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CCP 03-13-1995
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CCP 03-13-1995
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<br /> I <br /> . <br /> I . CITY OF ARDEN fiLLS <br /> . MEMORANDUM <br /> I <br /> I DATE: March 24, 1995 <br /> TO: Brian Fritsinger, City Administrator <br /> I FRO~ Terrance Post, City Accountant <br /> I SUBJECT: 1994 Preliminary Operating Results/Commentary <br /> I The City's external auditors, Abdo Abdo & Eick (AA& E) are scheduled to commence their <br /> fieldwork in early April and issue a final audit report for the year ended December 31, 1994, by <br /> early May. <br /> I Prior to this activity, I have prepared internal unaudited fmancial results statements for this same <br /> I period. They, along with "Analysis of EstimatelBudget Deviation" schedules by fund, are <br /> enclosed for your review. <br /> I- My overview comments concern five topics: <br /> 1. Delinquency Assumption <br /> The five percent delinquency assumption used in the 1994 budget appears to have been <br /> I prudent in that estimated results indicate only a thin _1 % ($900) favorable variance. This <br /> contrasts with 1993 results of a 9_6% ($132,784) unfavorable variance. <br /> I 2. General Fund Balance <br /> I am estimating that 1994 General Fund operating results will increase the fund balance <br /> $255,800 to $569,561. This equity increase largely results from estimated 1994 revenues <br /> I exceeding budget by 3 _1 % ($62,838) and estimated 1994 revenues under running budget <br /> by 7.7% ($155,553). <br /> I This contrasts with 1993 results of a $66,674 equity reduction largely resulting from a net <br /> revenue/expenditure unfavorable variance against budget of $75,023. <br /> I , General Fund Caoital Budl!:et UndersDending- <br /> ~- <br /> Almost $70K of the $156K favorable General Fund expenditures variance is attributable <br /> I to underspending in the Street Maintenance department. Specifically, seal coat and <br /> overlay projects were not undertaken, a large planned miscellaneous project did not <br /> materialize, and a vehicle replacement was postponed. <br /> I <br /> I- <br /> I <br />
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