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FINANCIAL SECTION <br />GENERAL FUND <br />The General Fund is the general operating fund of the City and is used to account for all financial <br />resources except those required to be accounted for in another fund. <br />The fund balance in the General Fund is used to provide working capital for the fund until property tax <br />and state aid settlements, which are received periodically throughout the year, are collected. The City <br />has established a fund balance policy which designates a portion of the General Fund's unreserved fund <br />balance for working capital equal to 50% of the next year's expenditures budget. This policy also <br />reserves fund balance for prepaid items at year end, and designates an amount equal to compensated <br />absences included in General Long -Term Debt. The remaining unreserved-undesignated fund balance is <br />then set equal to 10% of the next year's expenditures budget, with certain adjustments, with any excess <br />or deficiency being transferred to or from the Equipment Revolving Fund (10%), Public Facilities <br />Construction Fund (40%), and the Public Improvement Revolving Fund (50%). <br />Total fund balance for the General Fund consists of the following: <br />Fund Balance <br />Reserved for prepaid items <br />Unreserved <br />Designated for compensated absences <br />Designated for working capital <br />Undesignated <br />Total fund balance <br />2001 2000 <br />$ 50,669 $ 45,538 <br />290,422 240,590 <br />2,718,135 2,449,170 <br />521,402 501,642 <br />$ 3,580,628 <br />$ 3,236,940 <br />The following table presents a comparative analysis of General Fund Revenues and Other Financing <br />Sources for 2001 and 2000, respectively: <br />Function <br />Property Taxes <br />Licenses and Permits <br />Intergovernmental Revenue <br />Charges for Services <br />Fines and Penalties <br />Other Revenue: <br />Interest Earned on Investments <br />Miscellaneous <br />Proceeds from sale of fixed assets <br />Transfers From Other Funds <br />Total Revenues and <br />Other Financing Sources <br />2001 <br />Amount <br />$ 3,504,711 <br />307,815 <br />1,257,975 <br />220,674 <br />56,055 <br />188,071 <br />10,450 <br />253,503 <br />$ 5,799,254 <br />% of <br />Total <br />60.4% <br />5.3 <br />21.7 <br />3.8 <br />1.0 <br />2000 <br />Amount <br />$ 2,786,507 <br />259,090 <br />1,124,683 <br />169,294 <br />47,550 <br />% of <br />Total <br />52.4% <br />4.9 <br />21.2 <br />3.2 <br />0.9 <br />3.2 241,085 4.5 <br />0.2 1,494 - <br />- 350 — <br />4.4 683,124 12.9 <br />100.0% $ 5,313,177 100.0% <br />xii <br />