2016-04-27 CC Packet - Laserfiche WebLink

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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 2015 2014 (Decrease) Nonmajor Cable T.V. $ 26,936 $ 20,403 $ 6,533 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 for all capital projects funds follows: Fund Major Park 2013 Street Project Nonmajor Revolving Street Pedestrian Trail Ways Capital Equipment Revolving Total Fund Balances December 31, 2015 2014 Increase (Decrease) $ (1,116,065) $ (1,103,264) $ (12,801) (471,947) 173,430 (645,377) 306,045 247,653 58,392 11,406 15,838 (4,432) 65,530 9,017 56,513 $ (1,205,031) $ (657,326) $ (547,705) 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 $1,116,065 is due to a transfer out of $825,000 in 2011 to the Pedestrian Trail Ways to fund the project plan. The decrease in the 2013 Street Project fund is due to street improvement to Centerville road. The Revolving Street and Capital Equipment Revolving fund increase due to scheduled transfers in for future projects and equipment purchases. -9- lit o llc + i YOC:CSS ("OHI( I'(' thr Nutllbel-,