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PUBLIC INQUIRIES/ <br /> <br /> INFORMATIONAL 2-B <br /> <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br /> <br />DATE: <br /> June 24, 2013 <br /> <br />TO: <br /> Honorable Mayor and City Council <br /> Patrick Klaers, City Administrator <br /> <br />FROM: <br /> Sue Iverson, Director of Finance and Administrative Services <br /> <br />SUBJECT: <br /> 2012 City Financial Statements <br /> <br /> <br />Background/Discussion: <br /> <br />12 Financial Statements have been completed and will be submitted to both the <br />State Auditor and the GFOA. at the June 24, 2013 City <br />Council meeting to give an overview and answer questions. The auditors have issued an <br />12. <br />The total general fund balance at December 31, 2012 was $2,350,919 or 63% of total general <br />fund expenditures for 2012 and 60% of 2013. The general <br />fund balance increased by $199,584 as revenues were greater than expected due to conduit debt <br />fees (some remaining revenue from Presbyterian Homes that will be transferred to the EDA <br />General Fund in 2013) and the building permit and fees from the new Pulte Homes development <br />and Presbyterian Homes922,331 and the combined <br />ending fund balances for governmental funds were $11,163,199, and combined ending working <br />capital balance for enterprise funds were $2,403,645, and internal service funds were $401,320. <br /> <br />We have completed the report in the form prescribed by the Government Finance Officers <br />Association of United States and Canada (GFOA) for their Certificate of Achievement for <br />Excellence in Financial Reporting. In order to qualify for this, the report has to be published in <br />an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR) <br />that satisfies both accounting principles generally accepted in the United States of America and <br />applicable legal requirements <br />