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General Fund Budgetary Highlights
<br />The City’s General fund budget was not amended during the year. Revenues had a positive budget variance and expenditures had
<br />negativebudget variance, and overall the General fund had a net positive budget variance of $95,499.
<br />Some of the significant variances can be briefly summarized as follows:
<br />Total revenue had a positive budget variance of $112,382.All revenue categories had positive variances, except for interest
<br />on investments, which was due to the market value loss on investments.
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<br />Total expenditures had a positivebudget variance of $13,697.Total public safety, public worksand economic development
<br />expenditures were over budget by a total of $63,500.Total general governmental expenditures, culture and recreation and
<br />capital outlay expenditures were under budget by a total of $77,197. The city also transferred $252,203 from the General
<br />fund to other funds, which was $83,303 more than anticipated.
<br />Capital Asset and Debt Administration
<br />Capital assets.
<br />The City’s investment in capital assets for its governmental and business-type activities as of December31,2013,
<br />amounts to $23,072,351(net of accumulated depreciation). This investment in capital assets includes land, structures, improvements,
<br />machinery and equipment, park facilities, roads, highways and bridges.
<br />Major capital asset events during the current fiscal year included the following:
<br />The 2013 street and utility project will be completed in 2014. The City has incurred $1,455,217 of expense for this project as
<br />of December 31, 2013.
<br />The City made improvements to a Volleyball Court
<br />Purchase of a generator to be used in the public safety department.
<br />The City installed new water lines related to the Mount Trail Extension.
<br />Additional information on the City’s capital assets can be found in Note 3B start on page 60 of this report.
<br />City of Centerville’s Capital Assets
<br />(
<br />net of depreciation)
<br />Governmental ActivitiesBusiness-type Activities
<br />IncreaseIncrease
<br />20132012(Decrease)20132012(Decrease)
<br />Land$3,337,023$3,337,023$-$200,655$196,255$4,400
<br />Construction in progress1,229,234-1,229,234225,983-225,983
<br />Buildings897,692934,982(37,290)365,010373,290(8,280)
<br />Infrastructure10,487,34111,329,577(842,236)5,963,3616,175,919(212,558)
<br />Machinery and equipment268,924304,415(35,491)97,128127,213(30,085)
<br />Total$ 16,220,214$ 15,905,997$314,217$6,852,137$6,872,677$(20,540)
<br />Street Maintenance Program.
<br />Beginningin 2012 the City began annually accumulating funds for a street maintenance program that
<br />will consist of mill and overlay to each segment of street in the city, at approximately every twelve year intervals. The initial
<br />construction program begins in 2014and is anticipated to cost around $400,000, to be paid from funds accumulated in a revolving
<br />improvement account. A minimal special assessment of around $500 per residential lot will cover approximately 20% of the cost,
<br />which combined with the City levy contribution each year, should sustain the program. Each year going forward, a similar project is
<br />anticipated.
<br />Equipment Funding.
<br />In 2012, the City Council approved as part of the budget, a capital replacement program for equipment and
<br />other assets that have predictable replacement cycles. All major street equipment, building roofs, carpets and similar items will be
<br />funded through an equipment replacement fund that will be sustained by an annual levy. Likewise, the enterprise funds have identified
<br />equipment and other assets that need periodic upgrading and replacement. Sufficient retained earnings will be protected to allow these
<br />repairs/replacements to be completed without incurring debt.
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