2012-12-31 Management Ltr. - Laserfiche WebLink

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City of Centerville March 20, 2013 Page 9 Special Revenue Funds Special revenue funds are used to account for revenue derived from specific taxes or other earmarked revenue sources. They are usually required by statute or local ordinance to finance particular functions or activities of government. A summary of year end fund balances for all special revenue funds follows: Fund Balances December 31, Increase Fund 20122011(Decrease) Nonmajor Cable T.V.$ 20,126 $ 25,453 $ (5,327) Capital Projects Funds The capital projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by enterprise funds. A summary of year end fund balances (deficits) for all capital projects funds follows: Fund Balances December 31, Increase Fund 20122011(Decrease) Major Park$ (1,070,527) $ (1,071,023) $ 496 Nonmajor Street Maintenance 187,850 26,100 161,750 Pedestrian Trail Ways (2,763) 7,426 (10,189) 2007 Downtown Redevelopment - 59,391 (59,391) Total$ (885,440)$ (978,106) $ 92,666 The City should continue to annually evaluate the status of each project to determine if the fund should be closed or if additional funding sources will be needed for deficits. Each deficit indicates a funding shortfall and all will eventually need to be eliminated either by future charges or by transfers from other funds. The deficit fund balance in the Park fund of $1,070,527 is due to a transfer out of $825,000 in 2011 to the Pedestrian Trail Ways fund for the funding project plan and loan between funds. The increase in the Street Maintenance fund is due to a transfer in from the General fund of $189,000. The 2007 Downtown Redevelopment fund was closed in 2012.