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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 $599,160. 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 $423,327 and can be summarized as follows: • $262,517 savings attributed to the city engineer's recommendation to do away with sealcoating of streets. Conclusion was that this was not cost effective as they did not help maintain the city's streets. • $118,474 savings on the city's server project. Amount budgeted was higher than actually quoted and expended for final product. • $42,336 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. Overall fund balance increased by $390,319 to an ending fund balance of $8,880,446. The city's ending fund balance increase of $390,319 is determined by its fund balance policy which for year ending 2019 is summarized as follows: • $232,404 increase based on 50% increase in next years adopted budget • $43,073 increase in compensated absences liability • $114,842 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 $4,849,174 which reflects a slight increase of $7,196 from 2018. 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. Private Developer Fund — This Special Revenue Fund was previously reported as an Agency fund in prior years. There is no fund balance recorded for 2019. 2011A Armstrong/Bunker Bond Fund — This Debt Service Fund had a year-end fund balance of $1,355,204. The increase of $383,485 is attributed to the prepayment of special assessments on the former Legacy School project and will be used to pay off future debt service. Public Improvement Revolving Fund — The Capital Project Fund saw an overall decrease in fund balance of $73,575 due to the Highway 10 planning study with Bolton and Menk. Road Reconstruction/Overlay Fund — This Capital Project Fund had its fund balance decrease by $97,337. The decrease is attributed to the ongoing road improvements related to 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 $1,283,294, or an increase of $188,239, with revenue and other financing sources exceeding expenditures in the current year. 34