for certain landfill -related revenue and the
<br />expenditures the City may incur in relation to the landfill. The landfill is now closed and per state statute,
<br />funds may be used for expenditures related to improvements that provide a benefit to the entire city.
<br />Equipment Revolving Fund — This Capital Project Fund reported a year-end fund balance of $1,780,818. The
<br />decrease of $1,495,418 in fund balance was largely attributed to a transfer out for the purchase of capital
<br />equipment.
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