2012-04-11 CC Packet - Laserfiche WebLink

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Financial Analysis of the Government's Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance - related legal requirements. Governmental funds. The focus of the City's governmental funds is to provide information on near -term inflows, outflows and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. Activity in the City's major governmental funds is discussed below: Fund Balance (Deficit) December 31, Increase Major Funds 2011 2010 (Decrease) General The General fund balance has increased from 2010 and is very strong moving in 2012. Debt Service The Debt Service fund balance decreased $820,189. The City manages cash flow in all Debt Service funds and ensures adequate resources exist to fund future obligations. Park The Park fund balance decreased about $500 from previous year. 1,142,321 $ 1,068,411 $ 73,910 1,282,492 $ 2,102,681 $ (820,189) $ (1,071,023) $ (1,071,510) $ 487 As of the end of the current fiscal year, the City's governmental funds reported combined ending fund balances of $1,472,160, a decrease of $1,365,404 in comparison with the prior year. Approximately 10.4 percent of this total amount or $152,389 constitutes unassigned fund balance, which is available for spending at the City's discretion. The remainder of fund balance is either: 1) Nonspendable ($50,706), 2) Restricted ($1,269,065), 3) Committed ($14,263), or Assigned ($85,491). Proprietary funds. The City's proprietary funds provide the same type of information found in the government -wide financial statements, but in more detail. Unrestricted net assets of the enterprise funds at the end of the year amounted to $3,595,928. The total decrease in net assets for the funds was $176,079. Other factors concerning the finances of this fund have already been addressed in the discussion of the City's business -type activities. -22-