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such as auditing, financial software, IT, and insurance have also been allocated to
<br />this fund as the EDA's share of the costs.
<br />This is a separate legal authority and with operating activity that is reported as
<br />economic development in our financial report as a blended component unit, as
<br />such, it should stay as its own fund regardless of whether it is funded with
<br />transfers from the General Fund or another source.
<br />The preliminary budget shows a transfer from the General fund of$60,000 as the
<br />only funding source other than interest revenue; and the expenditure budget
<br />shows an increase of 6.03% over 2015 primarily due to increases in salaries as a
<br />result of the compensation study completed in 2015.
<br />Budget Summary
<br />Function Economic Development Department EDA General Fund
<br />Appropriation Detail
<br />Actual Actual Budget Amended Year To Date Proposed %Change
<br />Activity FY 2013 FY 2014 FY 2015 FY2015 06/30/2015 FY 2016 15 vs 16
<br />Revenues
<br />Taxes 60,292 61,280 60,000 60,000 100.00%
<br />Intergovernmental 0.00%
<br />Miscellaneous 2,698) 12,172 4,000 4,000 3,440 4,000 0.000/0
<br />Other Financing Sources 30,000 50,000 30,000 30,000 60,000 100.00%
<br />Total Revenues 87,595 $ 123,452 $ 94,000 $ 94,000 $ 3,440 $ 64,000 -31.91%
<br />Expenditures
<br />Total Personnel Services 43,264 46,673 63,632 63,632 28,096 68,883 8.25%
<br />Total Materials and Supplies 3,522 237 650 650 650 0.00%
<br />Other Service Charges 40,909 21,927 68,445 68,445 6,806 71,195 4.02%
<br />Capital Outlay 28,967 12,333 5,015 0.00%
<br />Total Expenditures 116,662 $ 81,170 $ 132,727 $ 132,727 $ 39,917 $ 140,728 6.03%
<br />Fund Balance-January 1 297,475 268,408 310,690 310,690 310,690 271,963
<br />Excess Revenue Over Expenditure 29,067) 42,282 (38,727) (38,727) (36,478) (76,728)
<br />Fund Balance-December 31 $ 268,408 $ 310,690 $ 271,963 $ 271,963 $ 274,212 $ 195,235
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