1999 CAFR - Laserfiche WebLink

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' FINANCIAL SECTION ' GENERAL FUND The General Fund is the general operating fund of the City and is used to account for all financial resources except those required to be accounted for in another fund. The fund balance in the General Fund is used to provide working capital for the fund until property tax and ' state aid settlements, which are received periodically throughout the year, are .collected. The City has established a fund balance policy which designates a portion of the General Fund's unreserved fund balance for working capital equal to 50% of the next year's expenditures budget. This policy also reserves fund balance for prepaid items at year end, and designates an amount equal to compensated absences included in General Long-Term Debt. The remaining unreserved-undesignated fund balance is then set equal to 10% of the next year's expenditures budget, with certain adjustments, with any excess or deficiency being transferred to or from the Equipment Revolving Fund (10%), Public Facilities Construction Fund (40%), and the Public Improvement Revolving Fund (50%). ' Total fund balance for the General Fund consists of the following: 1999 ..19,98 ~ Fund balance Reserved for prepaid items $ 5,439 $ 3,533 Unreserved Designated for compensated absences 212,445 195,313 Designated for working capital 1,999,795 1,807,470 Undesignated 519.446 784.839 $ 2,737,125 $ 2,791,155 The following table presents a comparative analysis of General Fund revenues and other financing sources for 1999 and 1998, respectively: ' 199 9 199 8 Percent Percent. .~ Amount of Total Amount of Total Property taxes $ 2,474,710 54.2 % $ 2,254,944 44.6 Licenses and permits 320,837 7.0 404,718 8.0 1 Intergovernmental revenue 1,119,177 24.5 1,088,576 21..6 Charges for services 187,357 4.1 280,858 5.6 Fines and penalties 46,018 1.0 47,987 0.9 Other revenue Interest earned on investments 103,622 2.3 167,193 3.3 Miscellaneous 17,901 0.4 8,350 0.2 Proceeds from sale of fixed assets 11,567 0.3 6,983 0.1 Transfers from other funds 281.290 6.2 792.354 15.7 Total revenue and other financing sources $ 4,562,479 100.0 % $ 5,051,963 100.0 I ~ -xii-