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CCP 05-22-2006
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CCP 05-22-2006
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5/8/2007 1:21:35 PM
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11/15/2006 10:10:14 AM
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<br />Management Discussion and Analysis - Continued <br />April 14,2006 <br /> <br />.Financial Analysis of the Government's Funds <br /> <br />As nOled earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. <br /> <br />Governmental funds. The focus of the City's governmental funds is to provide infonnation on near-term inflows, outflows and <br />balances of spendable resources. Such infOlmation is useful in assessing the City's fmancing requirements. In particular, <br />unreserved fimd balance may serve as a useful measure of a government's net resources available for spenchng at the end of the <br />fiscal year. <br /> <br />As of the end of the current fiscal year, tbe City's governmental funds reported combined ending fund balances of $9, I 53,443, a <br />decrease of $1 ,989,439 in comparison with tbe prior year. Approximately 99 percent ofthis total amount $9,144,973 constitutes <br />unreserved fund balance, which is available for spending at the City's discretion. The remainder of nmd balance is reserved to <br />indicate that it is not available for new spending because it has already been committed to pay prepaid items and debt service in <br />the amount of$8,470. <br /> <br />Tbe General fund is the chief operating fund of tbe City_ At the end of the curreut year, the fund balance of the General fuud was <br />$1,266,743. As a measure of the General fund's liquidity, it may be useful to compare botb unreserved fund balance and total <br />fund balance to total fimd expenditures. Unreserved fund balance represents almost 40 percent of budgeted 2006 fund <br />expendihrres, while total fund balance represents 40 percent of that same amount. <br /> <br />. The fund balance oftbe City.s General fund decreased by $44,149 dUrillg tbe current fiscal year. <br /> <br />The Debt Service fund has a total fund balance of $1 ,962, all of which is reserved for the payment of debt service. The net <br />decrease in fimd balance during the current year in tbe Debt Service fund was $2,37] ,827. The City issued refunding bnnds in <br />2004, a portion of which was used to retire outstanding bonds in 2005. <br /> <br />. Proprietary funds. The City's proprietary funds provide the same type of information fmUld in the government-wide financial <br />statements, but in more detaiL <br /> <br />Unrestricted net assets of the enterprise funds at the end of the year amounted to 51,163,456. The total increase in net assets for <br />the funds was $88,608. Other factors concerning the finances of this fund have already been addressed in the discussion of the <br />City's business-type activities. <br /> <br />General Fnnd Budgetary Highligbts <br /> <br />The City's General fund budget was amended during tbe year. Tbe budget caJ1ed for spending doWIl $24],452 of reserves_ <br /> <br />. <br /> <br />-IX- <br />
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