1997 CAFR - Laserfiche WebLink

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TA_X INCREMENT DISTRICTS (continued) ' The outstanding principal balance on these notes at December 31, 1997, was $734,193. This amount is not included in long-term debt due to the nature of payment of the notes and the unsurety of collection of tax increments. ' Included in current liabilities for the year ended December 31, 1997, is $140,419, which represents the portion of increments collected in 1997 that were payable to the developers on February 1, 1998. These payments are recorded as capital outlay as they represent a payment for trunk infrastructure contributed by the developers. As of December 31, 1997, the City had outstanding $4,945,000 of Tax Increment Financing Bonds which had been issued for the purpose of constructing public improvements and assisting developers with site improvements within the tax increment project areas. Although the City pledges its full faith and taxing power for these bonds, it is 1 anticipated that all bonds will be paid solely from annual increments received. ' FINANCIAL SECTION ' 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. General Fund revenues and other financing sources (including transfers for 1997), totaled $4,230,990, an increase of $280,322, or 7.10 percent over the prior year. Expenditures and other financing sources (including transfers), totaled $4,218,614, an increase of $418,965, or 11.03 percent over 19961evels. 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. During 1992, policy had been established that provided the level of the undesignated-reserved for working capital portion of fund balance at 50 percent of the next years' adopted budget with the remaining portion, not restricted or reserved for other purposes, as unreserved-undesignated. During 1993, the policy was expanded to cover the distribution of excess or deficient revenues in the General Fund at year end and established the level of the unreserved-undesignated portion of fund balance at 10 percent of the next years' operating budget, which would be used to provide for unlaiown events which could have an adverse effect on the fund in future years. Total fund balance for the General Fund consisted of the following reservations and designations: Fund Balance Reserved for Prepaid Items Unreserved - Designated for Compensated Absences Designated for Working Capital Undesignated Total Fund Balance 122.2 .122Sz $ 22,576 $ 24,083 182,291 192,752 1,610,135 1,600,302 32(,542 312.031 $2,141.544 $ 2.129.168 ix