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NOTE 8 – FUND BALANCE POLICY AND CLASSIFICATION (CONTINUED) <br /> <br />B. Fund Balance Policy – General Fund <br /> <br />When General Fund actual revenues exceed actual expenditures in a given year, the excess shall be allocated <br />as follows: <br /> <br />a) Any excess shall be first allocated to "unassigned" fund balance to bring that portion of fund <br />balance to an amount equal to fifty percent (50%) of the next years adopted operating budget <br />plus prior-year encumbrances (if any) plus compensated absences. <br /> <br />b) Any excess after complying with fund balance requirements in step “a” shall be allocated to <br />equipment replacement, park trust, public facilities construction, and public improvement <br />revolving funds in the following manner: <br /> <br /> Thirty percent (30%) to Fund #234 - Equipment Revolving Fund <br />Thirty percent (30%) to Fund #810 – Capital Maintenance Fund (reported in General Fund) <br />Ten percent (10%) to Fund #412 – Public Facilities Construction Fund <br /> Thirty percent (30%) to Fund #400 - Public Improvement Revolving Fund <br /> <br />When General Fund actual expenditures exceed actual revenues in a given year, the deficit shall be treated <br />as follows: <br /> <br />a) "Unassigned" fund balance shall first be adjusted to an amount equal to fifty percent (50%) of <br />the next years adopted operating budget plus prior year encumbrances (if any) plus <br />compensated absences. <br /> <br />b) If shortage after complying with fund balance requirement in step “a” shall draw funds in the <br />following manner: <br /> <br /> Thirty percent (30%) to Fund #234 - Equipment Revolving Fund <br />Thirty percent (30%) to Fund #810 – Capital Maintenance Fund (reported in General Fund) <br />Ten percent (10%) to Fund #412 – Public Facilities Construction Fund <br /> Thirty percent (30%) to Fund #400 - Public Improvement Revolving Fund <br /> <br />At December 31, 2023, the City has met its general fund balance policy goal. <br /> <br /> <br />NOTE 9 – DEFINED BENEFIT PENSION PLANS SUMMARY <br /> <br />The city has reported the following balances for defined benefit pension plans as detailed further in these <br />notes: <br /> <br /> <br /> <br />Net Pension <br />Deferred <br />Outflows <br />Deferred <br />Inflows Pension <br />Pension Plans Liabilities of Resources of Resources Expense <br /> <br />PERA – GERF $ 3,466,971 $ 1,052,146 $ 1,171,879 $ 647,035 <br />PERA – PEPFF 4,156,576 6,700,547 6,535,395 1,253,995 <br /> <br />Total - all pensions $ 7,623,547 $ 7,752,693 $ 7,707,274 $ 1,901,030 <br />81