2013-04-24 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, unassigned 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 December 31, Increase Major Funds 2012 2011 (Decrease) General $ 1,205,820 $ 1,142,321 $ 63,499 The General fund balance has increased from 2011 and is strong moving into 2013. Debt Service $ 1,866,410 $ 1,282,492 $ 583,918 The Debt Service fund increased $583,918. The City manages cash flow in all Debt Service funds and ensures adequate resources exist to fund future obligations. Park $ ( 1,070,527) $ (1,071,023) $ 496 The Park fund balance increased about $500 from the previous year. As of the end of the current fiscal year, the City's governmental funds reported combined ending fund balances of $2,206,916, an increase of $734,756 in comparison with the prior year. Approximately 5.0 percent of this total amount or $110,782 constitutes unassigned fund balance, which is available for spending at the City's discretion. The remainder of fund balance ($2,096,134) is not available for spending because it is either: 1) nonspendable ($30,461), 2) restricted ($1,859,068), 3) committed ($18,755), 4) or assigned ($187,850) for the purposes described in the fund balance section of each balance sheet. 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 position of the enterprise funds at the end of the year amounted to $4,024,407. The total increase in net position for the funds was $387,410. Other factors concerning the finances of this fund have already been addressed in the discussion of the City's business -type activities. -21- 41