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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 />Charges for services (51.07%) and Capital grants and contributions (26.85%) are the main sources of revenue
<br />for the business-type activities, which represent the Utility Funds. Investment earnings (21.40%) resulted from
<br />higher returns from increased interest rates.
<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 $64,704,872, an increase of $3,268,356 in comparison with the prior year. The increase is
<br />largely attributed to the issuance of $8,315,000 General Obligation Bonds in 2023. The General Fund reported
<br />a fund balance increase of $1,170,863 in the current year. The increase is attributed to the City’s fund balance
<br />policy which states that ending fund balance shall be equal to fifty percent (50%) of the next years adopted
<br />operating budget, plus prior-year encumbrances (if any) plus compensated absences. The favorable revenue
<br />variance helped the City to meet the fund balance policy goal.
<br />General Fund –The General Fund operating results can be summarized as follows:
<br />Over (Under) % Over
<br />Original Budget Final Budget Actual Final Budget (Under) Budget
<br />Revenue 15,197,970$ 15,197,970$ 16,896,225$ 1,698,255$ 11.17%
<br />Expenditures 17,055,153 17,055,153 17,228,845 173,692 1.02%
<br />Excess (deficiency) of revenue
<br /> over expenditures (1,857,183) (1,857,183) (332,620) 1,524,563
<br />Other financing sources (uses)1,857,183 1,857,183 1,503,483 (353,700)
<br />Net change in fund balances –$ –$ 1,170,863 1,170,863$
<br />Fund balances
<br />Beginning of year 11,095,052
<br />End of year 12,265,915$
<br />Charges for services,
<br />51.07%
<br />Operating grants and
<br />contributions, 0.68%Capital grants and
<br />contributions,
<br />26.85%
<br />Investment earnings,
<br />21.40%
<br />33
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