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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 $704,282. The majority of the variance was attributed to an increase in building permits. The difference between the final expenditure budget and actual was a difference of $358,057 and can be summarized as follows: • $128,135 savings for personnel costs budgeted for, but not expensed due to police officer on leave, Assistant City Administrator resigning and more personnel costs accounted for in the Proprietary Funds of Water, Sewer and Storm Water Utility. • $59,647 savings for amounts unspent on supplies such as small tools and miscellaneous supplies. Reduction due to current market prices versus history trends and current needs. • $112,673 savings 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. • $57,602 savings on inter -fund loan interest on municipal center. Loan was paid off during year and avoided interest. Overall fund balance increased by $577,509 to an ending fund balance of $8,490,127. The city's ending fund balance increase of $577,509 is determined by its fund balance policy which for year ending 2018 is summarized as follows: • $357,749 increase based on 50% increase in next years adopted budget • $58,425 increase in compensated absences liability • $161,335 increase in prior year encumbrances related to building inspection fees and worker's compensation and general liabilities. Tax Increment Fund — This Special Revenue Fund had a year-end fund balance of $4,841,978 which reflects a $208,835 increase from 2017. The increase was due to additional property tax increments received for the current year. COR Land Fund — This Special Revenue Fund held a constant year-end fund balance of $8,629,937. 2011A Armstrong/Bunker Bond Fund — This Debt Service Fund had a year-end fund balance of $971,719. The decrease of $25,785 was attributed to debt service expenditures exceeding current year assessments, intergovernmental sources, and investment earnings. Public Improvement Revolving Fund — The Capital Project Fund saw an overall decrease in fund balance of $287,517 due to the Highway 10 planning study with Bolton and Menk. Road Reconstruction/Overlay Fund — This Capital Project Fund increased overall fund balance $197,246. The increase is attributable to funds received from bond proceeds and other sources to be used for the reconstruction and overlay projects as outlined in the City's Long-Teini Street Maintenance Plan. Public Facilities Construction Fund — This Capital Project Fund had a year-end fund balance of $1,095,055, or an increase of $130,155 which was mostly attributed to the excess revenue transfer per the City's fund balance policy. Puma/Bunker Street Improvement Fund — This Capital Project Fund was created to fund the infrastructure improvements located in the City's new business park. The fund balance at year end 2018 was $13,141. 34