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GENERAL FUND
<br />Function
<br />Fund Balance
<br />FINANCIAL SECTION
<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:
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<br />2000 1999
<br />Reserved for prepaid items $ 45,538 $ 5,439
<br />Unreserved
<br />Designated for compensated absences 240,590 212,445
<br />Designated for working capital 2,449,170 1,999,795
<br />Undesignated 501,642 519,446
<br />Total fund balance $ 3,236,940 $ 2,737,125
<br />The following table presents a comparative analysis of General Fund Revenues and Other Financing
<br />Sources for 2000 and 1999, respectively:
<br />2000 1999
<br />% of % of
<br />Amount Total Amount Total
<br />Property Taxes $2,786,507 52.4% $2,474,710 54.2%
<br />Licenses and Permits 259,090 4.9 320,837 7.0
<br />Intergovernmental Revenue 1,124,683 21.2 1,119,177 24.5
<br />Charges for Services 169,294 3.2 187,357 4.1
<br />Fines and Penalties 47,550 .9 46,018 1.0
<br />Other Revenue:
<br />Interest Earned on Investments 241,085 4.5 103,622 2.3
<br />Miscellaneous 1,494 — 17,901 .4
<br />Proceeds from sale of fixed assets 350 — 11,567 .3
<br />Transfers From Other Funds 683,124 12.9 281,290 6.2
<br />Total Revenues and
<br />Other Financing Sources $5,313,177 100.0% $4,562,479 100.0%
<br />Current tax collections for 2000, for general and debt service levies, are 98.9% of the tax levy, compared
<br />to 96.6% in 1999. The ratio of total collections (current, delinquent and tax forfeit sales) exclusive of tax
<br />increments, to the current tax levy was 100.2 %, an increase of 2.4 %, compared to 1999.
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